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Oncology Devices Market: Rapid Growth and Advancements Transforming Cancer Care
Oncology Devices Market
The oncology devices market has witnessed substantial growth in recent years, showcasing an upward trajectory from $128.46 billion in 2023 to a projected $153.93 billion in 2024, reflecting a remarkable compound annual growth rate (CAGR) of 19.8%. Forecasts indicate continued rapid expansion, reaching $298.31 billion by 2028, with a CAGR of 18.0%. This surge is attributed to various factors, with a significant focus on the rising demand for chemotherapy, product innovations, and advancements in cancer treatment.
Rising Demand for Chemotherapy Driving Market Growth
The oncology devices market is experiencing a substantial boost due to the increasing demand for chemotherapy. Chemotherapy, a systemic treatment targeting rapidly dividing cells, including cancer cells, relies on oncology devices for precise drug delivery, minimizing systemic toxicity, reducing side effects, and enhancing overall efficiency. A report from Healthcare IT News projects a surge in chemotherapy demand from 10 million to 15 million by 2040. This escalating demand is a key driver propelling the growth of the oncology devices market.
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Key Players Shaping the Landscape
Major companies contributing to the oncology devices market include Eckert & Ziegler BEBIG GmbH, Oncura Inc., GE Healthcare, Medtronic PLC, Varian Medical Systems Inc., Elekta AB, and more. These market players are placing a strong emphasis on product innovations to drive revenues. The introduction of benchmark ultra plus systems stands out as an example of this strategy. This fully automated and integrated platform is utilized in pathology and diagnostic laboratories, streamlining laboratory processes, and delivering high-quality results with optimized workflows, testing effectiveness, and environmentally friendly features.
Innovations in Cancer Treatment with AI-Enhanced Devices
The oncology devices market is witnessing continuous efforts in the development of innovative devices to enhance cancer treatment. AIROS Medical Inc. has introduced the AIROS 6 sequential compression therapy device and garment system, specifically designed for breast cancer patients. This advanced technology expands post-mastectomy treatment options for patients with lymphedema, showcasing the industry's commitment to improving cancer care through technological advancements.
Global Dynamics and Segmentation
As of 2023, North America dominates the oncology devices market, with Asia-Pacific following closely as the second-largest region.
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, Radiation Therapy
3) By End User: Hospitals, Cancer Research Institutes, Other End Users
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Oncology Devices Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oncology Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oncology devices market size, oncology devices market drivers and trends, oncology devices market major players, competitors' revenues, market positioning, and market growth across geographies. The oncology devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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