Oncology Devices Market To Surge USD 776.3 Billion At 17.84% CAGR By 2034

2025-11-25 09:02:21

(MENAFN- GlobeNewsWire - Nasdaq) The global oncology devices market size is calculated at USD 177.17 billion in 2025 and is expected to reach around USD 776.3 billion by 2034, growing at a CAGR of 17.84% for the forecasted period.

Ottawa, Nov. 25, 2025 (GLOBE NEWSWIRE) -- The global oncology devices market size

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Key Takeaways

The oncology devices sector pushed the market to USD 150.35 billion by 2024.
Long-term projections show a USD 776.3 billion valuation by 2034.
Growth is expected at a steady CAGR of 17.84% in between 2025 to 2034.
North America registered dominance in the market in 2024.
Asia-Pacific is expected to grow at a rapid CAGR during the forecast period.
By device & product type, the radiation therapy systems segment led the market in 2024.
By device & product type, the diagnostic imaging systems segment is expected to witness the fastest growth in the studied years.
By clinical application/indication, the solid tumor external radiation segment held a major share of the oncology devices market in 2024.
By clinical application/indication, the interventional oncology segment is expected to grow rapidly in the upcoming years.
By procedure type/care pathway, the curative/definitive external beam radiation procedures segment led the market in 2024.
By procedure type/care pathway, the oncologic surgeries segment is expected to be the fastest-growing during 2025-2034.
By end-user/buyer, the hospitals & comprehensive cancer centers segment accounted for the largest revenue share of the market in 2024.
By end-user/buyer, the ambulatory surgical centers (ASCs) & outpatient oncology clinics segment is expected to register rapid expansion in the coming years.

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Phenomenal Digitalization Efforts: What are the Impactful Aspects of the Oncology Devices?

The possession of specialized medical tools and equipment employed for the screening, diagnosis, treatment, and monitoring of cancer is referred to as the oncology devices market. The contribution of significant catalysts, such as a rise in the demand for early detection, the integration of AI and digital health

Novelty, like adaptive radiation therapy (ART), fosters the application of AI integration with imaging for adaptation of the treatment strategies in real-time during each session, attributed to tumor and organ movement to spare healthy tissue. However, the Ethos machine employs AI-assisted image segmentation and surface motion sensors for on-couch adaptive treatment delivery.

What are the Pivotal Drivers in the Oncology Devices Market?

The globally rising geriatric population and the growth of diverse cancer cases are encouraging the adoption and preference for minimally invasive procedures, like interventional oncology techniques, which need specialized devices. Moreover, robust government initiatives and impactful reimbursement scenarios, combined with private funding for cancer treatment, especially in emerging countries, are supporting prospective developments.

What are the Key Trends in the Oncology Devices Market?

In October 2025, DermaSensor raised $16M Series B to leverage the skin cancer detection device.
In September 2025, Leo Cancer Care, a developer of radiotherapy treatment devices, successfully raised nearly $40 million in a funding round to escalate the commercialization of Leo Cancer Care's next-generation upright radiotherapy system.
In March 2025, Alberta invested $800 million to deploy artificial intelligence to detect cancer and determine novel ways to treat the disease.

What is the Emerging Challenge in the Oncology Devices Market?

The rising need for higher spending on research, development, and production of sophisticated oncology devices is creating a major hurdle to the overall progression. Also, an accelerating use of connected devices, AI, and cloud connectivity are boosting issues regarding data protection, cybersecurity, and the secure storage of huge datasets from various sources.

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Regional Analysis

How did North America Hold a Major Share of the Market in 2024?

In 2024, North America captured the biggest revenue share of the market. Specifically, the US and Canada are facing a huge burden of an ageing population, which is highly prone to cancer. Alongside, the region is bolstering strong and well-developed healthcare systems through wider investments. Whereas, the researchers are promoting the use of focused ultrasound devices chemotherapy drugs

For instance,

In September 2025, Agiliti, a major manufacturer and provider of medical device solutions to the U.S. healthcare industry, expanded its oncology offerings with groundbreaking prostate cancer technologies and services.

Why did the Asia Pacific Expand Notably in the Oncology Devices Market?

In the upcoming era, the Asia Pacific is anticipated to witness rapid growth in the market. A vast growth in instances of different cancers is encouraging a significant enhancement in sequencing speed data analytics for molecular diagnostic devices

For instance,

In October 2025, Samsung C&T (SCT), Samsung Electronics (SEC), and GRAIL, Inc. signed a binding Letter of Intent to unveil GRAIL's Galleri multi-cancer early detection (MCED) test to key Asian markets.

Segmental Insights

By device & product type analysis

What Made the Radiation Therapy Systems Segment Dominant in the Market in 2024?

In 2024, the radiation therapy systems segment held the biggest share of the oncology devices market. A prominent benefit of these types is that they can be utilized on their own or in combination with surgery, chemotherapy, or immunotherapy for a more comprehensive treatment plan. Besides this, recent developments include Intensity-Modulated Radiation Therapy (IMRT) and Image-Guided Radiation Therapy (IGRT), and Stereotactic Body Radiation Therapy (SBRT) and Stereotactic Radiosurgery (SRS).

