WASHINGTON, Feb. 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Chemotherapy Devices Market finds that increasing prevalence of cancer is expediting market growth. Primarily driven by increasing cardiovascular surgeries and diagnostics, the total Global Chemotherapy Devices Market is estimated to reach USD 23.12 Billion by 2028.
The Market stood at a revenue of USD 11.54 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 7.5%.
Furthermore, the increase in technological advancements is also anticipated to augment the growth of the Global Chemotherapy Devices Market, states Vantage Market Research, in a report, titled “Chemotherapy Devices Market by Product (Catheter, Cannula, Pump, Others), by Application (Hospital, Clinics, Home Care), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Chemotherapy Devices Market:
- Advanced Chemotherapy Technologies (US)
- Baxter International (US)
- Becton Dickinson (US)
- B. Braun (Germany)
- Fresenius Kabi (Germany)
- Halyard Health (US)
- ICU Medical (US)
- Moog Inc (US)
- Micrel Medical (Sweden)
- Smiths Group (UK)
- Terumo Corporation (Japan)
- Zyno Medical (US)
Market Dynamics:
Driver: Increasing Incidence of Cancer to Stimulate Market Growth
Cancer is among the major health issues across the globe, stated as the second largest cause of mortality worldwide and a principal cause of premature death, morbidity, and disability. An epidemiologic evolution has happened over the past 60 years, as the mortality rate from infectious diseases has decreased and the burden of non-communicable diseases (NCDs), including cancer, has increased. According to the World Health Organization (WHO), the most frequently diagnosed cancer was of the lung (11.6% of all cases), followed by female breast (11.6%) and colorectal cancer (10.2%) in 2018. According to the available cancer statistics, an estimated 1,810,200 new cases of cancer are diagnosed in the United States and 580,630 people have died from the disease in the U.S in the year 2020. Moreover, according to the National Institute of Cancer, there were an estimated 16.9 million cancer survivors in the U.S. until January 2019 and the number is expected to reach 22.2 million by 2030. Such rising incidences of cancer combined with increasing availability reimbursements and favorable government health policies are likely to propel the growth of the market.
Driver: Growth in Geriatric Population to Drive the Market Growth
The rapid growth of the geriatric population across the globe is anticipated to augment the growth of the Global Chemotherapy Devices Market during the forecast period. As people start age, they get more prone to several conditions at the same time and demand a greater need to care for aspects related to primary and secondary aging. According to World Health Organization, the pace of population ageing is much faster than in the past. The number of people aged 60 years and older outnumbered the children younger than 5 years in 2020 and in low- and middle-income countries, 80% of older people will be living, by 2050. It was also projected that maximum cases of cancers and deaths caused by cancers occur in people 65 years of age or older. Therefore, as the cases of cancers occur considerably in ageing population the need of chemotherapy devices is also expected to increase. However, increase in risk of infection and dislocation of devices along with high capital investments is expected to hamper the growth of the market in near future. Moreover, the technological advancements in field of chemotherapy devices and growth opportunities in emerging countries will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Chemotherapy Devices Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominates the Global Chemotherapy Devices Market
North America held the largest market share in 2021. The U.S. held the largest market share in North America in 2021. This is attributable to the developed health care infrastructure coupled with increasing incidence of cancer in the region. Furthermore, increased government spending is also likely to support the regional growth of the market.
Asia Pacific is expected to grow at a fastest CAGR in Global Chemotherapy Devices Market and is likely to continue the same trend during the forecast period. This is attributable to the developing health care infrastructure and huge patient population along with rising healthcare expenditure in emerging economies like China, and India in the region. Additionally, increasing awareness about chemotherapy devices is also expected to support the growth of the market in near future.
Browse Summary of this Research Report: https://www.vantagemarketresearch.com/blog/chemotherapy-devices-171315
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Chemotherapy Devices Market?
- How will the Chemotherapy Devices Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Chemotherapy Devices Market?
- What is the Chemotherapy Devices market drivers and restrictions?
- What will be the CAGR and size of the Chemotherapy Devices Market throughout the forecast period?
Recent Developments:
July, 2018: EchoNous announced that it received FDA approval for the EchoNous Vein, an ultrasound-based tool designed specifically for nurses to improve peripheral IV (PIV) catheter placements.
This market titled “Chemotherapy Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 11.54 Billion |
| Projected Market Size in 2028 | USD 23.12 Billion |
| CAGR Growth Rate | CAGR of 7.5% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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