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What Is the Estimated Market Size of the Oncology Devices Market In 2029?

The market for oncology devices has expanded swiftly in the past few years. There’s an expected growth from $150.3 billion in 2024 to $178.95 billion in 2025, indicating a compound annual growth rate (CAGR) of 19.1%. Factors such as the increasing instances of cancer, the growing number of elderly people, the rising demand for individualized cancer therapies, and genomic profiling have all contributed to the market’s growth in the past.

What Growth Rate Is Forecasted for the Oncology Devices Market by 2029?

The market size of oncology devices is predicted to experience a substantial expansion in the coming years, reaching $346.48 billion in 2029 with a projected Compound Annual Growth Rate (CAGR) of 18.0%. This anticipated growth during the forecast period is due to the increasing adoption of minimally invasive surgical methods, biodegradable implants, the global escalation of healthcare services, models of value-based care, and digital health integration. Furthermore, advancements in radiation therapy, technologies for early detection, progress in oncology devices, liquid biopsies, and AI-powered decision making are significant trends expected to be seen during the forecast period.

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Which Key Companies Are Shaping the Future of the Oncology Devices Market?

Major companies operating in the oncology devices market include Eckert & Ziegler BEBIG GmbH, Oncura Inc., GE Healthcare, Medtronic plc, Varian Medical Systems Inc., Elekta AB, Theragenics Corporation, Accuray Incorporated, Roche Diagnostics, IBA Group, Biogenex Laboratories, Becton Dickinson and Company, Siemens Healthineers, Philips Healthcare, Hologic Inc., IBA AG, ViewRay Inc., Canon Medical Systems Corporation, Brainlab, PerkinElmer, RaySearch Laboratories, Mevion Medical Systems, Vision RT, IsoRay, RefleXion Medical, Alpha Tau Medical, Nanobiotix, Mirada Medical Ltd., Navidea Biopharmaceuticals Inc.

Which Factors Are Driving Demand in the Oncology Devices Industry?

The rising global cancer instances are expected to escalate the needs for the oncology devices market. Cancer, which is a prominent health issue worldwide and the second top cause of death in the USA, leads to an increased demand for oncology devices, intended for treating cancer patients. For example, the UK’s Macmillan Cancer Support, a health care charity organization, in October 2022 projected that by 2025, 3.5 million people will be diagnosed with cancer, 4 million by 2030, and 5.3 million by 2040. Hence, the escalating instances of cancer are predicted to fuel the demand for the oncology drugs market.

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How Is the Oncology Devices Market Segmented by Several Divisions?

The oncology devices market covered in this report is segmented –

1) By Device Type: Brachytherapy Devices, Endoscopic Devices

2) By Therapy: Chemotherapy, Hormone Therapy, Biotherapy/Immunotherapy, Radition Therapy

3) By End User: Hospitals, Cancer Research Institutes, Other End Users

Subsegments:

1) By Brachytherapy Devices: Afterloaders (High-Dose Rate (HDR) And Low-Dose Rate (LDR)), Applicators, Seeds, Accessories

2) By Endoscopic Devices: Endoscopes (Flexible, Rigid, Capsule), Endoscopic Ultrasound Systems, Endoscopic Accessories

What are the Emerging Market Trends Driving the Growth of the Oncology Devices Industry?

Key players in the oncology devices market, such as F. Hoffmann-La Roche AG, are increasingly concentrating their efforts on launching innovative products like the benchmark ultra plus system to boost their revenue streams. The benchmark ultra plus system is a sophisticated, fully automated, and integrated platform utilized in pathology laboratories and diagnostic centers for a wide range of processes, including tissue sample and slide preparation, staining, and imaging. The system, unveiled in June 2022, includes several enhancements such as intuitive software, remote supervision capabilities, an integrated touchscreen for a superior user interface, and an eco-friendly waste management system as well as product packaging. With its streamlined workflow, testing efficacy, and sustainable features, this system is able to provide physicians and patients with urgent, high-quality outcomes.

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Which Regions Are Driving Growth in the Oncology Devices Market?

North America was the largest region in the oncology devices market in 2023. Asia-Pacific was the second-largest region in the oncology devices market report. The regions covered in the oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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This Report Delivers Insight On:

1. How big is the oncology devices market, and how is it changing globally?

2. Who are the major companies in the oncology devices market, and how are they performing?

3. What are the key opportunities and risks in the oncology devices market right now?

4. Which products or customer segments are growing the most in the oncology devices market?

5. What factors are helping or slowing down the growth of the oncology devices market?

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