Although the diagnostic imaging systems segment is predicted to expand rapidly. Eventual use of MRI

By clinical application/indication analysis

How did the Solid Tumor External Radiation Segment Lead the Market in 2024?

The solid tumor external radiation segment registered dominance with a major share of the oncology devices market in 2024. This primarily emphasizes real-time image guidance, adaptive planning, and new delivery techniques, such as AI integration. Ongoing efforts are shifting towards MRI-LINAC integrating with MRI and linear accelerators for real-time visualization, which enables daily plan adjustments and more accurate targeting while lowering risk to healthy tissue.

Whereas the interventional oncology segment is estimated to register the fastest growth. Prospective expansion will be fueled by the rise in breakthroughs in image-guided systems, novel embolic agents for more targeted therapies

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By procedure type/care pathway analysis

How did the Curative/Definitive External Beam Radiation Procedures Segment Dominate the Market in 2024?

The curative/definitive external beam radiation procedures segment was dominant in the oncology devices market in 2024. Usually, patients choose non-surgical, non-invasive treatments, such as EBRT, with minimal physical distress, fewer difficulties, shorter hospital stays, and rapid recovery times. Exploration of carbon ion therapy gives increased biological efficiency than protons for particular radioresistant cancers, like sarcomas, and some head and neck cancers.

However, the oncologic surgeries segment is predicted to expand rapidly. Specifically, the globe is stepping into organ preservation surgery, which further emphasizes the removal of only the cancerous part of an organ, often after pre-operative therapy. To cater for the surgical effectiveness, doctors are employing sentinel lymph node biopsy to determine and remove only the initial lymph nodes draining a tumor to study cancer spread, probably omitting more rigorous lymph node removal.

By end-user/buyer analysis

Which End-User/Buyer Led the Oncology Devices Market in 2024?

In 2024, the hospitals & comprehensive cancer centers segment captured the dominating share of the market. They are widely focusing on the adoption of highly sophisticated radiation therapy systems (MR-Linac, Ethos), robotic surgical systems (Da Vinci X), and newer diagnostic tools (liquid biopsies, AI-assisted imaging platforms). An FDA-approved Hepzato Kit (melphalan for injection/hepatic delivery system) is a device-drug combination used for metastatic uveal melanoma in the liver

Moreover, the ambulatory surgical centers (ASCs) & outpatient oncology clinics

What are the Recent Developments in the Oncology Devices Market?

In September 2025, Punjab Health Minister Dr Balbir Singh unveiled a first-of-its-kind artificial intelligence (AI)-powered screening devices for early detection of breast cancer, cervical cancer, and refractive errors.
In August 2025, Konkuk University Medical Center launched two new radiation therapy devices, the Halcyon Hypersight and TrueBeam linear accelerators for cancer care.
In May 2025, PorTal Access, with the doctor's support, raised $7M to introduce a new medical device for cancer patients.

Strategic Framework of Elekta, the Leading Oncology Devices Company

Sr. No.	Strategic framework	Success Rate
1	R&D	12% of net sales in R&D investments
2	Sourcing & Manufacturing	45% of suppliers are targeted to engage in emission reduction efforts for climate action.
3	Aftermarket & Service	43% of net sales in services.
4	Marketing & Sales	More than 120 countries with an installed base.

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Oncology Devices Market Key Players List

Varian
Elekta
Accuray
ViewRay
Siemens Healthineers
GE Healthcare
Philips
Canon Medical Systems
Intuitive Surgical
Medtronic
Boston Scientific
Johnson & Johnson
Hologic
AngioDynamics
Terumo
Cook Medical
Merit Medical
Becton Dickinson
Stryker
Olympus

Segments Covered in the Report

By Device & Product Type

Radiation therapy systems
Diagnostic imaging systems
Surgical systems & robots
Interventional oncology devices
Ablation systems
Brachytherapy systems & applicators
Biopsy & pathology instruments
Treatment planning & oncology software
Consumables & disposables

By Clinical Application/Indication

Solid tumor external radiation
Interventional oncology
Surgical oncology
Diagnostic & staging imaging
Brachytherapy
Diagnostic biopsy & pathology workflows

By Procedure Type/Care Pathway

Curative/definitive external beam radiation procedures
Image-guided interventional procedures
Oncologic surgeries
Diagnostic imaging & staging procedures
Brachytherapy procedures
Outpatient biopsy & pathology workflows

By End-User/Buyer

Hospitals & comprehensive cancer centres
Ambulatory surgical centres (ASCs) & outpatient oncology clinics
Diagnostic imaging centres & radiology groups
Interventional radiology clinics/outpatient interventional suites
Research & academic institutions

By Region

North America

U.S.
Canada

Asia Pacific

China
Japan
India
South Korea
Thailand

Europe

Germany
UK
France
Italy
Spain
Sweden
Denmark
Norway

Latin America

Brazil
Mexico
Argentina

Middle East and Africa (MEA)

South Africa
UAE
Saudi Arabia
Kuwait

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