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Market Overview

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The global next-generation oncology devices and solutions market report reveals that the market reached a value of $3,268 million in 2021 and is projected to reach $5,971 million by 2031. The market is anticipated to grow at a CAGR of 6.41% from 2022 to 2031. This growth is attributed to factors such as the increasing prevalence of oncology, rising demand for software solutions in oncology, advancements in oncology testing and treatment technologies, and growing preference for minimally invasive diagnostic and treatment methods.

Oncology is a field that continuously evolves due to ongoing research and development activities. Technological advancements have been made in various areas of oncology, including chemotherapy, radiation therapy, and surgical oncology. Key players in the global next-generation oncology devices and solutions market are focusing on providing devices and solutions that enable minimally invasive treatments and targeted therapies. These advanced solutions can specifically target tumor cells while minimizing damage to healthy tissues.

The next-generation oncology devices and solutions market is still in its developmental phase, with ongoing research and development efforts aimed at creating more innovative products.

The market’s growth potential lies in the increasing demand for home-based cancer testing and the rising need for targeted therapies.

The COVID-19 pandemic resulted in delayed cancer diagnoses as patients prioritized managing COVID-19 cases and were concerned about virus transmission. Prior to the pandemic, cancer screening and treatment were primarily conducted in hospitals and clinical facilities, with home-based oncology care still in its early stages. However, the pandemic led to a deferment of screenings and treatments for various types of cancer. Travel restrictions and the risk of virus transmission prompted an increased demand for home-based care. Teleconsultations became more prevalent across the healthcare industry, and there was a higher demand for home-based tests to screen and monitor cancer conditions. Software solutions for oncology also experienced increased demand due to the pandemic.

As the COVID-19 recovery phase begins, cancer diagnosis and treatment procedures are expected to return to normal. However, the preference for home-based care is likely to continue even after the pandemic subsides.

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Market Segmentation

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The market is segmented based on various factors, including clinical application, type, end user, and region.

Segmentation by Clinical Application
Lung Cancer
Prostate Cancer
Breast Cancer
Others

Segmentation by Type
Devices – By Technology (High-Intensity Focused Ultrasound, Advanced Forms of Radiation Therapy, and Others) and By Application (Diagnosis and Treatment and Monitoring)
Software – By Application (Diagnosis and Treatment and Monitoring)

Segmentation by End User
Hospitals
Diagnostic Imaging Centers
Others

Segmentation 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

The breast cancer and others segment is expected to dominate the clinical application segment of the global next-generation oncology devices and solutions market. During the period 2021-2031, breast cancer is projected to create the highest incremental opportunity of $713 million, followed by prostate cancer at $696 million. Breast cancer affects a significant number of women worldwide, as highlighted in an August 2021 article titled Breast Cancer published in NCBI. The article states that one in eight women in the U.S. is affected by breast cancer. Additionally, a March 2017 paper published in NCBI titled Neoadjuvant Chemotherapy Creates Surgery Opportunities for Inoperable Locally Advanced Breast Cancer emphasizes the potential of neoadjuvant chemotherapy (NAC) in treating locally advanced breast cancer. NAC effectively inhibits tumor metastasis and improves survival rates.

In terms of segmentation based on type, the global next-generation oncology devices and solutions market includes devices and software. The software segment is expected to generate the highest incremental opportunity of $1,505 million between 2021 and 2031. Software plays a crucial role in oncology, particularly in the clinical interpretation of imaging scans. It aids in the detection of abnormalities and lesions that may be overlooked during routine examinations. By improving accuracy and confidence in reporting cancer cases, this software benefits radiologists and oncologists.

The hospital segment dominates the end-user segment of the global next-generation oncology devices and solutions market. During the period 2021-2031, hospitals are anticipated to create the highest incremental opportunity of $1,472 million, followed by diagnostic imaging centers at $903 million. Hospitals hold a substantial share of the market, accounting for 61.00% in 2021 and projected to reach 58.04% by the end of the forecast period. These institutions provide both outpatient and inpatient services for cancer diagnosis and treatment. Many multi-specialty hospitals globally have specialized oncology departments dedicated to addressing various types of cancer. A study published in October 2019 in NCBI titled Health Care Expenditure Burden of Cancer Care in the United States reveals that annual healthcare expenditure on cancer patients in hospital inpatient services was nearly 3.5 times higher compared to non-cancer patients. The COVID-19 pandemic further burdened hospitals worldwide due to the high number of cases and bed shortages.

With a 41.65% share in 2021, North America emerged as the largest market, followed by Europe at 29.27%. Asia Pacific and Rest-of-the-World are expected to experience significant growth with CAGRs of 8.00% and 7.01%, respectively, during the forecast period 2022-2031. The dominance of North America can be attributed to substantial investments by public and private companies in adopting innovative solutions using various technologies and software. The region presents diverse opportunities for next-generation oncology solution companies. Notably, several innovative and emerging companies in the U.S. are developing advanced oncology solutions utilizing artificial intelligence and machine learning technologies. For example, in March 2022, Paige AI Inc. launched a new pathology AI for detecting breast cancer metastases in lymph nodes. These advancements highlight the potential for further development of oncology solutions using the latest technologies in the region.

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Competitive Landscape

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The competitive landscape encompasses the significant developments and strategies implemented in the global next-generation oncology devices and solutions market from January 2018 to April 2022. As of 2021, Siemens AG dominated the market with the highest market share of 48.13%, followed by Elekta at 26.71%, and Accuray Incorporated at 13.04%.

Key companies profiled in this report include Siemens AG, Elekta, Accuray Incorporated, Eon Health, Koninklijke Philips N.V.

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Recent Industry Developments

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In May 2022, Varian Medical Systems and HP forged a partnership with Adaptiiv to provide support for cancer treatment.

In April 2022, Brainlab’s patient monitoring and positioning system obtained the CE Mark certification.

In April 2022, GE Healthcare and Elekta joined forces in a partnership aimed at expanding the availability of precision radiation therapy solutions.

In March 2022, Paige AI Inc. introduced its latest product, known as Paige Breast Lymph Node.

In March 2022, Paige AI Inc. unveiled its pathology AI designed to detect breast cancer metastases in lymph nodes.

In February 2022, Paige and Mindpeak announced a strategic partnership to enhance access to cutting-edge AI software for breast cancer diagnostics.

In January 2022, Oulu University Hospital partnered with Varian and Siemens Healthcare to establish a comprehensive ecosystem addressing the cancer treatment pathway.

In December 2021, UofL Health collaborated with Paige AI Inc. to deploy the cancer detection software suite developed by Paige AI Inc.

In November 2021, Hologic received the CE mark for its Genius cervical cancer software.

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Key Questions Answered

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What are the primary market drivers, challenges, and opportunities in the global next-generation oncology devices and solutions market?

What are the emerging trends observed in the global next-generation oncology devices and solutions market?

How is each segment of the global next-generation oncology devices and solutions market projected to grow during the forecast period? What revenue is anticipated to be generated by each segment by the end of 2031?

What significant developmental strategies have major players implemented to maintain competitiveness in the market? Which key regulatory bodies control the entry of oncology devices and software into the market?

Who are the leading players offering significant contributions to the global next-generation oncology devices and solutions market? What is the current market dominance of each of these leading players?

What compound annual growth rate (CAGR) is expected to be witnessed by the leading players in the market from 2022 to 2031?

What are the major technological and regional adoption trends relevant to the global next-generation oncology devices and solutions market?

Who are the key players in the global next-generation oncology devices and solutions market, and what are their contributions?

What is the growth potential of different devices, software, and end users in the next-generation oncology devices and solutions market?