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The implantable ports market is expected to reach USD 951.5 Million by 2027, according to a new report by Reports and Data.
NEW YORK CITY, NY, UNITED STATES, September 22, 2022 /EINPresswire.com / -- The global implantable ports market is expected to reach USD 951.5 Million by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the increasing application of implantable ports.
Cancer has a significant impact on the society in the U.S. and across the globe. It has been estimated that 1,735,350 new cancer cases were diagnosed in the U.S., and 609,640 people suffered death from the disease. The number of new incidences of cancer is 439.2 per 100,000 men and women annually, and the number of cancer-related morbidity is 163.5 per 100,000 men and women annually. Moreover, it has been estimated that in 2017, 15,270 children and adolescents in the age range of 0-19 years were diagnosed with cancer, out of which 1,790 suffered death owing to the disease. In the year 2017, an estimated USD 147.30 billion was spent on cancer care in the U.S. The growing prevalence of cancer would lead to increasing demand for chemotherapy, thereby boosting the market demand.
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The American Cancer Society proposes that in 2020, over 1.8 million individuals are likely to be diagnosed with cancer, of which various patients would require blood transfusion, occasionally on a daily basis. Moreover, every year around 90,000 to 100,000 individuals in the U.S. are affected by sickle cell disease, and nearly 1,000 babies are born with this condition. The patient who has sickle cell disease may require blood transfusions all over their lives. About 36,000 units of red blood cells are necessary on a daily basis in the U.S., and each year approximately 21 million blood components are transfused in the U.S. The increasing demand for blood transfusion is driving the growth of the market.
Further key findings from the report suggest:
By product type, double-lumen implantable ports are estimated to grow at a significant rate of 5.8% in the forecast period. The double lumen implantable port lets simultaneous infusion of chemotherapy, blood products, medication, or parenteral nutrition. Moreover, it is advantageous for drawing blood for laboratory purposes without interrupting the infusion.
By material type, polyurethanes dominated the market in 2018. Polyurethanes are flexible and strong enough to bear bending and rubbing as well as soft enough to offer added comfort to the patient.
By applications, intravenous fluids are anticipated to witness the fastest growth rate in the period 2019-2027.
By end-users, ambulatory surgical centers are expected to grow at the fastest rate of 6.4% in the forecast period.
The market in North America held the largest market share in 2018 and is estimated to grow at a rate of 5.1% in the forecast period. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, and the presence of leading market players in the region.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
B. Braun Melsungen AG, Teleflex Inc., ISOMed, AngioDynamics Inc., C. R. Bard, Smiths Medical, Perouse Medical Inc., Navilyst Medical, Cook Group Inc., and PakuMed Medical Products GmbH, among others.
Implantable Ports Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Single-Lumen Implantable Port
Double-Lumen Implantable Port
Material Type Outlook (Revenue, USD Million; 2016-2027)
Application Outlook (Revenue, USD Million; 2016-2027)
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Implantable Ports market over the forecast period?
What are the major factors driving the growth of the Global Implantable Ports Market?
What are the key challenges impacting the global Implantable Ports market growth?
What are the outcomes of the SWOT Analysis and Porter's Five Forces Analysis conducted in the report?
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