Outpatient Oncology Infusion Market size is set to surpass USD 162.4 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising prevalence of cancer along with the growing demand for outpatient infusion therapy for cancer treatment will drive the market progress. Increasing government funding for cancer research and the surging number of outpatient centers in developing economies will foster the market growth.
Favorable government initiatives implemented in several countries to ensure better care for patients will propel the market expansion
Numerous efforts undertaken by government to create awareness regarding cancer to reduce disease burden will accelerate the outpatient oncology infusion market share. In February 2022, the government relaunched the Cancer Moonshot, highlighting new goals such as reducing cancer death rates by at least 50% over the next 25 years and improving the experience of people and their families living with and surviving cancer. Such initiatives to maximize disease awareness will spur the market progression.
The goal of this campaign was to raise awareness about the five main forms of gynecologic cancer ovarian, cervical, vaginal, vulvar, and uterine cancers. Also, the Centers for Disease Control and Prevention (CDC) is educating health care providers and women about the symptoms of specific gynecologic cancers, risk factors, screening tests, and prevention strategies. Hence, above-mentioned aspects will prove beneficial for the industry growth.
Higher usage of needleless connectors in a wide range of outpatient oncology infusion treatments will propel the market revenue
The needleless connectors segment held around 29.6% outpatient oncology infusion market share in 2021 and is anticipated to resister a significant CAGR through 2030. This is pertaining to recent technological advances that have provided multiple mechanisms to allow needleless connectors to be used for a variety of purposes. Also, needleless connectors are crucial devices that attach to the ends of vascular catheters and allow access to the catheter for infusion. In addition, high disposable income in developed countries such as the U.S. makes it easier for patients to spend on expensive treatments and buy expensive medicines.
Needleless connectors reduce the risk of serious complications and improve patient compliance. They are commonly used during the infusion procedure, among other things, to connect IV catheters, dosing sets, and syringes. Thus, technological developments and several benefits offered by needleless connectors in outpatient oncology infusion therapy are expected to drive the market landscape.
Browse key industry insights spread across 140 pages with 115 market data tables & 14 figures & charts from the report, “Outpatient Oncology Infusion Market Size By Product (Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors), By Application (Lung Cancer, Liver Cancer, Breast Cancer, Prostate Cancer), By Therapy (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy), By 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:
Rising number of breast cancer cases will surge the industry demand
Breast cancer segment exceeded USD 12.9 billion in 2021. Factors such as increasing prevalence of breast cancer along with high mortality rates is likely to have a significant impact on the overall market as it is the is the most common type of cancer. Furthermore, growing government initiatives and programs in the U.S. such as the cancer genomics program and others, develop best practices in surveillance, policy, and establishes an evidence base for the use of cancer genomics in public health practice. Therefore, numerous such programs will boost the outpatient oncology infusion market forecast.
Increasing use of monoclonal antibodies will augment the business revenue
The immunotherapy segment surpassed USD 21 billion in 2021 owing to increase in the use of monoclonal antibodies for cancer immunotherapy since they have various properties that allow the immune system to be controlled and thus activate or inhibit the molecules targeted by the immune system. Monoclonal antibodies can also trigger an anticancer immune response. Moreover, immunotherapy improves the immune system's ability to fight cancer. This therapy provides long-term cancer protection, has fewer side effects, and treat a wide range of cancer.
Intramuscular (IM) mode will increase the outpatient oncology infusion market growth
The intramuscular (IM) segment is projected to witness 11.8% CAGR from 2022 to 2030. The intramuscular method is used to administer the majority of vaccinations. Such a method of administration lowers adverse effects at the injection site. Intramuscular injections are useful because they deliver drugs deep into muscle tissue, resulting in rapid absorption into the bloodstream.
Growing prevalence of chronic ailments in Europe will augment the business statistics
Europe outpatient oncology infusion market is expected to grow at 10.9% CAGR during the forecast period impelled by the growing prevalence of chronic disease, rising spending on R&D activities, and higher adoption of innovative technologies in infusion devices. Furthermore, presence of a large number of key market players in this region is enhancing the industry revenue. Additionally, growing awareness pertaining to the advantages of outpatient oncology infusion therapy is predicted to create business opportunities in the European market.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the prominent market players operating in the outpatient oncology infusion industry 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 players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain the competition and strengthen its value.
For instance, in December 2021, B. Braun Medical launched the next generation OnGuard 2 CSTD. This device prevents the release of chemotherapy drug vapors and aerosols under extreme conditions. Such a product launch helped the company to enhance its product portfolio and its market position.