Chemotherapy Devices Market

Global Chemotherapy Devices Market Size (2023 to 2028)

The global chemotherapy devices market size was worth USD 13.45 billion in 2023. The market is predicted to grow at a CAGR of 8.12% from 2023 to 2028 and be worth USD 19.87 billion by 2028.

MARKET DRIVERS:

The increasing prevalence of cancer worldwide majorly drive the growth of the chemotherapy devices market. According to the World Health Organisation (WHO), cancer remains a significant global health concern, with an estimated 10 million deaths in 2020 worldwide. The increasing incidence of cancer has resulted in a need for chemotherapy, leading to a rise in the demand for chemotherapy devices. The adoption of remote chemotherapy devices and telehealth services has increased, offering patients convenience and safety. This trend is accelerated by the COVID-19 pandemic, which allows patients to receive treatment in the comfort of their homes. Therefore, it is likely to impact the market growth positively in the upcoming years.

The growing aging population further boosts the growth rate of the chemotherapy devices market. The elderly population is more susceptible to cancer and may require chemotherapy as a component of their treatment plan. According to the United Nations, the global population aged 65 years and above is expected to increase to 1.5 billion by 2050. There is a growing demand for chemotherapy devices due to the increasing geriatric population. Technological advancements are a key factor driving the growth of the chemotherapy devices market. The efficacy of chemotherapy has been enhanced due to the rise of targeted drug delivery systems and personalised medicine. Advanced medical devices such as smart infusion pumps are becoming increasingly popular due to their enhanced features that ensure accurate drug delivery and reduce the risk of medication errors.

There is a growing trend of investment in healthcare infrastructure by governments and private organisations aiming to increase cancer treatment. According to recent research conducted by the National Cancer Institute in the United States, the estimated total national expenditure on cancer care in 2020 was $150.8 billion, indicating a substantial investment in cancer treatment.

MARKET RESTRAINTS:

The side effects of using chemotherapy devices, high costs and the availability of alternative treatment options primarily hamper the growth of the chemotherapy devices market. The cost of chemotherapy treatment can be a significant financial burden, particularly for individuals with limited or no health insurance coverage. Many patients face a significant financial burden due to the cost of chemotherapy drugs, medical procedures, and hospital stays. Limited access to chemotherapy due to cost may be a significant factor in market trends. The chemotherapy drugs may have adverse side effects and toxicity, potentially affecting patients' quality of life. Some of the side effects may include nausea, hair loss, vomiting, fatigue, and immune system suppression. The potential side effects of chemotherapy may discourage patients from pursuing treatment or lead them to discontinue therapy prematurely, which could restrict the growth of the chemotherapy devices market. In some countries, particularly in low- and middle-income countries, healthcare facilities and resources for cancer therapy may be restricted. The lack of adequate facilities, trained healthcare professionals, and access to chemotherapy devices further hinder the growth of the chemotherapy devices market in these countries. The development of alternative treatment modalities, such as targeted therapies, immunotherapies, and precision medicine, has provided new options for cancer treatment, which often have fewer side effects. As a result, some patients may opt for these alternative treatments over traditional chemotherapy, which can impact the demand for chemotherapy devices.

Impact of COVID-19 on the global chemotherapy devices market:

The global chemotherapy devices market was significantly impacted by the COVID-19 pandemic. On the one hand, the COVID-19 pandemic caused disruptions in the healthcare system and a shift in priority towards managing the virus's spread. As a result, non-essential medical procedures, such as chemotherapy treatments, were delayed or cancelled, decreasing demand for chemotherapy devices. During the early stages of the COVID-19 pandemic, lockdown measures and restrictions on healthcare services impacted manufacturers' supply chains and production capacities. This disrupted the production and delivery of these devices, resulting in shortages in some areas. Moreover, the pandemic has impacted patients' willingness to visit hospitals and clinics for chemotherapy treatment due to concerns about contracting the virus in healthcare settings and the need to maintain social distancing. Likewise, the global chemotherapy devices market has had a negative impact from the COVID-19 pandemic. However, the global chemotherapy devices market is anticipated to register healthy growth during the forecast period owing to the improvements in the global situation and decreasing impact of COVID-19 pandemic on the chemotherapy devices market.

REPORT COVERAGE:

This research report on the global chemotherapy devices market has been segmented and sub-segmented into the following categories.

