Global Compounding Chemotherapy Market is Expected to Gain Astonishing Growth over the Forecast Period: A Report by Absolute Markets Insights

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PUNE, India, March 15, 2022 /PRNewswire/ -- Since the outbreak of COVID-19 in December 2019, the disease has spread to nearly 100 countries, forcing the World Health Organization to designate it as a public health emergency. When compared to the normal population, some cancer patients have a higher risk of infection due to their immunosuppressed condition. Immunosuppression may also expose cancer patients to major consequences from infections, resulting in treatment delays and unnecessary hospitalizations that may have a poor impact on disease prognosis in the early stages. Efforts to prevent the spread of COVID-19 included steps to reduce in-person visits between patients and physicians around the world. Among these, there was an increase in the use of telemedicine, which, according to some studies, can be just as beneficial as in-person meetings. Major market players are also applying innovative approaches in the current pandemic and boosting cancer-related research and treatment, which is contributing for the upsurge in the global compounding chemotherapy market.

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Cancer, bone marrow diseases, immune problems, and other conditions that require chemotherapy treatment are becoming more common in the recent years. A growth in population and an increase in the incidences of such diseases is propelling the demand for compounding chemotherapy market. Cancer is the largest cause of mortality worldwide, accounting for approximately 10 million deaths in 2020, or nearly one in every six deaths, according to the World Health Organization. In 2020, the leading causes of cancer death were lung (1.80 million deaths), colon and rectum (916 000 deaths), liver (830 000 deaths), stomach (769 000 deaths), and breast (769 000 deaths) (685 000 deaths). Compounding requires expertise, which can only be provided by the best professionals. However, as technology advances, automated compounding devices are bringing about a shift in the market. Compounded drugs are prescription-based customized doses in which different chemicals are combined in the exact strength and dosage form required by a particular patient. ARxIUM provides unrivaled technology and expertise to pharmacies of all sizes and types, with the main goal of improving safety, productivity, and efficiency. ARxIUM's RIVA utilizes the same highly accurate gravimetric readings for all drugs. Furthermore, the airflow within RIVA for the preparation of chemotherapeutic medications is negatively pressured and ventilated externally via HEPA filters. These techniques protect pharmacy personnel from the acute and long-term hazards associated with dangerous chemotherapeutic medications.

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Key Findings of Global Compounding Chemotherapy Market:

• In terms of revenue, global compounding chemotherapy market was valued at US$ 523.87 Mn in 2021 growing at a CAGR of 6.12% over the forecast period (2022 – 2030).
• The gravimetric segment accounted for the the highest market share in 2021 and is predicted to be the fastest emerging segment during the forecast period owing to the continuous adoption of new techniques in the compounding chemotherapy market and rising demand from the end-users. Gravimetric is a new technique for oncology that uses computer-aided technology, with software coupled with electronic balances in the isolators. This procedure is used to ensure that proper amount of drugs and diluent are added to the preparation.
• Chemotherapeutic dosage type accounts for the largest share of the compounding chemotherapy market in 2021. The increased efficacy of chemotherapy medicines is driving the market growth. Most chemotherapies are potent medications with a very restricted dose range for safety and effectiveness. Taking too little of a medicine will not effectively treat cancer, while taking too much may result in life-threatening side effects. As a result, physicians must carefully calculate chemo doses. The overall dose may be dependent on a person's body weight and body surface, and also the dosage of chemo differs for children and adults.
• Hospitals and clinics segment recorded the highest share of the market in 2021. The significant revenue of this segment is due to factors such as the availability of all treatment facilities in hospitals and clinics, as well as the advantageous reimbursement scenario in most developed economies.
• Asia Pacific region is expected to witness the highest growth rate during the forecast years in the global compounding chemotherapy market. The region's growth is attributed to the increasing population, increasing adoption of advanced technologies, and supportive government regulations in major economies such as China, India, and Japan. Furthermore, increasing cases of cancer in the developing economies in this region are expected to contribute to the growth of the compounding chemotherapy market.

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Global Compounding Chemotherapy Market Research Scope:

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Absolute Markets Insights has segmented the global compounding chemotherapy market based on offering, dosage, type, technology, end-users, and region.

Global Compounding Chemotherapy Market Offering Outlook (Revenue, USD Million, 2015 - 2030)

• Products
• Services

Global Compounding Chemotherapy Market Dosage Outlook (Revenue, USD Million, 2015 - 2030)

• Chemotherapeutic
• Non-Chemotherapeutics

Global Compounding Chemotherapy Market Type Outlook (Revenue, USD Million, 2015 - 2030)

• Gravimetric
• Volumetric

Global Compounding Chemotherapy Market Technology Outlook (Revenue, USD Million, 2015 - 2030)

• With Robotic Arms
• Without Robotic Arms

Global Compounding Chemotherapy Market End-Users Outlook (Revenue, USD Million, 2015 - 2030)

• Hospitals and Clinics
• Cancer Treatment Centers
• Others

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Global Compounding Chemotherapy Market Regional Outlook (Revenue, USD Million, 2015 - 2030)

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behaviour, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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