The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Oncology Devices Global Market Report 2023, the oncology devices market is expected to show significant growth in the forecast period.

The oncology devices market has witnessed rapid expansion, leaping from $128.46 billion in 2023 to a projected $153.93 billion in 2024, boasting an impressive compound annual growth rate (CAGR) of 19.8%. Looking ahead, the market is poised to reach $298.31 billion in 2028, reflecting a substantial CAGR of 18.0%. This remarkable growth is underpinned by a combination of historical factors and emerging trends.

Rising Demand for Chemotherapy Drives Market Growth

1. Chemotherapy as a Systemic Treatment:
   • Chemotherapy, a systemic treatment targeting rapidly dividing cells, is witnessing a surge in demand.
2. Precision with Oncology Devices:
   • Oncology devices play a pivotal role in precise drug delivery during chemotherapy, reducing side effects and enhancing efficiency.
3. Projected Demand Increase:
   • By 2040, the demand for cancer chemotherapy is expected to rise from 10 million to 15 million, according to Healthcare IT News.
4. Market Growth Catalyst:
   • The increasing demand for chemotherapy acts as a key driver, propelling the growth of the oncology devices market.

View More On The Oncology Devices Market Report 2023 – https://www.thebusinessresearchcompany.com/report/oncology-devices-global-market-report

Innovations in Oncology Devices Market

1. Key Industry Players:
   • Major companies driving the oncology devices market include GE Healthcare, Medtronic PLC, Varian Medical Systems Inc., and many more.
2. Focus on Product Innovations:
   • Industry leaders are keen on introducing innovative products like the Benchmark Ultra Plus System to elevate their market presence.
3. Benchmark Ultra Plus System:
   • This fully automated and integrated platform is used in pathology and diagnostic laboratories for various laboratory processes, including preparation, staining, and imaging of tissue samples and slides.
4. Advanced Features:
   • The Benchmark Ultra Plus System comes equipped with updated user-friendly software, remote monitoring capabilities, an integrated touchscreen, and environmentally friendly features such as an improved waste system and product packaging.

GE Healthcare’s Strategic Acquisition

1. Zionexa Acquisition:
   • In May 2021, GE Healthcare acquired Zionexa, a French developer of cancer and neurology biomarkers, for an undisclosed amount.
2. Enhanced Cancer Treatment Capabilities:
   • The acquisition positions GE Healthcare to develop more personalized treatments for cancer, leveraging Zionexa’s expertise in biomarker development.

Segmentation for Precision Insights

1. By Device Type:
   • Brachytherapy Devices, Endoscopic Devices
2. By Therapy:
   • Chemotherapy, Hormone Therapy, Biotherapy/Immunotherapy, Radiation Therapy
3. By End User:
   • Hospitals, Cancer Research Institutes, Other End Users

Regional Leadership in 2023

North America emerged as the largest region in the oncology devices market in 2023. This regional dominance underscores the advanced healthcare infrastructure and significant investments in oncology advancements in North America.

Future Trends Shaping Oncology Devices Market

1. Advancements in Radiation Therapy:
   • Innovations in radiation therapy technologies enhance precision and effectiveness in cancer treatment.
2. Early Detection Technologies:
   • Early detection technologies are becoming increasingly vital, offering the potential for improved patient outcomes.
3. Advancements in Oncology Devices:
   • Continued advancements in oncology devices contribute to more targeted and personalized cancer treatments.
4. Liquid Biopsies:
   • Liquid biopsies are gaining prominence as non-invasive methods for detecting cancer biomarkers.
5. AI-Powered Decision Support:
   • Integration of artificial intelligence in decision support systems augments the diagnostic and treatment decision-making process.

In conclusion, the oncology devices market is on a trajectory of unprecedented growth, driven by factors such as the rising demand for chemotherapy, focus on product innovations, and strategic acquisitions. As technological advancements and personalized treatment approaches continue to shape the landscape, the future promises a paradigm shift in cancer care, with oncology devices playing a pivotal role in the pursuit of more effective, targeted, and patient-centric treatments.

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