Global Chemotherapy Devices Market – By Product Type:

• Large Volume Pumps (LVP)
• Syringe Pumps
• Elastomeric Pumps
• Catheter
• Cannula
• Others

Based on product type, the syringe pump segment is estimated to account for the leading share of the global market during the forecast period. The growing need for precise drug administration in chemotherapy to ensure accurate dosing, increasing number of advancements in syringe pump features, including programmability, wireless connectivity, and integration with electronic medical records and rising demand for portable and compact infusion systems for enhanced patient mobility primarily propel the growth of the syringe pump segment in the global market. The rapid adoption of syringe pumps in home healthcare settings for chemotherapy administration and rising awareness about the benefits of syringe pumps in reducing medication errors and improving treatment outcomes further fuel the growth rate of the syringe pump segment in the worldwide market.

The Large Volume Pumps (LVP) segment is expected to occupy a considerable share of the worldwide market during the forecast period. Increased prevalence of cancer, the subsequent rise in chemotherapy procedures, increasing number of advancements in pump technology, such as improved accuracy, programmability, and safety features contribute to the growth of the LVP segment in the global chemotherapy devices market. The rising focus on enhancing patient care and reducing treatment-related complications and the expansion of healthcare infrastructure and facilities to support chemotherapy treatment further promote the segmental growth.

Global Chemotherapy Devices Market – By End-User:

• Hospital
• Clinics
• Home Care

Based on end-user, the hospital segment is predicted to hold the leading share of the worldwide market during the forecast period owing to the growing prevalence of cancer, rising need for chemotherapy treatments in hospital settings and growing availability of specialized infrastructure and medical expertise in hospitals for chemotherapy administration. The possibility of higher level of patient monitoring and safety measures provided in hospital environments, increasing number of collaborations between hospitals and pharmaceutical companies for efficient chemotherapy drug delivery and access to advanced chemotherapy devices and technologies in hospital settings promote the segmental growth. The availability of comprehensive healthcare services and multidisciplinary teams in hospitals for integrated cancer care, reimbursement policies and insurance coverage for chemotherapy treatments in hospitals and the availability of supportive care services and resources for cancer patients in hospital settings fuel the growth of the hospital segment in the global market. Strong referral network and patient flow towards hospitals for cancer treatments and growing number of R&D activities focused on improving chemotherapy devices and treatment outcomes in hospital settings further boost the growth rate of the hospital segment in the global market.

Global Chemotherapy Devices Market – By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

North America held the largest share of the worldwide market in 2022 and the domination of the North American region in the global market is anticipated to continue throughout the forecast period. The growing prevalence of cancer in the North American region, the availability of advanced healthcare infrastructure and increasing number of initiatives from the North American governments majorly propel the North American market growth. The presence of a well-established healthcare system in North America and the presence of key market players and ongoing technological advancements further contribute to the growth rate of the North American market. The U.S. led the market in the North American region in 2022, followed by Canada and the same trend is anticipated to continue throughout the forecast period.

Europe occupied a substantial share of the global market in 2022 and is expected to grow at a notable CAGR during the forecast period. The growing healthcare expenditure, rising awareness about cancer treatment options and supportive government initiatives boost the growth of the European market. The well-developed healthcare infrastructure and favorable reimbursement policies of Europe further fuel the growth rate of the European market. The UK, Germany and France accounted for the major share of the European market during the forecast period.

APAC is anticipated to grow at the highest CAGR during the forecast period among all the regions owing to the rapidly growing population base, increasing incidence of cancer, improving healthcare infrastructure, and rising healthcare expenditure in countries like China and India. The presence of untapped market opportunities and ongoing advancements in healthcare technology further promote the growth rate of the APAC market. According to the WHO 2018 data, approximately 70% of cancer fatalities occur in low- and middle-income economies.

Latin America held a considerable share of the global market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the ongoing efforts by governments and healthcare organizations to improve cancer treatment and care.

MEA is predicted to register a moderate CAGR in the global market during the forecast period due to factors such as the growing prevalence of cancer, rising healthcare investments, and government initiatives to improve cancer care.

KEY MARKET PLAYERS:

Becton, Dickinson and Company, Baxter International Inc., Terumo Corporation, B. Braun Melsungen AG, ICU Medical, Inc., Fresenius Kabi AG, AngioDynamics, Inc., Medtronic plc, Halyard Health, Inc. and Smiths Medical are some of the major players in the chemotherapy devices market.