Oncology Devices Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

How Will the Oncology Devices Market Grow, and What Is the Projected Market Size?
The market size for oncology devices has seen a swift increase in recent times. Predictions suggest that the market which was valued at $150.3 billion in 2024, will escalate to $178.95 billion in 2025, marking a compound annual growth rate (CAGR) of 19.1%. Factors behind the growth experienced in the previous period include an increase in cancer prevalence, an aging population, a rising demand for tailored cancer therapies, and genetic profiling.

The market size for oncology devices is predicted to experience a swift expansion in the upcoming years, reaching a value of $346.48 billion by 2029 with a compound annual growth rate (CAGR) of 18.0%. This growth during the forecast period can be credited to factors such as minimally invasive surgical procedures, biodegradable implants, the worldwide expansion of healthcare facilities, models of value-based care, and the integration of digital health. The forecasted period is set to see significant trends such as advancements in radiation therapy, early detection technologies, improvements in oncology devices, liquid biopsies, and AI-facilitated decision making.

What Key Elements Are Boosting Growth in the Oncology Devices Market?
The escalating number of cancer incidents worldwide is expected to augment the need for oncology devices. Cancer has emerged as a significant health issue globally, ranking as the second most common cause of mortality in the United States. The increasing prevalence of cancer is escalating the demand for oncology devices to treat patients. To illustrate, Macmillan Cancer Support, a healthcare charity based in the UK, predicted in October 2022 that cancer diagnoses will reach 3.5 million by 2025, increase to 4 million by 2030, and rise to 5.3 million by 2040. Thus, the growth in cancer cases is predicted to stimulate the oncology devices market.

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Who Are the Major Industry Players Fueling Oncology Devices Market Expansion?
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 Key Developments Are Influencing the Oncology Devices Market?
Leading corporations within the oncology device market, such as F. Hoffmann-La Roche AG, are boosting their market revenues by creating innovative products like the Benchmark Ultra Plus system, a sophisticated platform designed for use in pathology and diagnostic labs to handle a range of tasks, including tissue sample preparation, staining, and slide imaging. The Switzerland-based healthcare firm, known for producing oncology devices, introduced the Benchmark Ultra Plus system in June 2022. Notable improvements in this system include a more user-friendly software, the ability to monitor remotely, an interactive touchscreen for enhanced user engagement, and a more eco-friendly waste management system and product packaging. The system is positioned to provide top-quality, speedy results to doctors and patients, thanks to its improved workflow, test efficiency, and sustainable elements.

How Is the Segmentation of the Oncology Devices Market Defined?
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

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What Is the Leading Region 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.

What Is Covered In The Oncology Devices Global Market Report?

- Market Size Analysis: Analyze the Oncology Devices Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Oncology Devices Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Oncology Devices Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Oncology Devices Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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