Next-Generation Oncology Devices and Solutions Market - A Global and Regional Analysis: Focus on Clinical Application, End User, Type, and Region - Analysis and Forecast, 2022-2031
Global Next-Generation Oncology Devices and Solutions Market Industry Overview
The global next-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.
Market Lifecycle Stage
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.
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
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