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 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 of lung cancer among the patient population. The increase in consumption of tobacco products is expected to propel the growth of oncology medical devices market.
Help in diagnosis and treatment
The oncology medical devices prove very helpful in diagnosis and treatment of cancer which is expected to boost the growth of the oncology medical devices market.
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. By end user, the hospitals segment 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 under one roof.
On the basis of product, the oncology devices market is divided into brachytherapy devices and endoscopic devices. The endoscopic devices segment is expected to expand at a higher pace owing to growing preferences for these devices among doctors for screening of the infected site, which helps in the early detection of cancer. Based on end user segment, the oncology medical devices market is divided into cancer research institutes hospitals and others.
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High cost of oncology devices
Since the oncology devices are used to treat and diagnose cancer, it is very important that the device should provide proper information and possess up to date technology so that there should not be any discrepancy at a later stage. To keep the devices up to date and their perfect functioning, high costs are to be born. The high cost of oncology devices is expected to hamper the growth of the oncology medical devices market.
Stringent approval process
The oncology medical devices are used for the diagnosis and treatment of cancer which is a fatal disease. If there is any discrepancy in the devices that can prove fatal for a patient which means that there is no scope for discrepancy or any short comings in the oncology medical devices. Stringent government rules are projected to hamper the growth of oncology medical devices market in the next few years.
Side effects of the therapy
There can be side effects of the therapy such as local swelling, local bruising, and others which can impede the growth of the oncology medical devices market.
Our-in depth analysis of the global oncology medical devices market includes the following segments:
By End User
On the basis of regional analysis, the global oncology medical devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to hold a major share in the market during the forecast period owing to rise in incidence of cancer in the region. According to the National Cancer Institute, in 2017, almost 1.73 million new cancer cases were diagnosed in the U.S. Moreover, in 2017, an estimated 15,270 children and adolescents under 19 years of age were diagnosed with cancer. 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 the hospitals and as well as well-developed hospital infrastructures. Middle East & Africa are expected to grow owing to rise in disposable income of people, growing incidences of cancer and availability of modern diagnostic procedures coupled with favorable health care infrastructure.
The global oncology medical devices market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani