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Growth of the Oncology Medical Devices Market to be Fostered by Increasing Number of Cancer Patients

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According to a recently published report by Research Nester on Oncology Medical Devices Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the oncology medical devices market in terms of market segmentation by product, by therapeutic, by diagnosis, by end user and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The oncology medical devices market is segmented by product, end user, therapeutic and diagnosis. Based on product, the market is segmented into brachytherapy devices and endoscopic devices. On the basis of therapeutic, the market is segmented into chemotherapy, hormone therapy, biotherapy and radiation therapy. By diagnosis, the market is segmented into biopsy, imaging, endoscopy and blood tests. Further, on the basis of end users, the market is segmented into cancer research institutes, hospitals and others. The global oncology medical devices market is anticipated to grow significantly over the forecast period i.e. 2019-2027. The market is segmented by product, application, therapeutic and diagnosis and end user. The hospitals segment by end user is anticipated to have significant growth on account of rise in rate of hospitalization for cancer treatment and a wide range of services offered by hospitals.

North America is expected to hold a major share in the total revenue of the market during the forecast period owing to rise in incidence of cancer in the region. Europe is expected to grow at a significant rate on the back of growth in cancer population and availability of favorable reimbursement policies for diagnosis of cancer. Asia Pacific is expected to grow attributing to increase in cancer among the tobacco-consuming population, rise in adoption of advanced devices in hospitals and well-developed hospital infrastructures in the region. Middle East & Africa are expected to expand owing to rise in disposable income of people, growing incidence of cancer and availability of modern diagnostic procedures, and favorable health care infrastructure.

Ever-growing number of Patients

The number of patients affected by different types of cancer such as lung, colorectal and breast cancer are increasing day by day due to different reasons. According to a report published by WHO, 2018, lung cancer is the predominant among cancers and caused approximately 1.69 million deaths in 2015. This ever-growing patient population is expected to boost the growth of the oncology medical devices market.

Increase in Consumption of Tobacco Products

In developing countries such as Brazil, China and India, the people who are consuming tobacco products are increasing which is a major cause for lung cancer among the people. The increase in consumption of tobacco products is expected to propel the growth of oncology medical devices market.

However, high cost of oncology devices, stringent approval processes and side effects of the therapy are expected to operate as a major restraint towards the growth of oncology medical devices market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the oncology medical devices market which includes company profiling of Accuray, GE Healthcare, Oncura Inc., Eckert and Ziegler Bebig, IBA Group, PLC, Biogenex Laboratories Varian Medical System, C.R Bard Inc., Roche Diagnostics and Elekta AB. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the oncology medical devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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