Pune, India, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The global home infusion therapy market size is projected to reach USD 54.82 billion by 2028 and exhibit a CAGR of 6.8% during the forecast period. The growing demand for personalized intravenous drug infusion therapy is expected to be the key growth driver for the market. Fortune Business InsightsTM has presented this information in its report titled “Home Infusion Therapy Market, 2021-2028”. The market size stood at USD 41.36 billion in 2020 and is anticipated to reach USD 34.54 billion in 2021.
The market’s growth is also ascribable to the expanding geriatric population and the growing chronic disease prevalence. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, which is approximately 133 million.
Industry Developments-
- January 2021: CVS Health and the Cancer Treatments Centers of America (CTCA) collaborated to augment the access to chemotherapy at home for qualified patients. The therapy requires trained professionals and the Coram infusion model in chemotherapy.
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COVID-19 Impact-
The global pandemic has devastated the global economic structure and stagnate the growth of numerous markets. The pandemic resulted in postponed or delayed elective procedures, which has negatively impacted the market's growth. However, the demand for home-based care has increased during the pandemic, boosting the demand for home infusion therapy. Furthermore, the telehealth sector has witnessed swift growth during the pandemic, positively stimulating the market’s growth. The market is likely to expand astronomically in the forthcoming years.
Drivers & Restraints-
Rising Chronic Disease Prevalence to Amplify Market Growth
In recent years, chronic diseases including cancer, congestive heart failure, chronic immune deficiencies, diabetes, and others have increased manifold. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, approximately 133 million. Hence, the increasing chronic disease prevalence is anticipated to bolster the global home infusion therapy market growth. Moreover, the expanding geriatric population is likely to complement the market’s growth.
The growing hospital-acquired infections prevalence is boosting the market’s growth. The Center for Disease Control estimates approximately 1.7 million patients get infected with hospital-acquired infections annually. This boosts the demand for personalized intravenous drug infusion therapy, which is anticipated to be a vital factor driving the market’s growth.
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Segmentation-
On the basis of product, the market is trifurcated into services, drugs, and devices. On the basis of indication, the market is fragmented into immunoglobulins, total parenteral nutrition, hydration therapy, chemotherapy, anti-infective, and others. Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
Report Coverage-
- It incorporates SWOT Analysis.
- It showcases the COVID-19 pandemic impact on the market.
- It highlights the latest technological advancements and key trends of the market.
- It assimilates the challenges and restraints to growth and advises strategies to
- overcome those challenges.
- It describes the consumption rates and patterns associated with the market.
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Regional Insights-
Presence of Key Players to Boost Growth in North America Significantly
North America is predicted to attain the largest global home infusion therapy market share. Key players present in the region are likely to stimulate the market growth significantly. The swift adoption of home infusion therapy is likely to boost the growth of the market. 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 market.
Asia Pacific is expected to experience significant growth in the global market. The growing consumer awareness regarding the therapy for the treatment of various chronic diseases is anticipated to amplify the regional market growth. Additionally, the increasing adoption of ingenious technologies is expected to augment market growth.
The rest of the World is expected to gain considerable growth in the coming years. The growing inclination towards home-based medical care and the rising consumer awareness is anticipated to aid the market’s growth.
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Competitive Landscape-
Key Players Collaborate to Enhance their Market Reach
The market is fairly consolidated and comprises Baxter, Option Care Health Inc., Optum inc., and others as the top market players. They emphasize the development of innovative infusion pumps. They focus on the expansion of their geographical footprints domestically and internationally. To enhance their market reach, the key players adopt ingenious growth strategies such as new product launches, patents, technological developments, mergers, acquisitions, and others. For instance, Option Care Enterprise Inc. collaborated with BioScrip Inc. to establish a new firm, Option Care Health Inc., in August 2019. It became the largest independent, alternate site and home infusion service provider in the U.S.
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List of Key Players in the Global Market:
- Option Care Health Inc. (Illinois, U.S.)
- Optum, Inc. (Eden Prairie, U.S.)
- CareCentrix Inc. (Hartford, U.S.)
- CVS Health (Woonsocket, Rhode Island, U.S.)
- KabaFusion (Cerritos, U.S.)
- PromptCare (New Jersey, U.S.)
- Baxter International Inc. (Deerfield, U.S.)
- Infusystem (Michigan, U.S.)
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