Global Chemotherapy Devices Market, By Product (Catheter, Cannula, Pump, and Others), By End User (Hospitals, Clinics, and Homecare Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 17 Bn in 2023, and is expected to exhibit a CAGR of 7.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adoption of growth strategies such as launch of new products, and this is expected to drive the global chemotherapy devices market growth. For instance, in March 2021, Medtronic plc, an Ireland-based medical devices manufacturing company, launched its Chameleon PTA balloon catheter in South Africa.
Global Chemotherapy Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of things from one place to another.
However, the COVID-19 pandemic had negative impact on the global chemotherapy devices market as manufacturing and production activities were slowed down due to disruptions in global supply chains and closure of factories. For instance, in March 2020, according to the data published by National Bureau of Statistics of China, the production index of pharmaceutical products in February 2020 witnessed a decline of over 54% compared to January 2020, in China.
Global Chemotherapy Devices Market: Key Developments
On October 11, 2022, Fresenius Kabi, a pharmaceutical company, announced that it had successfully incorporated Ivenix Infusion System in the large-volume pump that makes it automatic programmable and reduce the error-prone manual steps and variability in the medication administration process
On April 28, 2022, InfuSystem Holdings, Inc., a national healthcare service company, announced that it had assigned an three-year master service agreement with a leading global healthcare technology and diagnostic company. As part of this agreement, InfuSystem Holdings, Inc. will provide its biomedical services to hospitals and other medical facilities under contract, more than 300,000 pumps located in 1,200 medical facilities, including 800 hospital systems in the U.S. and Canada.
On February 28, 2022, American Oncology Network, LLC, a medical oncology device provider, announced that it had signed an agreement with InfuSystem Holdings, Inc., a healthcare service provider of outpatient care for durable medical equipment manufacturers and healthcare providers that provides ambulatory infusion pumps and services. As per the agreement, InfuSystem Holdings, Inc. provides its ambulatory infusion pump service to American Oncology Network, LLC that includes electronic infusion pumps for continuous chemotherapy treatment, a 24/7 clinical hotline, biomedical services, accompanying supplies and revenue cycle management.
On May 20, 2021, Optum Inc., a U.S.-based pharmacy benefit manager and healthcare provider and a part of UnitedHealth Group company, opened three new cancer care and infusion centers to improve cancer care for patients in the Dallas-Fort Worth (DFW) Metroplex, U.S.
Browse 26 Market Data Tables and 27 Figures spread through 178 Pages and in-depth TOC on “Global Chemotherapy Devices Market”- Forecast to 2030, Global Chemotherapy Devices Market, By Product (Catheter, Cannula, Pump, and Others), By End User (Hospitals, Clinics, and Homecare Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/chemotherapy-devices-market-2231
Key Takeaways of the Global Chemotherapy Devices Market :
- Global chemotherapy devices market is expected to exhibit a CAGR of 7.7% during the forecast period, owing to increasing inorganic growth strategies such as agreement by key market players to expand their product portfolio. For instance, in February 2020, LTR Medical, a medical device distribution company, announced distribution agreement with Woo Young Medical, a medical device manufacturing company, to distribute its new generation of elastomeric infusion technologies in the Australia market, and this will help the company to expand its product portfolio.
- Among product, the catheter segment is expected to hold a dominant position in the global chemotherapy devices market during the forecast period due to t increasing inorganic growth strategies such as acquisition by key market to expand their product For instance, in June 2023, Translumina, a leader in interventional cardiovascular medical devices with manufacturing presence in Germany and India, announced the acquisition of Blue Medical Devices, a Netherlands-based medical device company that produces an innovative basket of balloon catheters including drug coated balloons (DCB).
- Among region, North America is expected to be the dominant region in the global chemotherapy devices market due to increasing inorganic growth strategies such as partnership. For instance, on May 4, 2021, Smiths Medical, a medical device manufacturer, announced the partnership with Ivenix, Inc., a biotechnology company. The strategic partnership from Smiths Medical is done to revolutionize the infusion management for the improved patient safety and meet the needs of healthcare providers.
- Major players operating in the global chemotherapy devices market are ICU Medical, Baxter, Becton, Dickinson and Company, B. Braun SE, Halyard Health, Moog Inc., Micrel Medical Devices SA, Smiths Medical, Terumo Corporation, Zyno Medical, Leventon S.A, Nipro Corporation, Suzhou Zede Medical Instruments Co., Ltd., and Polymedicure.
