Home Infusion Therapy Industry Overview
The global home infusion therapy market size was valued at USD 33.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. Home infusion therapy refers to the process in which patients receive treatment at home through the administration of drugs or biologicals through catheters and needles. Receiving treatment at home as opposed to hospitals or healthcare facilities is a cost-effective and more convenient option for patients, further driving the need for home infusion therapy.
The Covid-19 pandemic had a positive impact on the home infusion market as the technique of home infusion was the need of the hour as healthcare settings were burdened with increasing covid patients. The regional and country-wide lockdowns had significantly affected operations and supply chains, but the market increased considerably in 2020. According to Medtech Dive, in October 2020, Baxter announced third-quarter sales of USD 2.97 billion, which is a 4% increase, due to the growing demand for its COVID-related medical products. Additionally, Baxter announced operational sales growth of 6% (3.2 billion) in Q3 2021 as compared to 3.0 billion in Q3 2020, reflecting the steady impact of pandemic recovery.
Gather more insights about the market drivers, restraints, and growth of the Global Home Infusion Therapy market
The COVID-19 pandemic led to a spike in the hospitalization of several people and often many were to be placed on ventilators. This occupied space in hospitals as the infected patients are to be placed where they will not contaminate patients and the healthcare professionals affecting them. Due to the increasing need for space and beds in hospitals, companies are focusing to transition patients from the hospital to in-home, creating demand for home infusion therapy. The key factors fueling the growth of the market include the increasing geriatric population with decreased mobility profile, rising preference for home care, and rapid technological advancements. Several conditions such as immune deficiencies, cancer, and congestive heart failure require infusion therapy as these conditions cannot be treated with oral medication. Since these patients require long-term treatment, home infusion therapy is considered a more cost-effective alternative to receiving treatment in hospitals.
In February 2020, the Cancer Care at Home program was launched by the Penn Center for Cancer Care Innovation at the University of Pennsylvania’s Abramson Cancer Center. It aimed to broaden the delivery of oncology treatments to patients in the home setting. From mid-March to late April, the company reported a 700% increase in the number of patients participating in the program. This highlights the bright future that lies ahead for the home infusion market in the years to come.
Browse through Grand View Research's Medical Devices Industry Research Reports.
Intravenous Infusion Pump Market - The global intravenous infusion pump market size was estimated at USD 5.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.
Drug Device Combination Products Market - The global drug device combination products market size was valued at USD 118.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2022 to 2030.
Home Infusion Therapy Market Segmentation
Grand View Research has segmented the global home infusion therapy market on the basis of product, application, and region:
Home Infusion Therapy Product Outlook (Revenue, USD Million, 2017 - 2030)
- Infusion Pumps
- Intravenous Sets
- IV Cannulas
- Needleless Connectors
Home Infusion Therapy Application Outlook (Revenue, USD Million, 2017 - 2030)
- Anti-infective
- Endocrinology
- Hydration Therapy
- Chemotherapy
- Enteral Nutrition
- Parenteral Nutrition
- Specialty Pharmaceuticals
- Others
Home Infusion Therapy Route of Administration Outlook (Revenue, USD Million, 2017 - 2030)
- Intramuscular
- Subcutaneously
- Epidural
Home Infusion Therapy Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
December 2021: Baxter International completed the acquisition of Hillrom. This acquisition will help the company in broadening its geographic footprint and integrating medical device technology that will enhance patient care, lower costs, and increase workflow efficiency.
May 2021: Smiths Medical and Ivenix, Inc. announced a partnership agreement to offer a comprehensive suite of infusion management solutions in the U.S. market. This partnership is expected to evolve infusion management to improve patient safety.
Key Companies profiled:
Some prominent players in the global Home Infusion Therapy market include -
- CVS/Coram
- Option Care Health
- CareFusion Corporation
- BriovaRx/Diplomat (UnitedHealth Optum)
- PharMerica
- Fresenius Kabi
- ICU Medical, Inc.
- B. Braun Melsungen AG
- Baxter
- BD
- Caesarea Medical Electronics
- Smiths Medical
- Terumo Corporation
- JMS Co. Ltd.
Order a free sample PDF of the Home Infusion Therapy Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment