The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Home Infusion Therapy Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Home Infusion Therapy market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global home infusion therapy market size was estimated at USD 23.7 billion in 2019 and is anticipated to register a CAGR of 7.3% over the forecast period. 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 key factors driving the growth of the home infusion therapy market include 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 as a more cost-effective alternative to receiving treatment in hospitals.
While administering medication to patients, glutamine, phospholipids, and glucose are also added to the infusion for providing added nutrition, which is another important benefit of infusion therapy. Technological developments in these devices significantly contribute in making home infusion therapy more convenient and user-friendly for patients. For instance, smart pumps are increasingly adopted as these pumps contain advanced features. These pumps help provide an accurate and controlled rate of infusion, which is particularly beneficial for chemotherapy.
On the basis of application, chemotherapy is projected to be the fastest-growing segment over the forecast period. According to the WHO, 18.1 million new cases of cancer were reported globally in 2018. However, owing to a number of effective cancer treatments available, the number of cancer survivors has increased considerably. The total number of people who are alive within five years of cancer diagnosis, is about 43.8 million globally, according to the WHO. The increasing popularity of home-based therapy for cancer owing to the associated benefits such as cost-effectiveness, is anticipated to drive the market growth.
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Home Infusion Therapy market are included as given below:
The global market is highly competitive. Some of the players operating in the market are B. Braun Melsungen AG; Baxter; Caesarea Medical Electronics; CareFusion Corporation; Fresenius Kabi; ICU Medical, Inc.; JMS Co. Ltd.; Smiths Medical; and Terumo Corporation.
One of the key factors driving competitiveness among market players is the rapid adoption of advanced healthcare technology for improved healthcare services. Moreover, in order to retain market share and diversify their product portfolio, major players often adopt strategies such as mergers, acquisitions, and new product launches. For instance, B. Braun launched Easypump, a home infusion therapy app for healthcare professionals as well as patients. This app helps patients to safely administer medication by providing instructions on how to properly manage and use the pump.
The global Home Infusion Therapy market has been segmented as below:
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Estimates Home Infusion Therapy development trends with SWOT analysis