Oncology is a branch of science that investigates cancer cells. The oncology devices market comprises medical devices that help in the diagnosing and treating of cancer diseases. Cancer screening and detection at an early stage are crucial for the successful treatment of cancer.

Based on device type, the oncology devices market can be classified into brachytherapy devices and endoscopic devices. The endoscopic devices segment is projected to account for a major share of the market due to growing preference for these devices among doctors for screening of the infected site, which helps in the early detection of cancer. In terms of application, the oncology devices market can be segmented into external radiation beam therapy, systemic radiation therapy, and the brachytherapy. The external radiation beam therapy segment is expected to grow at a significant rate during the forecast period as the therapy effectively works on cancerous cells and shrinks tumors in a short span of time. In terms of end-user, the oncology devices market can be divided into hospitals and research institutes. The hospitals segment is expected to hold a considerable share of the market during the forecast period due to rise in rate of hospitalization for cancer treatment and a wide range of services offered by hospitals under one roof.

Growth of the oncology devices market is majorly driven by rise in demand for these devices from the ever-growing number of patients affected with different types of cancer, such as, breast, colorectal, and lung cancer. According to a report published by WHO, 2018, lung cancer is the predominant among cancers and caused approximately 1.69 million deaths in 2015. Increase in consumption of tobacco products in developing nations, particularly in Brazil, India, China, is a major cause of lung cancer in the world. However, high cost of oncology devices, stringent approval processes required for products, and side-effects of the therapy, such as local swelling, local bruising, etc. are anticipated to hamper the global oncology devices market in the next few years.

In terms of region, the global oncology devices market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global oncology devices market. The region is projected to account for a significant share of the global oncology devices market during the forecast period due to rise in incidence of cancer. 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. Growth in cancer population and availability of favorable reimbursement policies for diagnosis of cancer are the key factors anticipated to drive the oncology devices market in Europe from 2018 to 2026. Increase in prevalence of cancer among the tobacco-consuming population and rise in adoption of advanced diagnostic tools in the health care system in Asia Pacific are anticipated to fuel the oncology devices market in the region during the forecast period. Moreover, rise in adoption rate of advanced devices in hospitals and well-developed hospital infrastructure in countries such as Japan and China are attracting market players to these countries. Rise in disposable income of people, growing incidence of cancer and availability of modern diagnostic procedures, and favorable health care infrastructure are likely to augment the oncology devices market in Middle East & Africa during the forecast period.

Major players operating in the global oncology devices market include Eckert & Ziegler BEBIG, Oncura Inc, GE Healthcare, Medtronic plc, Varian Medical Systems, Inc., Elekta AB (pub), Theragenics Corporation, and Accuray Incorporated.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Oncology Devices Market

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