Oncology Devices Market : Recent Industry Trends, Analysis and Forecast 2018

Oncology Devices Market: Overview

Oncology is the study of Cancer. Oncology devices market consists of medical devices involved in diagnosing and treating the disease cancer. The Oncology devices market could be segmented into 2 major categories: by type and by applications. There are two types of Brachytherapy devices and the Endoscopic devices. The segmentation of the market as per the applications is as follows: external radiation beam therapy, Systemic radiation therapy, and the Brachytherapy

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According to a report by the American Cancer Society 50% of men and 30% women are likely to develop cancer in some form or the other in their lifetime. An increasing amount of cancer patients is the major driver of the sales of the Oncology devices market. The increasing amount of consumption of tobacco and the increasing amount of carcinogens present in the polluted air or in any other form, is also supposed to drive the oncology devices market in the future. Some of the driving factors of the oncology devices market are: rising disposable income, which enables the patient to avail expensive treatments, easily available medical insurance policies, rising medical tourism activities.

The government policies such as the restrictions imposed by the FDA on medical devices acts as a restraint for the oncology devices market, inability to detect cancer at an early stage or ignoring the early symptoms reduces the chances of survival of a patient, this also acts as a restraint for the market.  The developing countries provide immense opportunities for the Oncology devices market as, such economies have a great demand and the supply is yet to match the demand. Heavy investments in R&D also act as an opportunity, as innovative and technologically advanced products always have the capability of substituting its predecessors.

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One of the major factors restraining the growth of this market is that the new and technologically advanced products like con focal endomicroscopy are replacing the conventional endoscopy devices. The reason for such a substitution is the fact that a con focal endomicroscopy is helping scientists and medical practitioners to detect cancer at a much early stage.

Some of the key players in the oncology devices market are GE healthcare, IBA group, Oncura Inc, Eckert and Ziegler Bebig, PLC, Theragenics corporation, Accuray, Varian Medical Systems, Elekta AB, C.R Bard Inc.

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