The global chemotherapy devices market size was significantly robust in 2022 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increased research & development expenditure and high prevalence of cancer across the world.
Cancer is the abnormal and uncontrolled growth of cells. It is one of the most chronic and fatal diseases that spread to other parts of the body or invades them. Chemotherapy is the most frequently prescribed cancer treatment. Chemotherapy is a treatment for cancer that involves the use of a combination of anti-cancer agents, also known as chemotherapeutic agents, as part of a standard regimen. Alkylating agents (cisplatin, tetrazines), anti-metabolites (purines, pyrimidines), anti-microtubule agents (taxanes, vinca derivatives), and cytotoxic agents are all examples of chemotherapeutic agents (anthracyclines). Chemotherapeutic agents can be administered through a variety of devices. Chemotherapy devices are chosen based on type of cancer and type of therapy a patient is prescribed. Chemotherapeutic drugs are given to patients intravenously.
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A venous access device is a surgically implanted device that allows one to access major veins for a long time. Catheters and implantable ports are common venous access devices. The rising incidence and prevalence of cancer is expected to increase demand for chemotherapeutics devices, propelling the market forward during the forecast period.
Because of factors such as increased research and development expenditure and high prevalence of cancer around the world, global chemotherapy devices market is expected to grow at a significant rate during the forecast period. According to National Cancer Institute, approximately 5.5 million people in the United States are affected by cancer. This number is expected to rise to 20.3 million by 2026. Rising incidence of cancer is expected to boost demand for chemotherapy treatments, which will help the chemotherapy device market grow. Other market growth drivers include increased public awareness, improvements in medical infrastructure, and technological advancements in field of chemotherapy devices. On the other hand, major challenges in chemotherapy devices market include discomfort or dislocation of devices, as well as an increase in risk of infection, which are expected to limit market growth during the forecast period.
Factors Restraining Growth of The Global Chemotherapy Devices Market:
The fact that chemotherapy devices may cause some discomfort to patients is a major factor restraining growth in global chemotherapy devices market over the forecast period. For example, during the insertion of a skin-tunneled catheter or port for treatment, the needle or guide wire can scratch top of the lung, resulting in an air pocket.
Opportunities For Players Operating in The Global Chemotherapy Devices Market:
Over the forecast period, technological advancements and ongoing research and development activities are expected to create potential revenue opportunities for players in the global chemotherapy devices market.
Global Chemotherapy Devices Market Revenue Led by Product Type Segment:
The market is segmented by product into Syringe Pumps, LVP (Large Volume Pumps), and Elastomeric Pumps. During the forecast period, the syringe pump segment will have the largest market share. A syringe pump is a pump that is used to deliver precise and accurate amounts of fluid. Demand for this segment is increasing as medical infrastructure improves. Due to its ability to infuse large volumes of nourishment or medication fluids, LVP also holds a significant share of the market.
Global Chemotherapy Devices Market Leading End-Use Segment:
The market is divided into Hospital & Clinic and Home Care segments based on the end-user. During the forecast period, the hospitals& clinics segment will have the most market share. The factors that contribute to the rise in hospital visits and stays around the world are driving up demand for this segment. In addition, the number of hospital visits and stays has increased around the world. Furthermore, hospitals have advanced healthcare settings, and presence of experienced healthcare professionals aids the hospital segment’s progress during the forecast period.
Asia Pacific Accounts for Largest Revenue Share In Global Chemotherapy Devices Market:
Global chemotherapy devices market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The global chemotherapy device market is dominated by North America, followed by Europe. Rising cancer incidence developed healthcare infrastructure, and increased government spending are all key market drivers in these regions.
North America Continues to Lead In Terms Of Revenue CAGR:
Due to a large patient base, developing health care infrastructure, and rising government expenditure in the region’s health care industry, chemotherapy device market in the Asia Pacific is expected to grow at a rapid pace during the forecast period owing to an ageing population and an increase in incidence of various cancers among the regional population in various countries.
Major Companies Profiled In The Report:
- Becton, Dickinson
- ICU Medical
- Terumo Corporation
- Halyard Health
- Smith’s Group
- Baxter International
- Zyno Medical
- Micrel Medical
Strategies And Objectives of Major Companies:
- Baxter International (NYSE:BAX), a medical products company, has partnered with Amazon Web Services (AWS), a subsidiary of Amazon (NASDAQ:AMZN), to deploy cloud technology solutions. Baxter’s efforts to develop new digital solutions for patient care, modernize its technology capabilities and business processes, and improve customer and patient experiences are all part of collaboration. Baxter has extended its multi-year agreement with Amazon Web Services (AWS) in order to increase cloud technology infrastructure usage. Baxter’s physical data centers are nearly complete in cloud, thanks to Amazon Web Services.
- On October 25, 2021, BD Life Sciences-Biosciences, a division of BD (Becton, Dickinson, and Company), launched its second Center of Excellence (CoE) in flow cytometry for clinical research in India, in collaboration with Christian Medical College – Vellore. This CoE will serve as National Reference Center for clinical diagnostics applications, bringing together hematologists, physicians, and lab specialists from across India to deliberate and discuss clinical flow cytometry standardization and best practices.
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This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, the global Chemotherapy Devices Market is segmented on the basis of product type, equipment weight, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- LVP (Large Volume Pump)
- Syringe Pump
- Elastomeric Pumps
Application Type Outlook (Revenue, USD Billion; 2023-2032)
- Home Care
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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