Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Oncology Medical Devices Market Overview
Oncology is a branch of science that investigates cancer cells. The oncology devices market includes medical devices that help in the diagnosis and treatment of cancer diseases. For successful treatment of cancer, screening and detection are very important at an early stage. Cancer can occur to anybody at any point in life.
Market Size and Forecast
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. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers:
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.
Restraints
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.
Market Segmentation
Our-in depth analysis of the global oncology medical devices market includes the following segments:
By Product
By End User
By Therapeutic
By Diagnosis
By Region
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:
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