Next-generation Oncology Devices And Solutions Market Trends, Industry Analysis & Forecast To 2031

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The next-generation oncology devices and solutions market is still in the development phase. Increased research and development activities are underway to develop more products.

The opportunity for growth of the next-generation oncology devices and solutions market lies in the increasing demand for home-based cancer testing and the growing demand for targeted therapy.

The globalnext-generation oncology devices and solutions market report highlights that the market was valued at $3,268.2 million in 2021 and is expected to reach $5,971.3 million by the end of 2031. The market is expected to grow at a CAGR of 6.41% during the forecast period from 2022 to 2031. The market is driven by factors such as the increasing prevalence of oncology, increasing demand for software solutions in oncology, emerging technologies in oncology testing and treatment, and rising preference for minimally invasive techniques of diagnosis and treatment.

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Impact of COVID-19

The pandemic led to the deferral of cancer diagnosis by patients owing to factors such as the risk of virus transmission and higher priority given to the management of COVID-19 cases. Before the COVID-19 pandemic, cancer screening and treatment were majorly undertaken in hospitals and clinical facilities. The emphasis on home-based oncology care was still in its nascent stage. The pandemic led to a deferral of screening and treatment for various types of cancers. Owing to factors such as travel restrictions and risk of transmission of the virus, there was an increased demand for home-based care during the pandemic. While teleconsultations witnessed a drastic increase throughout the healthcare industry, there was also increased demand for home-based tests for screening and monitoring cancerous disorders. Software solutions for oncology also witnessed higher demand as a result of the pandemic.

As the recovery phase of the COVID-19 pandemic begins, cancer diagnosis and treatment procedures are expected to normalize. The shift in preference to home-based care is expected to continue even after the pandemic subsides.

Market Segmentation:

Segmentation 1: by Clinical Application
• Lung Cancer
• Prostate Cancer
• Breast Cancer
• Others

The global next-generation oncology devices and solutions market in the clinical application segment is expected to be dominated by the breast cancer and the others segment.

Segmentation 2: by Type
• Devices
By Technology
o High-Intensity Focused Ultrasound
o Advanced Forms of Radiation Therapy
o Others
By Application
o Diagnosis
o Treatment and Monitoring
• Software
By Application
o Diagnosis
o Treatment and Monitoring

Segmentation 3: by End User
• Hospitals
• Diagnostic Imaging Centers
• Others

The global next-generation oncology devices and solutions in the end user segment is dominated by the hospital segment.

Segmentation 4: by Region

• North America - U.S., Canada
• Europe - Germany, France, U.K., Italy, Spain, Rest-of-Europe
• Asia-Pacific - Japan, China, India, Australia, South Korea, Rest-of-Asia-Pacific
• Rest-of-the-World - Kingdom of Saudi Arabia (K.S.A.), Brazil, U.A.E., Mexico, and Rest-of-Rest-of-the-World

Recent Developments in the Global Next-Generation Oncology Devices and Solutions Market

• In May 2022, Varian Medical Systems and HP partnered with Adaptiiv for supporting cancer treatment.
• In April 2022, Brainlab's patient monitoring and positioning system secured CE Mark.
• In April 2022, GE Healthcare and Elekta entered into partnership to expand the access of precision radiation therapy solutions.
• In March 2022, Paige AI Inc. launched its latest product, Paige Breast Lymph Node.
• In March 2022, Paige AI Inc. launched its pathology AI for detecting breast cancer metastases in lymph nodes.
• In February 2022, Paige and Mindpeak announced partnership to expand the access of industry – leading AI software for breast cancer.
• In January 2022, Oulu University Hospital partnered with Varian and Siemens Healthcare to build a comprehensive ecosystem addressing cancer treatment pathway.
• In December 2021, UofL Health entered into collaboration with Paige AI Inc. to deploy cancer detection software suite of Paige AI Inc.
• In November 2021, Hologic received CE mark for Genius cervical cancer software.

Demand – Drivers and Limitations

Following are the drivers for the next-generation oncology devices and solutions market:

• Increasing Prevalence of Oncology and a Growing Geriatric Population
• Increase in Demand for Software Solutions in Oncology
• Emerging Technologies in Oncology Testing and Treatment
• Rising Preference for Minimally Invasive Techniques of Diagnosis and Treatment

The market is expected to face some limitations too due to the following challenges:

• Side Effects and Risks Associated with Cancer Treatment
• Dearth of Well-Trained and Skilled Professionals in Oncology

Analyst Thoughts

According to Swati Sood, Principal Analyst, BIS Research, “The global next-generation oncology devices and solutions is expected to witness significant growth in emerging economies due to factors such as the increasing prevalence of oncology, upsurge in emerging technologies and software of oncology solutions as well as rising adoption of technologies across countries such as Japan, South Korea, India, and Brazil.”

How Can This Report Add Value to an Organization?
Type: The ‘type’ segment helps the reader understand the different types of next-generation oncology devices and solutions available in the market. Moreover, the study provides the reader a detailed understanding of the different devices and solutions by clinical application (lung cancer, prostate cancer, breast cancer, and others). Furthermore, the study also covers different segments of type ((Device (Technology (High-Intensity Focused Ultrasound, Advanced Forms of Radiation Therapy, and Others), Application (Diagnosis and Treatment and Monitoring)), Software (Application (Diagnosis and Treatment and Monitoring))).

Growth/Marketing Strategy: The global next-generation oncology devices and solutions market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been regulatory and legal activities, partnerships, alliances, and business expansions to strengthen their position in the market. For instance, In April 2022, Brainlab's patient monitoring and positioning system secured CE mark. In May 2022, Varian Medical Systems (a subsidiary of Siemens AG) and HP entered into a partnership with Adaptiiv to support cancer treatment.

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The research report constitutes an in-depth study of the global next-generation oncology devices and solutions market, including a thorough analysis of revenues generated from the sales of the different components. Based on the product launches, approvals, ongoing strategic collaborations, as well as business expansions, the market size for the forecast period of 2022-2031 has been estimated.

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