Chemotherapy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 11.84 billion |
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Revenue Forecast in 2031 |
US$ 21.58 billion |
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CAGR |
6.9% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global chemotherapy devices market was valued at US$ 11.84 billion in 2022 and is expected to register a revenue CAGR of 6.9% to reach US$ 21.58 billion by 2031.
Chemotherapy Devices Market Fundamentals
Chemotherapy devices are medical devices used to treat cancer by administering chemotherapy drugs. Chemotherapy is a systemic medicine that employs medications to kill or slow cancer cell growth. These devices are designed to deliver chemotherapy drugs safely and effectively to the patient's body. Many devices exist, such as implanted ports, catheters, and cannulas. The device selected will depend on the patient's physical condition and the type of therapy they will receive. A large vein, typically in the chest, is surgically inserted with a catheter or other device. Recent trends in chemotherapy devices include technological advancements, improved safety features, and increased patient comfort. With advances in genetic testing and molecular profiling, chemotherapy devices are tailored to individual patients' specific cancer types and genetic profiles. This allows for more precise and targeted treatment, minimizing side effects and maximizing efficacy. Intraperitoneal and intra-arterial chemotherapy are increasingly used to deliver chemotherapy directly to the tumor site, minimizing systemic exposure and reducing side effects. Efforts are being made to develop chemotherapy devices that are more patient-friendly, including devices that are smaller, less invasive, and cause less discomfort during administration.
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Chemotherapy Devices Market Dynamics
The global chemotherapy devices market is expected to experience growth in revenue share during the forecast period. With the rising incidence of cancer and the growing awareness about cancer and its treatment options, there is an increasing demand for chemotherapy treatments, which drives the demand for chemotherapy devices. According to World Health Organization 2023, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. According to the available cancer statistics, an estimated 1,810,200 new cases of cancer were diagnosed in the United States, and 580,630 people died from the disease in the U.S. in the year 2020. In addition, the National Institute of Cancer estimates that by 2030, there will be 22.2 million cancer survivors in the United States, up from an anticipated 16.9 million in January 2019. The market revenue is expected to rise rapidly due to rising cancer occurrences, improved government health regulations, and increased reimbursement availability. The global chemotherapy devices market revenue growth is also fueled by the introduction of novel and sophisticated chemotherapeutic devices with increased efficacy and fewer adverse effects. The marketplace is growing because governments and private companies are spending more on healthcare, including cancer treatment. The prevalence of cancer increases with age, and as the number of elderly people rises, so does the demand for chemotherapy equipment. Also, the trend towards personalized treatment is encouraging the creation of chemotherapy devices that can be customized to meet the demands of each patient, which is anticipated to propel further the revenue growth of the global market for chemotherapy devices. The demand for chemotherapy devices is rising because patients choose chemotherapy more frequently due to an increased understanding of cancer and its treatment choices. Due to these factors and others, the market for chemotherapy devices is expected to grow steadily overall.
However, patients may have pain from the chemotherapy devices. For instance, an air pocket may form when a needle or guide wire scratches the top of the lung during the insertion of a skin-tunneled catheter or port. Occasionally bruising may occur when the needle enters the vein or artery or nerve damage. Infection is also a possibility. Normally, the risk is one to three per 100 instances, but it can be higher depending on various other circumstances, such as the diagnosis or course of therapy.
Moreover, there is a chance of clot development near the port. Removing the central venous access devices is necessary because they may split, become damaged, or become displaced if they are not in the proper position. The growth of the global market revenue or chemotherapy devices may be hampered by all of these reasons as the use of chemotherapy devices lowers.
Chemotherapy Devices Market Ecosystem
The global chemotherapy devices market has been analyzed from three perspectives: product type, end user, and region.
Chemotherapy Devices Market by Product Type
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Based on product type, the global chemotherapy devices market is segmented into catheters, cannulas, infusion pumps, and others.
The infusion pump segment accounts for the largest revenue share in the global chemotherapy devices market. Infusion pumps are essential devices used in chemotherapy to deliver medications accurately and precisely. They allow for a continuous flow of medication, reducing the risk of human error and ensuring patients receive the correct dosage. Infusion pumps have become increasingly popular in chemotherapy as they allow for precise dosing and continuous medication delivery. This has led to improved patient outcomes and reduced side effects and thus leading to the growth of the segment's revenue in the global market.
