Chemotherapy Devices Market Projected to Hit $ 20,807.56 Billion at a 7.1% CAGR by 2030

New York, May 22, 2023 (GLOBE NEWSWIRE) -- The global Chemotherapy Devices Market is expected to witness significant growth at a CAGR of 7.1% during the forecast period of 2023-2030. This growth is attributed to the increasing investment in the medical sector coupled with rising demand for advanced chemotherapy devices.

According to a recent report by Consegic Business Intelligence, the chemotherapy devices market is poised for strong expansion and is expected to reach USD 20,807.56 million by 2030. The market, which was valued at USD 12,139.65 million in 2022, the market is predicted to grow at a compound annual growth rate of 7.1% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the chemotherapy devices market.

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Global Chemotherapy devices Market Size, Share & Trends Analysis, By Product (Catheter, Cannula, Pump (Large Volume Pump, Syringe Pump, and Elastomeric Pumps), and Others), End User (Hospital, Clinics, and Others), By Region, Forecast Period 2023 – 2030.

Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the chemotherapy devices market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as product, end-user, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.

Chemotherapy is a medical process that involves the treatment of cancer by the use of chemical substances and drugs. The process involves the use of chemotherapy devices that are designed to deliver chemotherapy drugs directly into the patient’s body targeting cancer cells and inhibiting their growth. For instance, venous access equipment is a type of chemotherapy device that gives long-term access to the significant veins, chemotherapy pumps are used for the healing of cancer patients and to dispense chemotherapy drugs at a slow and controlled rate into the body.

Furthermore, the chemotherapy pump is classified into large volume pump, syringe pump, and elastomeric pumps, and all such types of pumps are widely used in nursing homes, hospitals, and clinics.

Global Chemotherapy Devices Market: Report Attributes

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Global Chemotherapy Devices Market Segmentation Details:

Based on Product, in 2022, the pump segment contributed the largest market shares in the chemotherapy devices market. Chemotherapy pumps are commonly known as infusion pumps and are classified into large volume pump, syringe pump, and elastomeric pumps. These pumps are used to deliver chemotherapy drugs in a controlled and precise manner and provide a specific dosage over a set period, ensuring consistent delivery of medication. Further, syringe pump is a widely used device to infuse drugs, fluids, and nutrients in the patient in an accurate amount for longer duration. As a result, the increasing use of pumps is proliferating the growth of the market.

Based on End-User, in 2022, the hospital segment contributed the largest market share in the chemotherapy devices market. Hospitals are the primary healthcare facilities where cancer patients receive diagnosis, treatment, and follow-up care and such facilities have a higher concentration of cancer patients as compared to other healthcare facilities.

Further, increasing facilities of cancer treatment in the hospital namely surgical removal, radiation therapy, and medication. Also growing adoption of chemotherapy devices to avoid drug leakage and ensure proper supply of fluids to the patient. Thus, the increasing incidence of cancer is driving the need for chemotherapy treatment which is creating an optimistic growth for the chemotherapy devices market.

Based on Region, in 2022, North America accounted for the largest share contribution to the market growth driven by the increasing cases of cancer particularly lung cancer in U.S. which are leading to the development of new diagnostics centers with advanced medical devices including chemotherapy devices for efficient treatment. For instance, according to the American Cancer Society, in 2023, in the U.S., a total number of 238,340 new cases of lung cancer were estimated and nearly 127,070 people died from lung cancer. Hence, the growing incidence of cancer is driving the demand for the chemotherapy devices market.

Competitive Landscape

As per the research, BD, Micrel Medical Devices SA, and B. Braun SE are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the chemotherapy devices market is expected to grow steadily due to increasing investment in the healthcare sector for the development of advanced chemotherapy devices. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.

Key Market Takeaways

• The global chemotherapy devices market size is estimated to exceed USD 20,807.56 million by 2030 with a CAGR of 7.1% during the forecast period (2023-2030).
• Based on product, the pump segment accounted for the highest market share of 39.28% in the chemotherapy devices market statistics in 2022.
• By end-user, the hospital segment is anticipated to contribute the largest shares to the market growth in 2022.
• Asia Pacific is expected to grow at the fastest CAGR of 7.8% during the forecast period due to the increasing cases of lung and breast cancer in the region.
• In 2022, North America accounted for the highest market share at 42.78 % and was valued at USD  5,193.34 million, and is expected to reach USD 8,668.43 million in 2030.

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Recent Developments

• In August 2022, Mindray Medical announced new standards for infusion pumps with the BeneFusion n Series Infusion System for offering patient safety, operational simplicity, interoperability, and data synergy.

List of Major Global Chemotherapy Devices Market:

• BD
• Micrel Medical Devices SA
• B. Braun SE
• ICU Medical, Inc.
• Moog Inc.
• ZynoMed
• Terumo Corporation
• Baxter International Inc.
• Fresenius SE & Co. KGaA,
• Mindray Medical India Pvt. Ltd.

Global Chemotherapy devices Market Segmentation: 

• By Product
  • Catheter
  • Cannula
  • Pump
    • Large Volume Pump
    • Syringe Pump
    • Elastomeric Pumps
  • Others
• By End-User
  • Hospitals
  • Clinics
  • Others

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Frequently Asked Questions in the Chemotherapy Devices Market Report

• What was the market size of chemotherapy devices in 2022?

- In 2022, the market size of chemotherapy devices was USD 12,139.65 million.

• What will be the potential market valuation for chemotherapy devices by 2030?

- In 2030, the market size of chemotherapy devices will be expected to reach 20,807.56 million.

• What is the key restraint hampering the growth of the chemotherapy devices market?

- Adverse effects of chemotherapy and the presence of alternative approaches are likely to hinder market growth.

• What is the dominating segment in the chemotherapy devices market, by end-user?

- In 2022, the hospital segment accounted for the highest market share in the overall chemotherapy devices market.

• Based on current market trends, which geographical region contributed the largest share in the market?

- North America contributed to the largest market share in the chemotherapy devices market.

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