Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Home Infusion Therapy Market (By Product, Application, Region), Impact of COVID-19, Key Company Profiles, Trends and Recent Developments - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global home infusion therapy market is predicted to reach US$ 53.2 Billion by 2028
Home infusion therapy is a process of subcutaneous or intravenous administration of biologicals or drugs to a person at home. Home infusion therapy offers various benefits such as cost-effective, convenient, offer better outcomes, and have higher safety standards. Various government programs are being implemented to shift patients towards home care and reduce the overall hospitalization and treatment costs.
Additionally, the rise in preference for homecare among patients, particularly for infusion treatment, and the growing developments in infusion healing devices designed for home usage are some of the key factors anticipated to fuel the market growth.
Moreover, the growing geriatric population and increasing prevalence of cancer, Crohn's disease, multiple sclerosis, nutritional and immune deficiencies, dehydration, and nausea & vomiting are major factors driving the market growth.
Many home infusion service providers, such as Option Care Health Inc., are working in collaboration with hospitals to facilitate the shift of patients at home care settings to receive treatment, thus driving market growth.
Impact of COVID-19 on Global Home Infusion Therapy Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases.
The COVID-19 disease has infected over 627 million people worldwide. Globally the death toll has reached 6,562,012 according to the latest statistics from the Worldometers. The number is still growing, and the duration of the pandemic is still difficult to predict.
The COVID-19 pandemic had a positive impact on the home infusion therapy market. Major market players reported a notable growth in their revenues from home infusion therapy business segment as the number of patients receiving care from homecare settings surged amid stay-at-home orders.
For instance, in 2020, Option Care Health, Inc. saw over 30% rise in revenue due to increased demand for home infusion therapy services. Additionally, Arkansas-based Delta Medical Infusion witnessed 50% increase in their patient load for home infusion therapy services as compared to the previous year.
Thus, the COVID-19 pandemic has increased the importance and demand for medical devices especially in a home-based setting as the virus is transmitted through physical contact.
Product - Global Home Infusion Therapy Market and Forecast
Based on product, the home infusion therapy market is segmented into infusion pumps, intravenous sets, IV cannulas, and needleless connectors. In 2021, Infusion pumps dominated the market with over 50% share of the total market. This can be attributed to their increasing use and efficiency in delivering nutrition, medications, and other required fluids into a patient's body in a controlled manner.
Nowadays, smart pumps are widely used as these pumps contain advanced features such as barcode technology, which helps in the verification of a patient's identity and prevents drug administration errors. Needleless connectors is expected to be the fastest-growing segment over the forecast period owing to various benefits, such as less risk of bacterial contamination and higher protection against needlestick injuries.
These connectors offer improved safety, enable smooth surgeries, and help adhere to good clinical practice (GCP), which contributes to the growth of the segment.
Application - Global Home Infusion Therapy Market and Forecast
Based on application, the anti-infective segment held over a quarter of the market in 2021 impelled by the benefits provided by the anti-infective infusion therapy treatment.
This intravenous infusion of antifungal, antiviral, or antibiotic drugs is highly used to treat infections that do not respond to oral therapeutics, thereby significantly driving the industry value. The enteral nutrition segment accounted for second highest share of the total home infusion therapy market in 2021.
The enteral nutrition should be used in patients who cannot meet their nutrient requirements by oral intake, yet have a functional gastrointestinal (GI) tract, and who are able to receive therapy outside of an acute care setting. It is estimated that around 400,000 people of all ages in the US are receiving enteral nutrition at home. Chemotherapy is the fastest growing application for home infusion therapy market.
With the growing incidences of cancer, the demand for pressure pumps is expected to increase in the coming years. Pumps used for chemotherapy at home are compact, continuous pressure pumps that do not require a battery and can hence be used for a longer period of time.
Region - Global Home Infusion Therapy Market and Forecast
North America dominates the home infusion therapy market in 2021 and this trend is expected to continue throughout the forecast period. Europe is projected to gain substantial growth due to the increasing burden of chronic diseases and the expanding geriatric population.
Additionally, growing government initiatives are expected to fuel the growth of the regional home infusion therapy market. Asia Pacific is expected to register the fastest growth over the forecast period. This is attributed to rising patient awareness regarding the benefits of home infusion therapy over in-hospital procedures and the growing prevalence of diabetes in the region.
Global Home Infusion Therapy Market - Recent Developments
In April 2022, CarepathRx, a US-based pharmacy, and medication management solutions, partnered with Mount Sinai Health System, a US-based hospital network. This partnership allows expanding patient access to home infusion therapies across the Mount Sinai Health System, encompassing its eight hospitals and ambulatory footprint.
In May 2021, Smiths Medical and Ivenix, Inc. announced a partnership to deliver a comprehensive range of infusion management solutions to the U.S. market. The goal of this partnership is to enhance infusion administration and patient safety.
In January 2021, Amedisys collaborated with Option Care Health to deliver COVID-19 infusion therapy to the Vulnerable population.
In March 2020, KabaFusion, a leading provider of specialty acute and chronic home infusion therapies, announced that it has acquired the home infusion assets of Lincare, a subsidiary of Linde plc.
Global Home Infusion Therapy Market - Key Company Profiles
B. Braun Melsungen AG
Becton, Dickinson and Company
Baxter International Inc.
Smiths Medical (Now Part of ICU Medical)
Option Care Health
BriovaRx / OptumRx/ Diplomat (UnitedHealth Group)
JMS Co. Ltd.
FlexCare Infusion Centers
This report has been analyzed from 9 View Points:
Global - Home Infusion Therapy Market and Forecast (2015 - 2028)
Impact of COVID-19 on Home Infusion Therapy Market
Global - Home Infusion Therapy Market Share and Forecast (2015 - 2028)
By Product - Global Home Infusion Therapy Market and Forecast (2015 - 2028)
By Application - Global Home Infusion Therapy Market and Forecast (2015 - 2028)
By Region - Global Home Infusion Therapy Market and Forecast (2015 - 2028)
Global Home Infusion Therapy Market - Recent Developments
Global Home Infusion Therapy Market - Growth Drivers & Challenges
Global Home Infusion Therapy Market - Key Company Profiles, Financials, Recent Developments
By Product - Global Home Infusion Therapy Market and Forecast
By Application - Global Home Infusion Therapy Market and Forecast
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