Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The US home infusion therapy market size amounted to USD 16.21 billion in 2020. The market value is slated to rise from USD 13.05 billion in 2021 to USD 21.65 billion in 2028 at a CAGR of 7.5% during the forecast period. Rise in home healthcare and expansion of home infusion therapy services in the US are expected to drive growth. High percentage of geriatric individuals in the country will further fuel the home healthcare trend in the forthcoming years. Fortune Business Insights presents this information in its report titled "US Home Infusion Therapy Market, 2021-2028."
Home infusion therapy refers to the intravenous administration of biologicals or drugs to a patient at home. Its adoption has surged significantly in recent years due to increase in healthcare provided outside of hospital settings.
Notable Industry Development:
July 2021 – Baxter International Inc. and Micrel Medical signed an agreement to distribute the Micrel Mini Rythmic PN+ infusion pump.
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Drivers & Restraints:
Increasing Incidence of HAIs to Augment Market Growth
As healthcare evolved, delivery of patient care outside of healthcare settings increased considerably in developed countries such as the US An aging population in the country is a major driver of this trend. Healthcare systems across the country are increasingly shifting patient care to homecare settings to reduce strain in terms of cost and resources. Various initiatives have been implemented by public health agencies in the US to create awareness about homecare. A variety of reimbursement policies for medical devices, drugs, and services for home healthcare delivery will augment the US home infusion therapy market growth.
Demand for such products will also increase, owing to lower risk of HAIs. Currently, HAIs affect more than 1.7 million individuals in the US annually. Such cases cost around USD 28 billion to the country in direct medical costs and about USD 12 billion in indirect costs. The aforementioned factors will provide significant momentum to the market growth.
However, certain safety concerns associated with home infusion therapy could hamper the market growth to some extent.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/u-s-home-infusion-therapy-market-106327
COVID-19 Impact:
Proliferation of Home Healthcare amid Pandemic to Accelerate Market Growth
The US home infusion therapy market share experienced an upward growth trend amid the COVID-19 pandemic. Major market players reported a notable uptick in their revenues from home infusion therapy devices, drugs, and services 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 a 30.1% rise in revenue due to increased demand for such services.
Several new regulations were introduced to offer easy access to these services during the pandemic. In October 2020, for example, the US Centers for Medicare & Medicaid Services (CMS) proposed a regulation to expand coverage for home infusion DME (Durable Medical Equipment), including external infusion pumps, in order to improve access to home infusion drugs.
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Market Segments:
Product, Indication, and Region are studied for the Market
On the basis of product, the market is trifurcated into drugs, devices, and services.
By indication, it is segmented into anti-infective, enteral nutrition, hydration therapy, total parenteral nutrition, chemotherapy, immunoglobulins, and others.
List of Key Players Profiled in the Market Report:
- Option Care Health Inc. (Illinois, US)
- Optum, Inc. (Eden Prairie, US)
- CareCentrix, Inc. (Hartford, US)
- CVS Health (Woonsocket, Rhode Island, US)
- KabaFusion (Cerritos, US)
- PromptCare (New Jersey, US)
- Baxter International Inc. (Deerfield, US)
- Infusystem (Michigan, US)
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Disease Conditions, 2020
- New Product Launches, Key Players
- Technological Advancements in Devices for Home Infusion Therapy
- Key Industry Development such as Mergers, Acquisition, and Partnerships
- Impact of Covid-19 on the Market
- US Home Infusion Therapy Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Devices
- Drugs
- Services
- Market Analysis, Insights and Forecast – By Indication
- Anti-Infective
- Chemotherapy
- Hydration Therapy
- Enteral Nutrition
- Total Parenteral Nutrition
- Immunoglobulin Therapy
- Others
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