DUBLIN, Dec. 14, 2023 /PRNewswire/ — The “Global Home Infusion Therapy Market: Analysis By Product (Infusion Pumps, Intravenous Sets, IV Cannulas, and Needleless Connectors), By Application, By Route of Administration (Intramuscular, Subcutaneously, and Epidural), By Region Size and Trends and Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global home infusion therapy market in 2022 was valued at US$23.55 billion. The market is expected to be worth US$38.71 billion in 2028. The market is expected to grow at a CAGR of approx. 8.64% during the forecasted period of 2023-2028.
As chronic diseases become increasingly widespread worldwide, necessitating long-term treatment, home infusion therapy emerges as a more effective and efficient option for administration. Therefore, surging prevalence of various chronic diseases is one of the main factors that would drive the demand for home infusion therapies in the forthcoming years.
Collaborations, new product development, investments connected to growing capabilities, mergers and acquisitions, partnerships and agreements, and investments in research and development are just a few of the major strategies used by the players.
Market Dynamics:
Growth Drivers:
The market has been growing over the past few years, due to factors such as surging prevalence of chronic diseases, lifestyle changes along with rapid urbanization, increasing diabetic population and rising inclination of patients towards home based care The prevalence of heart disease, diabetes, arthritis, Alzheimer’s disease and other dementias, and cancer, major drivers of illness, disability, deaths and healthcare costs, all increase with aging.
The poor compliance with treatment, poor tolerance of therapy and the presence of underlying or associated diseases makes the elder age group more vulnerable to chronic diseases. Resultantly, the aging global population contributes to increased chronic diseases, especially in older adults needing long-term care, fueling the demand for home infusion therapies.
Thus, the need for home infusion therapies is growing as the global population ages, which in turn, has augmented the growth of the global home infusion therapy market.
Challenges:
However, some challenges are also impeding the growth of the market such as high risk of failure associated with home infusion medical devices and limited reimbursement for homecare.
Trends:
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as emerging potential in chemotherapy, rising cases of Parkinson’s disease, growing occurrence of hospital-acquired infections (HAIs) and technological advancements.
The immune-negotiated patients receiving infusion therapy at hospitals are at a greater risk, making home care setting the best alternative to receiving safe treatment, augmenting the preference towards home infusion therapy among patients, which is anticipated to be a vital factor driving the overall market’s growth.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a positive impact on the growth of the home infusion therapy market. Since the outbreak of COVID-19, the use of in-home care and home infusions has increased to free up space in hospitals and ensure patient safety. The continuous concerns over the spread of COVID-19 infection have considerably accelerated patient interest in home infusion therapy.
Moreover, to fight against the disease, the immune system of the patients needed to boost. Hence, the administration of required nutrition was provided to the patients through home infusion therapies. After the pandemic, home infusions became the new standard for patients thus, supporting the market development over the forecasted period.
Market Segmentation Analysis:
By Product:
- Infusion Pumps dominated the market, driven by the increasing preference for home-based care, technological advancements, and the rising aging population.
- Other product segments include Intravenous Sets, IV Cannulas, and Needleless Connectors.
By Application:
- The market is segmented into seven application areas, with Anti-infective therapies leading in 2022 due to the growing incidence of infectious diseases and increased R&D activities.
- Endocrinology is projected to be the fastest-growing segment, driven by the rising number of conditions associated with the endocrine system, such as thyroid disorders.
- Other application segments include Enteral Nutrition, Specialty Pharmaceuticals, Hydration Therapy, Chemotherapy, and Others.
By Route of Administration:
- The report identifies three segments based on the route of administration: Intramuscular, Subcutaneously, and Epidural.
- The Intramuscular segment held the largest market share in 2022, driven by the prevalence of chronic diseases, increased demand for biosimilars and vaccination, and advantages of intramuscular drug delivery.
By Region:
- The global market is divided into five regions: North America, Europe, Asia Pacific, South & Central America, and Middle East and Africa.
- North America accounted for the largest share in 2022, attributed to the increasing demand for long-term therapy, a growing burden of chronic diseases, a strong presence of key players, increased R&D activities, and the adoption of new technology in infusion pumps.
- The Asia Pacific region is expected to be the fastest-growing market, driven by increasing healthcare expenditure, growing consumer awareness about home-based therapy, the prevalence of diabetes, and the expansion of the home healthcare sector.
Market Dynamics
Growth Driver
- Escalating Geriatric Population
- Surging Prevalence of Chronic Diseases
- Lifestyle Changes Along With Rapid Urbanization
- Increasing Diabetic Population
- Rising Inclination Towards Home-Based Care
Challenges
- High Risk of Failure Associated With Home Infusion Medical Devices
- Limited Reimbursement for Homecare
Market Trends
- Emerging Potential in Chemotherapy
- Rising Cases of Parkinson’s Diseases
- Technological Advancements
- Growing Occurrence of Hospital-Acquired Infections
- Economical & Clinical Benefits of Home Infusion Therapies
- Expansion of Specialty Medications and Biologics
The key players of the global home infusion therapy market are:
- B. Braun (B. Braun Melsungen AG)
- Becton, Dickinson and Company
- Baxter International, Inc.
- ICU Medical, Inc.
- Fresenius Medical Care AG & Co. KGaA
- Terumo Corporation
- Nipro Corporation
- Pfizer Inc.
- Novartis AG
- CSL Limited
- CareCentrix, Inc.
- Option Care Health Inc.
- The PromptCare Companies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pka9w2
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