New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oncology Devices Global Market Report 2023" - https://www.reportlinker.com/p06280830/?utm_source=GNW
The global oncology devices market is expected to grow from $91.47 billion in 2021 to $107.81 billion in 2022 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The oncology devices market is expected to grow to $216.35 billion in 2026 at a CAGR of 19%.
The oncology devices market consists of sales of brachytherapy devices and endoscopic devices.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Oncology devices are medical devices used in the diagnosis, management and treatment of cancer.
North America was the largest region in the oncology devices market in 2022.Asia Pacific was the second largest region in the oncology devices market.
The regions covered in the oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main device types of oncology devices are brachytherapy devices and endoscopic devices.Endoscopic devices are medical devices used in the diagnosis, management, and treatment of cancer.
It is utilized to look internally at a body cavity or organ. These are used in various therapies such as chemotherapy, hormone therapy, biotherapy/immunotherapy, and radiation therapy that are used by various end-users such as hospitals, cancer research institutes, and others.
A growing number of cancer cases across the globe is anticipated to boost the demand for the oncology devices market.Cancer is a major health problem across the globe and is the second leading cause of death in the USA.
The increasing incidence of cancer is contributing to the surge in demand for oncology devices to treat cancer patients.The four most common types of cancer globally are prostate, lung, bowel, and female breast cancer, accounting for 43% of all new cancer cases.
According to the American Cancer Society, there were 1.9 million new cases and 608,570 cancer deaths in 2021 in the USA. Therefore, the rise in cancer incidence is anticipated to boost the demand for the oncology drugs market.
The low per capita expenditure on healthcare in developing countries is anticipated to limit the growth of the oncology devices market.The per capita expenditure on healthcare is very low in emerging economies such as China, India, and Indonesia as compared to developed nations.
For instance, in 2020, according to India’s total per capita, government spending on healthcare has almost doubled from ?1,008 per person in the year 15 to ?1,944 in the year 2020 but is still low. The total expenditure by the Centre and states for the year 2020 was ?2.6 trillion, or 1.29% of GDP, as well as establishment expenditure comprising salaries, gross budgetary help to different institutions and hospitals, and transfers to states centrally sponsored schemes like Ayushman Bharat.
Major companies in the market, research institutes, and governments are continuously focusing on developing new devices to treat cancer patients. For instance, AIROS Medical Inc., a medical technology company based in the USA, launched AIROS 6 sequential compression therapy device and garment system to treat breast cancer patients. The advanced technology expanded upper extremity post-mastectomy treatment options for patients with lymphedema.
In May 2021, GE Healthcare, a US-based manufacturer of medical devices acquired Zionexa for an undisclosed amount.The acquisition would help GE healthcare to develop more personalized treatments for cancer.
Zionexa is a French developer of cancer and neurology biomarkers.
The countries covered in the oncology devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The oncology devices market research report is one of a series of new reports that provides oncology devices market statistics, including oncology devices industry global market size, regional shares, competitors with a oncology devices market share, detailed oncology devices market segments, market trends and opportunities, and any further data you may need to thrive in the oncology devices industry. This oncology devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06280830/?utm_source=GNW
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