Home Infusion Therapy Market to Surpass US$ 3,108.1 Million by 2027, At a CAGR of 6.5% | Coherent Market Insights

SEATTLE, May 05, 2021, (PHARMIWEB) —

Overview:

Home infusion therapy involves the subcutaneous or intravenous administration of biologicals or drugs to an individual at home. Infusion therapy is used when the patient’s condition is very critical and it cannot be cured with normal medication. Home infusion is convenient for those who require the infusion multiple times in one day or long-term care. Dehydration, cancer and cancer-related pain, gastrointestinal disorders, Crohn’s disease, congestive heart failure, immune deficiencies, hemophilia, rheumatoid arthritis, and multiple sclerosis are some of the diseases that need infusion therapies.

Drivers:

Increasing prevalence of chronic diseases, such as diabetes, cancer, and heart diseases, is expected to propel the global home infusion therapy market growth over the forecast period. For instance, in May 2017, cardiovascular disease is the number 1 cause of death worldwide, according to the World Health Organization (WHO). An estimated 17.9 million people died from cardiovascular diseases in 2016, which represents 31% of all global deaths.

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Government and non-government initiatives to spread the awareness among people regarding the home fusion theory are expected to augment the growth of the global home infusion therapy market. For instance, in October 2019, the Centres for Medicare & Medicaid Services issued a rule stating that all home infusion therapy payments will be covered under the Bipartisan Budget Act of 2018.

Covid-19 Impact:

The World Health Organization (WHO) declared the COVID-19 outbreak as a public health emergency in December 2019. For instance, According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 59.2 million infected individuals worldwide as of November 24th 2020.

The pandemic has affected the economy in three major ways, such as by creating disruptions in distribution channels, by directly affecting production and demand, and through its financial impact on financial markets and firms. Many countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, are facing problems regarding the transportation of drugs from one place to another due to nationwide lockout.

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Restraint:

The high cost of automatic and smart infusion pumps and the increasing incidence of pump failure are expected to hamper the growth of the global home infusion therapy market.

Segmentation:

By Product Type:

• Infusion pumps
• Intravenous sets
• IV Cannulas
• Needleless connectors

By Application:

• Chemotherapy
• Diabetes
• Hydration Therapy
• Pain Management
• Post-transplant Therapies
• Parenteral Nutrition Therapy

By Region:

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

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Regional Analysis:

North America and Europe are expected to witness substantial growth in the global home infusion therapy market due to increasing prevalence of chronic diseases in these regions. For instance, according to the Cancer Research UK, around 17 million new cancer cases were diagnosed in 2018 and around 9.6 million deaths occurred due to cancer in 2018.

Competitive Section:

Key players active in the global home infusion therapy market are Becton, Dickinson and Company, B. Braun Melsungen AG, Nipro Corporation, ICU Medical, Inc., Baxter International Inc., Terumo Corporation, Smiths Medical, Fresenius Kabi AG, Eli Lilly and Company, JMS Co.Ltd., Optum Inc.,  and NewIV Medical, Inc.

In December 2019, Optum Inc. teamed up with Diplomat to enhance the infusion services for patients with chronic diseases such as oncology and immunology.