Outpatient Oncology Infusion Industry is anticipated to register 11% CAGR between 2022 and 2030 due to rising prevalence of cancer across the globe coupled with increasing government funding for cancer research.
Selbyville, Delaware, May 23, 2022 (GLOBE NEWSWIRE) --
The outpatient oncology infusion market value is projected to reach USD 162.4 billion by 2030, according to a new research report by Global Market Insights Inc. The market is acquiring significant importance due to increasing technological advancements in infusion pumps. Additionally, the growing demand for outpatient infusion therapy for cancer treatment is anticipated to boost the market expansion.
Rise in advanced technology has allowed infusion pumps to exhibit electronic health record integration such as built-in infusion and drug library of list of drugs stored in smart pump’s memory. Such advancement helps to prevent medication errors. Further, this advancement has enabled infusion system to connect to the electronic medical record by interoperability software. This provides the ability to communicate and share data accurately, effectively, and securely with different devices.
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Some of the other factors that contribute to the market growth include expansion of minimally invasive and non-invasive procedures to improve patient care. Thus, advancement of technology has positively influenced the demand for infusion pumps. Also, several companies are involved in merger and acquisition to develop advanced infusion pumps. For instance, in April 2021, Becton, Dickinson and Company submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for the BD Alaris system, the most widely used infusion pump in acute care hospitals across the U.S. This strategy enhanced company product portfolio.
Some major findings of the outpatient oncology infusion market report include:
Surging prevalence of cancer is anticipated to spur the market landscape.
Rising introduction of advanced cancer therapy in developed economies will positively impact the industry growth.
Increasing government funding for cancer research studies will further drive the business expansion.
High costs of cancer therapies and safety concern associated with the cancer therapy will negatively affect the business development.
The COVID-19 impact on the market is observed to be moderate. During initial days of COVID-19 pandemic, treatment pathways were altered including outpatient care to minimize the exposer of cancer patient to COVID-19 infection.
Browse key industry insights spread across 140 pages with 115 market data tables & 14 figures & charts from the report, “Outpatient Oncology Infusion Market Analysis By Product (Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors), Application (Lung Cancer, Liver Cancer, Breast Cancer, Prostate Cancer), Therapy (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy), Mode (Intramuscular (IM), Intravenous (IV), Subcutaneous), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Outpatient oncology infusion market from intravenous sets segment accounted for 12.9% revenue share in 2021 and is set to register a significant CAGR through 2030. Intravenous sets are a flexible tube that helps in smooth medication. These sets are mostly used to deliver photosensitive fluids to oncology patients and protect from light during distribution. Also, it delivers light-sensitive APIs and pharmaceutical products. Such benefits associated with this product will accelerate the industry trends.
Prostate cancer segment exceeded USD 7.3 billion in 2021. This is owing to growing awareness among individuals regarding the prostate cancer therapy along with rising prevalence of prostate cancer. Moreover, increasing adoption of innovative infusion pump in cancer diagnosis coupled with development of targeted and immunotherapies therapies for the treatment of prostate cancer is projected to drive the business landscape.
Outpatient oncology infusion market from targeted therapy segment accounted for around 39.6% business share in 2021 and projected to record a lucrative CAGR in the coming years. Targeted therapies are utilized to specifically target cancer cells while causing no harm to the body's normal cells. It is frequently combined with additional treatments like regular or traditional chemotherapy, radiation therapy, or staging operations. The targeted treatments aid in the treatment of cancer including multiple myeloma, prostate cancer, melanoma, lymphoma, and breast cancer. This is done by interfering with specific protein types that aid tumor development and circulation. The rate of cancer development in the body can be considerably lowered using this method.
Asia Pacific outpatient oncology infusion market exceeded USD 11.4 billion in 2021. This is primarily due to the improving outpatient healthcare facilities coupled with rising geriatric population. Such factors encourage the market players to develop innovative infusion devices to increase their quality of life. Additionally, several government initiatives are creating opportunities for market players to introduce novel infusion devices. Hence, such favorable factors are anticipated to upsurge the need for outpatient oncology infusion therapy to maintain the good health of patients, thereby fueling the regional market progression.
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Some of the prominent business players operating in outpatient oncology infusion market include B. Braun Melsungen AG, Baxter, Becton, Dickinson, and Company, Fresenius Kabi, ICU Medical, Inc., IRadimed Corporation, Nipro Corporation, Terumo Corporation, Smiths Medical, Medtronic PLC, Roche Diagnostics, and Teleflex, Inc. These market players are focusing on partnerships, mergers and acquisitions that help the company expand its business globally.
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