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How Has The Oncology Devices Market Growth Evolved From 2024 To 2025, And What’s Ahead?
The market for oncology devices has seen swift expansion in the past few years. The market, which stood at $150.3 billion in 2024, is expected to rise to $177.72 billion in 2025, witnessing a compound annual growth rate (CAGR) of 18.2%. The growth during the historic period is due to factors such as an increase in cancer incidence, an aging population, a rise in demand for individualized cancer therapies, and genomic profiling.
In the coming years, the oncology devices market is anticipated to witness a swift expansion. The market value is projected to escalate to $341.67 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 17.8%. Various elements like the adoption of minimally invasive surgeries, the proliferation of biodegradable implants, worldwide growth in healthcare, models of value-based care, and the incorporation of digital health, are contributing to the growth during the forecast period. Key trends that will shape the market during the forecast period are the improvements in radiation therapy, early detection techniques, advancements in oncology devices, the advent of liquid biopsies, and the use of artificial intelligence in decision-making processes.
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How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theOncology Devices Market?
The demand for oncology devices is expected to rise owing to the increasing prevalence of cancer worldwide. Cancer stands as a major global health challenge and ranks as the second primary cause of mortality in the United States. The escalating incidences of cancer are creating a heightened demand for oncology devices for the treatment of cancer patients. As per an estimation made by Macmillan Cancer Support, a healthcare charity based in the UK, in October 2022, the number of people with cancer will escalate to 3.5 million by 2025, 4 million by 2030, and finally, touch 5.3 million by 2040. Consequently, this increasing trend of cancer prevalence is expected to propel the demand for the oncology drugs market.
Which Segments in the Oncology Devices Offer the Most Growth?
The oncology devicesmarket 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
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What Are the Fastest-Growing Geographies in the #How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theOncology Devices Market?# Market?
North America was the largest region in the oncology devices market in 2024. 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.
What Are the Current Market Growth and Trends in the Oncology Devices Industry?
Key players in the oncology devices market are channeling their resources towards creating cutting-edge products such as the benchmark ultra plus system, with the aim to boost their market revenue. Predominantly, the benchmark ultra plus system is a holistic, automated platform employed in pathology and diagnostic labs for diverse lab processes, which consists of preparing, staining, and imaging tissue samples and slides. For example, F. Hoffmann-La Roche AG, a Swiss healthcare firm that produces oncology devices, unveiled the benchmark ultra plus system in June 2022. This enhanced system features numerous advancements, such as a more user-friendly updated software, remote monitoring abilities, a built-in touchscreen for better user interaction, and a more eco-friendly waste management and product packaging system. Its optimized workflow, test efficacy, and environmentally friendly attributes allow for high-quality, urgent results to be provided to doctors and patients.
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What Are the Key Elements That Define the Oncology Devices Market?
Oncology devices are medical instruments and technologies used in the diagnosis, treatment, and management of cancer. These devices are essential for detecting cancer early, monitoring its progression, delivering targeted treatments, and improving patient outcomes. They play a crucial role in various stages of cancer care, from screening and diagnosis to treatment and recovery.
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