New York, USA, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Patients as well as healthcare providers are finding that treatment offered outside of a hospital, especially in the comfort of a patient’s home, offers numerous advantages. One of the treatments that is no more limited to hospitals is infusion therapy. Infusion therapies usually consist of a medication which is given intravenously. Moreover, it may refer to medications provided via other non-oral routes like intramuscular injections and epidurals near the spinal cord. Several patients now obtain infusion treatment in their own homes or at outpatient infusion suites.
Home infusion therapy can be used for delivering various drugs such as antibiotics for various infections, pain medication, and nutrition. Usually, home infusion patients are trained to use these types of therapies and monitor their medications and health status on their own. Chronic disorders such as some types of cancers, Crohn’s disease, rheumatoid arthritis, multiple sclerosis, congestive heart failure, and immune system disorders can be treated using home infusion therapies. As per many healthcare experts, the prospect and type of treatments delivered using home infusion techniques will endure developments in upcoming years.
Growing Demand for the Home Infusion Therapies
Home infusion therapy helps prevent infections and offers better quality care and higher patient satisfaction at lower costs. As per the Department of Health and Human Services, home infusion is one of the fastest-growing areas of home healthcare; this is mainly because the number of patients likely to require such therapy is growing at an accelerated speed. The American Hospital Association has estimated that almost 133 million Americans, at present, have at the most one chronic disease. Moreover, rising geriatric population with reduced mobility profile, growing preference for home-based medical care, and speedy technological developments are boosting the demand for home infusion therapies.
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Recent Trends in the Home Infusion Therapy Market
The global market for home infusion therapy is highly competitive. The major factors driving competitiveness among market players is the rapid adoption of innovative healthcare technologies for better-quality healthcare services. Besides, for retaining the market share and diversifying their product portfolio, leading players are adopting strategies such as mergers, acquisitions, and new product launches. For instance, in April 2017, B. Braun, a German medical and pharmaceutical device company, has developed “Easypump”, a home infusion therapy app for medical professionals and patients. This app supports patients to safely administer medicine by offering guidelines on how to effectively handle and use the pump.
Furthermore, promising government plans and guidelines are boosting the adoption of home infusion therapies. Several government and non-government bodies are initiating programs to develop awareness among people about home infusion therapy. For instance, in October 2019, the Centers for Medicare & Medicaid Services passed a law declaring that all home infusion therapy expenses will get covered under the Bipartisan Budget Act of 2018.
Response of Market Player to the COVID-19 Pandemic
With the abrupt rise of the COVID-19 pandemic, the demand for home infusion therapies has drastically increased. Research Dive analysts have revealed in a recent report on the Global Market for Home Infusion Therapy that the market is expected to experience exponential growth by growing at a CAGR of 11.7% CAGR during the pandemic.
Many patients worldwide are opting to obtain medical treatments staying at home rather than visiting any hospital or healthcare center. Patients needing prolonged and continuous treatments are afraid to step out of their homes during the pandemic due to their weak immunity. Market players have grabbed this crisis as an opportunity and are taking steps to offer extended home infusion treatment options during the pandemic. For instance, in April 2020, B. Braun’s infusion pump called “Infusomat® Space Volumetric Infusion Pump System” has received approval from the Food and Drug Administration (FDA) for emergency use, for treating COVID-19 patients.
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Future Prospective of the Home Infusion Therapy Sector
According to the National Home Infusion Association (NHIA), currently, there are around 1500 U.S. pharmacies that offer infusion therapies. This is a clear sign that the industry has experienced rapid growth in the last decade. Connie Sullivan, RPh, the NHIA president and chief executive officer have stated that the market for home infusion therapy will witness continuous growth in the near future.
Home infusion therapy services are helping to make the healthcare system work better. As more infusion therapy options become accessible, home infusion therapy solutions will turn out to be an even more vital segment of the healthcare sector.
Top 10 Companies in Home Infusion Therapy Industry:
- Eli Lilly and Company
- Cosmed
- Baxter International, Inc.
- Smiths Medical.
- JMS Co., Ltd.
- ICU Medical Inc.
- Becton, Dickinson and Company (BD)
- Terumo Corporation
- Fresenius Kabi
- B Braun Melsungen AG