Chemotherapy Devices Market by End User
Based on end users, the global chemotherapy devices market is segmented into hospitals, homecare settings, and clinics.
The hospital segment accounts for the largest revenue share in the global chemotherapy devices market. The increase in the number of hospital visits and hospital stays across the globe enhances the demand for this segment. Many hospitals are bringing in new products for chemotherapy drug delivery. For instance, a novel implant device called 'Chemo port' to help in the easy administration of chemotherapy was introduced in the Rajaji Hospital in Madurai in February 2023. The device helps patients receive swift and pain-free chemotherapy and enables oncologists to treat many patients with less manpower.
The homecare settings segment is expected to grow at a high revenue CAGR in the global chemotherapy devices market. Many patients are choosing home-based chemotherapy, particularly those with less aggressive cancers. The development of portable chemotherapy equipment offers patients greater convenience and lessens the need for hospital trips by allowing patients to get treatment in the privacy of their own homes. Electronic health records (EHRs), remote monitoring, and telehealth are just a few examples of digital health technologies combined with chemotherapy equipment to improve patient outcomes, improve communication between patients and healthcare professionals, and speed up chemotherapy administration procedures.
Chemotherapy Devices Market by Region
Based on region, the global chemotherapy devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global chemotherapy devices market revenue share. The market growth is attributed to factors such as the increasing prevalence of cancer, rising demand for chemotherapy devices, technological advancements in chemotherapy devices, and the growing geriatric population. According to Cancer Organization, around 1.9 million individuals had cancer in 2021. The availability of favorable reimbursement policies for cancer treatment in North America also contributes to market growth. Key players operating in the North American chemotherapy devices market include Becton, Dickinson and Company, Baxter International Inc., B. Braun Melsungen AG, Fresenius Kabi AG, ICU Medical, Inc., Moog Inc., Zyno Medical LLC, and Terumo Corporation. These companies focus on product development and strategic collaborations to expand their market share in North America.
The chemotherapy devices market in Europe is expected to grow significantly due to the increasing prevalence of cancer and the rising demand for effective treatment options. Additionally, technological advancements in chemotherapy devices and the availability of government funding for cancer research are expected to drive market revenue growth further. Product approval is one of the factors driving the regional market. For instance, Novocure, a global oncology company that aims to prolong survival in some of the most aggressive types of cancer, announced in November 2020 that it has gained the CE Mark from the Notified Body (TÜV) for the NovoTTF-100L system. The application of the C.E. mark enables Novocure to commercialize the device as a first-line treatment in combination with pemetrexed and platinum-based chemotherapy for unresectable, locally advanced or metastatic, malignant pleural mesothelioma (MPM) in the European Union and Switzerland.
The chemotherapy devices market in the Asia Pacific region is expected to experience significant revenue growth during the forecast period. The market revenue is primarily driven by factors such as the increasing prevalence of cancer, growing healthcare infrastructure, and rising healthcare expenditure. Countries such as China, India, and Japan are expected to contribute significantly to the revenue growth of the chemotherapy devices market in the region. China, in particular, is expected to register high revenue growth due to its large population and high cancer incidence. The increasing adoption of chemotherapy as a primary mode of cancer treatment is also expected to fuel market revenue growth. The market is highly competitive and is dominated by several major players such as Becton, Dickinson and Company, Baxter International Inc., and Fresenius Kabi AG. These companies are focusing on expanding their product portfolios and geographical reach to maintain their position in the market. Overall, the Asia Pacific chemotherapy devices market is expected to experience significant revenue growth during the forecast period, driven by increasing cancer prevalence and growing healthcare infrastructure.
Competitive Landscape of the Global Chemotherapy Devices Market
The prominent players operating in the global chemotherapy devices market are:
Strategic Developments in Chemotherapy Devices Market
The global chemotherapy devices market is expected to grow at a revenue CAGR of 6.9% during the forecast period.
B. Braun Melsungen AG, Baxter International Inc., ICU Medical, Fresenius Kabi, and Advanced Chemotherapy Technologies are a few key players in the global chemotherapy devices market.
The infusion pumps segment accounts for the largest global chemotherapy devices market revenue share.
Europe accounts for the second-largest revenue share in the global chemotherapy devices market.
The global chemotherapy devices market has significant obstacles, such as device pain or dislocation and an increase in infection risk, which are expected to restrain market revenue growth during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain