In terms of revenue, the Global Chemotherapy Devices Market is expected to reach USD 23.12 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.5% from 2022 to 2028. Factors such as increasing incidence & prevalence of cancer, rising research & development activities, and increasing investment in the development of new therapies across the globe are expected to influence the growth of Chemotherapy Devices Market in coming years.
- The syringe pump product segment is expected to witness potential growth of Chemotherapy Devices Market in 2021. A syringe pump is basically used to deliver accurate amounts of fluid to the body. It has the ability to infuse a large volume of medication fluids, thus, it increases the segmental demand in the market.
- The hospitals & clinics application segment accounted for substantial growth of Chemotherapy Devices Market in 2021. Factors such as, increasing hospital visits, provision of advanced healthcare facilities and the presence of experienced healthcare professionals are augmenting the segmental growth of Chemotherapy Devices Market.
- North America holds the largest share in the Chemotherapy Devices market during the forecast period. The increasing number of cancer patients, improved health care infrastructure, increased government investments, and ongoing projects to develop advanced drugs to treat cancer patients are major factors that influence the growth of Chemotherapy Devices Market in this region.
Some of key players in Global Chemotherapy Devices Market include - 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), and Zyno Medical (US)..
Increased Research and Development expenditure and the high prevalence of cancer around the world are some of the factors that promote the growth of Chemotherapy Devices Market. According to National Cancer Institute, approximately 5.5 million people in United States are affected by cancer. This number is expected to rise to 20.3 million by 2026. Thus, increasing occurrences of cancer disease is augmenting the growth of Chemotherapy Devices Market in near future. Other factors that influence the growth of Chemotherapy Devices Market include increased public awareness, improvements in medical infrastructure, and technological advancements in the field of chemotherapy devices. However, the cost of this therapy is high and also it increases the risk of infection. Thus, these factors are responsible for hindering the growth of Chemotherapy Devices Market over the projected years.
The COVID-19 outbreak has affected various industries worldwide. The Chemotherapy Devices Market has no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. 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 Chemotherapy Devices Market. 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.