Seattle, Oct. 23, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global chemotherapy devices market was valued at US$ 10.9 billion in 2017, and is projected to exhibit a CAGR of 7.7% over the forecast period (2018–2026).
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https://www.coherentmarketinsights.com/market-insight/chemotherapy-devices-market-2231
Key Trends and Analysis of the Chemotherapy Devices Market:
Cancer is the second leading cause of morbidity and mortality worldwide. According to the National Cancer Institute (NCI), in 2016, around 1,685,210 new cases of cancer were diagnosed in the U.S. and 595,690 people died from the disease. Increasing cancer research funding, rising insurance coverage, and increase in number of new anti-cancer drugs supports the growth of chemotherapy device market. In 2015, NCI invested around US$ 4,480 million on cancer research, which include breast cancer, cervical cancer, colorectal cancer, leukemia, liver cancer, lung cancer, ovarian cancer, and uterine cancer.
Long-term central venous access devices are crucial in the management of oncology patients, as they minimize the discomfort of frequent venipuncture and cannulation. A central venous access device (CVAD) is made of a non-irritant material, such as silicone, which can be left in place for several weeks or months. CVAD can be used to administer fluids and drugs and can also be used to take blood samples.
Manufacturers in the chemotherapy devices market are focused on technological advancements in devices. For instance, in May 2018, Advanced Chemotherapy Technologies announced development of an implant, about the size of a large coin, for direct delivery of chemo agents into the pancreas. In 2017, RenovoRx received the Food and Drug Administration (FDA) approval for RenovoCath dual-balloon infusion catheter to include the delivery of chemotherapeutics.
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Key Market Takeaways:
- The global chemotherapy devices market is expected to exhibit CAGR of 7.7% during the forecast period (2018 – 2026). This growth is attributed to increasing consumption of tobacco and alcohol and rising geriatric population base
- Asia Pacific is expected to witness highest growth rate due to increasing cancer incidence in the region. According to the WHO 2018 report, around 70% of deaths from cancer occur in low- and middle-income countries
- Key players operating in the global chemotherapy devices market include, Advanced Chemotherapy Technologies, Baxter International, Becton, Dickinson, B. Braun, Fresenius Kabi, Halyard Health, ICU Medical, Moog Inc., Micrel Medical, Smiths Group, Terumo Corporation, and Zyno Medical