Home Infusion Therapy Market size to exceed $43.7 Bn by 2026
Published Date: May 18, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Home Infusion Therapy Market size is poised to surpass USD 43.7 billion by 2026; according to a new research report by Global Market Insights, Inc.
Increasing prevalence of chronic disease such as cancer and diabetes will have positive impact on the home infusion therapy market growth. For instance, approximately 133 million Americans (45% of population) suffer from at least one chronic disease, requiring continuous administration of fluids and special care to maintain health. Such large patient pool will enhance the market demand in the future. Furthermore, rising geriatric population base in develop and underdeveloped countries are prone to several diseases owing to sedentary lifestyle that may contribute significant market growth.
Growing incidence of hospital-acquired infection is a high impact rendering factor for the market. Increase in healthcare spending associated with the growing infections is anticipated to change the patient prefer to homecare settings over the conventional settings. Thus, the above reasons will increase the demand for home infusion therapy market. Rise in several government awareness programs will increase the demand regarding home infusion therapy thereby, supporting the industry growth. For instance, in 2019, as per the Center for Medicare and Medicaid Services (CMS), stated that all home infusion therapy expenses will be covered under the Bipartisan Budget Act of 2018, thereby propelling the market growth.
Advantages of IV sets will upsurge the segmental growth
Intravenous sets segment held a significant market share and is anticipated to expand at a CAGR of 11.4% during the forecast timeframe. The segmental growth is attributed to prolong action and controlled rate of administration. These sets reduce the risk of needle injuries as they are needle free. Intravenous sets allow administration of medicines that are nonabsorbable through other routes of administration. Thus, aforementioned factors offer wide range of advantages thereby, the market is expected to show a significant growth during the coming years. Moreover, major industry players are launching advanced devices that will further enhance the growth of home infusion therapy market.
Browse key industry insights spread across 130 pages with 122 market data tables & 14 figures & charts from the report, “Home Infusion Therapy Market Size By Product (Infusion Pump, Intravenous Sets, IV Cannulas, Needleless Connectors), By Application (Anti-infective, Hydration Therapy, Chemotherapy, Enteral Nutrition, Parenteral Nutrition, Specialty Pharmaceuticals), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
Advanced technologies for safer practice will show lucrative market growth
Hydration therapy segment accounted for a significant market share in 2019 and is expected to show over a CAGR of 11.9% during the timeframe. The benefits of hydration therapy such as fluid volume replacement, deliver medication and addition of electrolyte will increase the adoption of home infusion therapy. Also, these benefits will eliminate redundant hospitalization, emergency visits and outpatient visits, thus, boosting the demand for home infusion therapy. Moreover, usage of advanced technologies related to home infusion therapy will contribute to safer practice, thereby augmenting the market growth.
Home-based infusion therapies in the European region is expected to increase the regional growth
Europe home infusion therapy market held a significant revenue share in 2019 and is anticipated to surpass USD 13.4 billion by 2026. The regional growth of home infusion therapy is attributable to the market driving factors such as increasing prevalence of hospital-acquired infections and rising home healthcare facilities in this region. For instance, as per the European Center for Disease Prevention and Control, in 2017, approximately 4.5 million population were suffering from nosocomial infections in EU/EEA. Thus, adoption of home infusion therapy over hospitalization will drive the market growth. Additionally, rise in technologically advanced products and increasing awareness regarding home-based infusion therapies is expected to contribute significant market growth in the upcoming years.
Market players are focusing on various strategies to sustain market position
Prominent players in the global home infusion therapy market share are B. Braun Melsungen, Baxter, Fresenius Kabi, Becton, Dickinson & company, Smiths Medical, Eli Lilly & company, Terumo Corporation and ICU Medical, among others. The market players are focusing on business strategies such as merger & acquisition, partnership, and collaboration to sustain competitive advantages and market growth. For instance, in 2019. Baxter Internationals Inc. acquired Cheetah Medical, a leading provider of non-invasive hemodynamic monitoring technology. This strategic move helped the company in generating more revenue thereby, fostering the industry growth.