Next Generation oncology Devices and Solutions Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

Global Next – Generation Oncology Devices and Solutions Market

Introduction:

Oncology is a branch of medicine that deals with the study, treatment, diagnosis and prevention of cancer. Oncology devices are medical devices used in the diagnosis, management, and treatment of cancer. The main type of devices are brachytherapy devices and endoscopic devices. These are used to look internally at a body cavity and organ that is 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. These devices assist patients and providers in screening, diagnosing, treating, and monitoring premalignant and malignant conditions. The next-generation oncology devices and solutions market is still in the development stage. Increased research and development activities are underway to develop more products.

The global next – generation oncology devices and solutions market was valued at USD 3.2 billion and is expected to grow at a compounded annual growth rate (CAGR) of 6.4% and is expected to reach at 5.9 billion in 2030.

Increasing demand for home – based cancer testing and growing demand for targeted therapy is providing a growth opportunity in the global next – generation oncology devices and solutions.

Growth Drivers:

Increasing number of cancer cases has increased the market demand for next – generation oncology devices and solution which can help preventing and detecting illness early, as a result, improving mortality rate worldwide.

The rise in geriatric population facing varied diseased conditions and several cancer types that are more prone to elderly population has boosted the market demand for next - generation oncology devices and solutions which can aid in detection and treatment process which has a positive impact on the growth of the market.

Increasing demand for software solutions in oncology is driving the growth of the global next – generation oncology devices and solutions market. Comprising detection of gene duplications or deletions, qPCR technology for tumor profiling in clinical laboratories and melting curve analysis for identification of mutations are some of the advanced software tools that are positively promoting the market growth. The increasing use of wearables and growing popularity of smart-phone based diagnostics is also supporting the growth of the market.

Rising advancement in technologies in oncology testing and treatment, advances in labs and the introduction of integrated and automated lab systems are also expected to drive demand for advanced workflow systems will increase revenue of the global next-generation oncology devices and solutions during the forecast period.

The growing demand and preference for the minimally invasive techniques of diagnosis and treatment is driving the growth of the next – generation oncology devices and solutions during the forecast period.

Growing demand and transition from traditional clinical testing to rapid point-of-care testing (POCT) in oncology is expanding the growth of the global next-generation oncology devices and solutions market because it is expected to commercialize a technologically advanced range of products such as diagnostic kits, instruments, and reagents.

Lack of skilled professionals in oncology, side effects and risk associated with cancer treatment and even though the prevalence of the patients are high the high cost of these screening test and diagnosis are some of the factors hindering the growth of the global next-generation oncology devices and solutions market.

Global Next – Generation Oncology Devices and Solutions Market Segmentation:

By Clinical Application:

·         Lung Cancer

·         Prostate Cancer

·         Breast Cancer

·         Others

By End User:

·         Hospitals

·         Diagnostic Imaging Centre’s

·         Others

By Type:

·         Devices

o   By Technology

§  High-Intensity Focused Ultrasound

§  Advanced Forms of Radiation Therapy

§  Others

o   By Application

§  Diagnosis

§  Treatment and Monitoring

·         Software

o   By Application

§  Diagnosis

§  Treatment and Monitoring

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Global Next – Generation Oncology Devices and Solutions Market by Clinical Application Review:

Based on the clinical application, the global next-generation oncology devices and solutions market is segmented into lung cancer, prostate cancer, breast cancer and others. On the basis of clinical applications the breast cancer and others segment holds the highest share in the global next-generation oncology devices and solutions market during the forecast period due to growing number of breast cancer cases.

Global Next – Generation Oncology Devices and Solutions Market by End User Review:

Based on the end user, the global next-generation oncology devices and solutions market is segmented into hospitals, diagnostic imaging centers, and others. On the basis of end user hospitals segment will dominate the global next-generation oncology devices and solutions market during the forecast period.

Global Next – Generation Oncology Devices and Solutions Market by Type Review:

Based on the type, the global next-generation oncology devices and solutions market is segmented into devices which has two subsegment by technology which has three other subsegment high-intensity focused ultrasound, advanced forms of radiation therapy and others., by application which has two other subsegment diagnosis and treatment and monitoring., software has one subsegment by application which has two other subsegment diagnosis and treatment and monitoring. On the basis of type the devices segment will dominate the global next-generation oncology devices and solutions market. And the software segment will witness the highest CAGR during the forecast period.

Regional Outlook:

The global next-generation oncology devices and solutions market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

North America holds the highest revenue share in the global next-generation oncology devices and solutions market due to rise in government initiatives investment in research and presence of high quality health care infrastructure. The increasing number of cancer cases and increasing demand for personalized medicine are likely to boost the growth of the market in this region.

Asia Pacific (APAC) has the second highest revenue share in the global next generation oncology devices and solutions marker and is predicted to expand at a rapid CAGR during the forecast period due to increased R&D on next-generation oncology devices and solutions in developing countries and continuous development in healthcare and pharmaceuticals industries in the region.

Key Companies in Global Next – Generation Oncology Devices and Solutions Market:

The research report offers a competitive analysis of prominent companies operating in the global next-generation oncology devices and solutions. Some of the leading players profiled in the market research report include:

·         Paige AI Inc.

·         Siemens AG

·         Brainlab AG

·         Elektra

·         Accuray Incorporated

·         General Electric Company

·         Optellum Ltd

·         Mirada Medical

·         Lucida Medical Ltd

·         Hoya Corporation

·         Samsung Electronics

·         Deep Bio Inc.

·         Sascan Meditech Pvt. Ltd.

·         Oncores Medical Pvt. Ltd.

·         4D Path Inc.

·         Sophia Genetics