1. India Oncology Devices and Solutions Market grew at a CAGR of 18.2% and generated ~ USD Mn in FY’22, supported by rise in cancer cases, early detection and emerging technologies in oncology testing and treatment.
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With increasing awareness and affordability, the demand for minimally invasive techniques relating to oncology treatment and testing has also been increasing. The industry is constantly evolving through newer technologies Cancer disease burden in India is characterized by poor detection. In recent times, multiple disease screening camps are being organized by the hospitals and organizations to detect the disease. This will facilitate the growth of devices and solutions market by accelerating the treatments.
2. India ranks at number 7 amongst the 20 wellness tourism markets with over 56 Mn trips made to India till now
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India is one of the most affordable countries for the expensive medical treatments. It is estimated that the cost for treatment in India is only about 10% – 20% of what similar treatments (for radiation therapy as well) cost in the West and other countries. India has a high number of Joint Commission International (JCI) accredited hospitals. In total there are 37 hospitals in India which are certified by JCI. The Indian government has instituted an re-visa program for travelers from select countries, allowing visitors to stay in the country for up to 60 days . Applicants simply apply online and receive e-visa within 3 working days
3. India Oncology Devices market is concentrated with few international players dominating the market
Market is in Growth Stage due to Expansion in terms of new technologies, increasing adoption rate by end users. 2 Players in India Oncology Devices Market account for a lion’s share in the market. On the other hand, Oncology Solutions Market is fragmented with presence of hospitals, diagnostic centers, in the country. There has been Continuous product innovations by key players and adoption to advanced devices by hospitals to significantly boost the market expansion in future.
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