The global oncology devices market size is expected to decline from $99.15 billion in 2019 to $96.3 billion in 2020 at a compound annual growth rate (CAGR) of -2.84%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The global oncology medical devices market size is then expected to recover and reach $148.6 billion in 2023 at a CAGR of 15.54%.
A growing number of cancer cases across the globe is anticipated to boost the demand for the oncology medical devices market. Cancer is a major health problem across the globe and is the second leading cause of death in the USA. The increasing incidence of cancer is contributing to the surge in the demand for oncology devices to treat cancer patients. The four most common types of cancer globally are prostate, lung, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. Therefore, the rise in cancer incidence is anticipated to boost the demand for the global oncology devices market.
The low per capita expenditure on healthcare in developing countries is anticipated to limit the growth of the oncology devices market. The per capital expenditure on healthcare is very low in emerging economies such as China, India, and Indonesia, as compared to developed nations. For instance, in 2018, the per capita expenditure in the USA was estimated at $10,586, which was much higher than per capita healthcare expenditure in countries such as India – $209, Indonesia – $301, and China – $688. Low per capita healthcare expenditure will be a key restraint for the oncology devices market’s expansion over the forthcoming years.
Major companies in the oncology devices market, research institutes and governments are continuously focusing on developing new devices to treat cancer patients. For instance, AIROS Medical Inc., a medical technology company based in the USA, launched AIROS 6 sequential compression therapy device and garment system to treat breast cancer patients. The advanced technology expanded upper extremity post-mastectomy treatment options for patients with lymphedema.
The oncology devices market consists of sales of oncology devices and related services provided by the manufacturer of oncology devices. Oncology is a branch of science that investigates cancer cells. Oncology devices are medical devices used in the diagnosis, management, and treatment of cancer including breast cancer, lung cancer, pancreatic cancer, blood cancer, ovarian cancer, gastric cancer, skin cancer, kidney cancer, and brain tumor.
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