Home Infusion Therapy Market - Growth, Trends And Forecast (2020 - 2025)
The global home infusion therapy market was anticipated to grow with a CAGR of nearly 7.1% during the forecast period. This growth can be attributed to improved patient outcome, cost-efficiency, and patient convenience provided by home infusion therapy. Growing number of baby boomers suffering from decreased mobility profile such as osteoarthritis, diabetes will boost the demand for home infusion therapy. According to the Department of Economic and Social Affairs, more than 250 million older people experience moderate to severe disability. Moreover, rising preference for home care is expected to have a positive impact on the demand for home infusion products and services.
Rising need to reduce the duration of inpatient stays is anticipated to fuel market development. According to the American Hospital Association, around 36,353,946 hospital admissions were there in all the US hospitals during the year 2018. This has encouraged the development of strategies for the administration of infusion therapy in at home or alternate healthcare settings which will is also likely to contribute to the market growth.
Furthermore, extensive application in delivering fluids containing medications and nutrients controlled dosages is expected to propel the market growth. The advent in technology such as CADD-Solis Ambulatory Infusion Pump by Smiths Medical, catering to the requirements of home care like portable and user-friendly pumps, is also anticipated to fuel market development.
However, lack of reimbursement in developing economies coupled with various risks associated with the irregular functioning of infusion devices and probable chances of incorrect dose administration may hamper business growth in the future.
Key Market Trends
Infusion Pumps Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period
- Infusion pumps by product segment is expected to dominate of the global home infusion therapy market through the forecast period. Infusion pumps are used to deliver the fluids, such as medications and nutrients. With the advent of home healthcare, the demand for syringe and insulin pumps is on the rise, which will also support the segment expansion.
- Needleless connectors is expected to expand at a robust CAGR during the forecast period. These devices enable smooth surgeries, offer improved safety and help in adhering to good clinical practices. The afforementioned factors driving the demand for the product.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading owing to the presence of major market players. Furthermore, factors such as increasing prevalence of chronic diseases, treatment cost, technological advancements, and product launches are expected to drive the regional growth. Shifting the preference from acute care to home care settings due to low cost and enhanced patient mobility will boost the growth further. Moreover, improvements in its healthcare sector and the implementation of advanced medical products are augmenting the regional product demand.
Asia Pacific is projected to be a lucrative region for home infusion therapy. Increasing healthcare funding and government initiatives to promote the chronic disease awareness are the major factors aiding regional growth. China led the region in 2018 owing to its economic growth and presence of a large number of baby boomers. Furthermore, adoption of new technology in developing economies is also anticipated to boost the growth in near future.
The market for home infusion therapy is highly competitive and consists of the global as well as local players. Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share. Some of the companies which are currently present in the market are B. Braun Melsungen AG, BD, Eli Lilly and Company, Fresenius Kabi India Pvt. Ltd., ICU Medical, Inc. and Smiths Medical. For instance, In April 2017, B. Braun announced launch of Easypump Infusion Pump System for patients and healthcare professionals that ensured safe and effective administration of medication.
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