Chemotherapy Devices Market REPORT OVERVIEW
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The global chemotherapy devices market size was USD 196.2 million in 2021 and is projected to touch USD 328.08 million by 2031, exhibiting a CAGR of 5.3% during forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with chemotherapy devices experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Chemotherapy is used to treat one of the most fatal and chronic disorders, cancer that invades various parts of the body. Chemotherapy is the most common method to treat cancer and it is conducted in hospitals. It involves using medicine through the tube in a vein. Chemotherapy includes devices such as a port or pump and a catheter. These pumps are also known as infusion pumps. Catheter is surgically implanted into a large vein. Chemotherapy drugs are also given through these devices. These devices help patients to have chemo in a very efficient and controlled manner.
The application of chemotherapy devices is to treat cancer patients. It is used in hospitals, home care, and clinics. The market is driven by rising cardiovascular surgeries and diagnostics. There has been a rise in cancer incidences and prevalence of cancer. There has been an increasing public awareness, technological advancements, and improvements in medical infrastructure in the field of chemotherapy devices. Increasing research activities in the field of chemotherapy has also propelled the growth.
COVID-19 Impact: Halt on Operations to Obstruct Market Growth
The effects of the COVID-19 pandemic are already being felt on a global level, the global chemotherapy devices market is noticeably influenced due to disruptions. In 2020, COVID-19 had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. Many health institutions and clinics were turned into COVID-19 testing centers. Owing to the pandemic, elective procedures were temporarily halted and manufacturing companies closed their operations. Logistics and patients’ reluctance to visit hospitals and clinics also halted the sale of chemo devices.
LATEST TRENDS
"Radiotherapy and Recent Technologies to Push Market Progress"
Integration of different and recent technologies are expected to increase the growth of the global chemotherapy devices market. New technology such as linear accelerators that use radiation therapy are the new treatment devices that use radiation to treat cancer from the patient’s body. The appropriate level of radiation is prescribed by the doctors with careful analysis so that healthy parts of the body cannot be harmed. Linear accelerators deliver radiation from high energy x-ray machines that forms the shape of a patient’s tumor. As the radiation enters the body, other lasers surround the patient that prevents them from moving around. Radiation therapy is also expected to be delivered using radiopharmaceuticals using advanced chemotherapy devices which can propel the market growth globally.
Chemotherapy Devices Market SEGMENTATION
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- By Type
According to type; the market is divided into large volume pumps (LVP), syringe pumps, and elastomeric pumps.
Syringe pumps hold the majority of the type segment due to the ability of large volumes of nourishment and medical fluids.
- By Application
Based on the application; the market is divided into hospital & clinic and home care.
Hospital & clinic holds the majority of the application segment due to growing hospital visits.
DRIVING FACTORS
"Growing Incidences of Cancer to Drive Market Growth "
The global chemotherapy devices market growth is predicted to rise due to rising cases of cancer and prevalent cancerous diseases. There are millions of people who are diagnosed with cancer making it the second most common reason for death. Lung, breast, colorectal, prostate, and cervical cancer are common cases of cancer. Such rising cases are due to changes in lifestyle, habits such as consuming alcohol and tobacco, and growth of the senior populace. Tobacco smoking is a considerable factor in cancer. This has given rise to chemotherapy sessions and treatments Such rising cases are expected to drive the demand for chemotherapy devices in hospitals and clinics.
"Research & Development Activities to Foster Market Progress"
The demand for chemo devices is rising rapidly due to various different and new researches done by the institutions to know the causes of cancer. With the rising cases of cancer, researchers have been actively searching for habits, causes, and mutations that are responsible for cancer. Such researches have led to the use and advancements in chemo devices which have increased the survival rate. This is expected to raise the demand of chemo devices and overall growth of the market.
RESTRAINING FACTORS
"Discomfort Caused to Patients to Impede Market Growth"
There are a number of factors that can push the growth of the market. Restraining factors such as discomfort caused to the patients, low income levels of patients to treat cancer, risk of infection, and unwillingness of patients to undergo chemotherapy can impede market growth. There is also absence of reimbursement and insurance policies in developing regions are expected to restrain the market. These factors are expected to reduce the demand for the product in the market.
Chemotherapy Devices Market REGIONAL INSIGHTS
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"North America to Govern Market Due to Rise in Cancer Patients"
North America holds the largest part of the global chemotherapy devices market share due to the rise in cancer patients. The region has a rising number of cancer patients and prevalence of cardiovascular patients in the U.S. There also has been enhanced health care infrastructure and government initiatives which has propelled the growth of chemo devices. There are also ongoing researches and projects that are expected to boost the market growth in the region.
KEY INDUSTRY PLAYERS
"Key Players to Boost Demand Leading to Market Growth"
The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global chemotherapy devices market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Zyno Medical (U.S.)
- Advanced Chemotherapy Technologies (U.S.)
- B. Braun (Germany)
- Baxter International (U.S.)
- Smith’s Group (U.S.)
- ICU Medical (U.S.)
- Moog Inc. (U.S.)
- Micrel Medical (Greece)
- Halyard Health (U.S.)
- Terumo Corporation (Japan)
- Fresenius Kabi (Germany)
- Becton Dickinson (U.S.)
INDUSTRY DEVELOPMENT
- February 2022: American Oncology Network, LLC (AON) has partnered up with InfuSystem Holdings, Inc. to provide ambulatory infusion pumps. InfuSystem will provide their ambulatory infusion pumps for continuous chemotherapy treatments, full time clinical hotline, supply and revenue cycle management, and biomedical services.
REPORT COVERAGE
This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 196.2 Million in 2021 |
Market Size Value By |
US$ 328.08 Million by 2031 |
Growth Rate |
CAGR of 5.3% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the chemotherapy devices market expected to touch by 2031?
The global chemotherapy devices market is expected to reach USD 328.08 million by 2031.
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What CAGR is the chemotherapy devices market expected to exhibit by 2031?
The chemotherapy devices market is expected to exhibit a CAGR of 5.3% by 2031.
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Which are the driving factors of the chemotherapy devices market?
Drivers of this chemotherapy devices market are growing incidences of cancer and various research activities.
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Which are the top companies operating in the chemotherapy devices market?
Zyno Medical, Advanced Chemotherapy Technologies, B. Braun, Baxter International, Smiths Group, ICU Medical, Moog Inc., Micrel Medical, Halyard Health, Terumo Corporation, Fresenius Kabi, and Becton Dickinson are the key companies operating in the chemotherapy devices market.