Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global home infusion therapy market is expected to grow from USD 25.2 billion in 2019 to USD 43.62 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027.
Some important factors drive the growth of the market such as cost-effectiveness, convenience, rising geriatric population with lower mobility profile, increasing preference for home care, rapid technological advancements
Home infusion therapy is a medical procedure that involves the subcutaneous or intravenous administration of drugs or other biologicals to an individual living at home. The components required to perform home infusion therapy are supplies (tubing & catheters, for example), equipment (pump for instance), and the drug (antivirals or immune globulin, for example). Similarly, nursing resources are required to teach and advise the patient and caregivers about the safe administering of in-house infusion medications. Visiting nurses also play a significant role in home infusion. Usually, nurses teach the patient or caregiver to self-administer the drug, inform about side effects and treatment goals, and revisit periodically to determine the site of the infusion and make adjustments in dressing.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the home infusion therapy market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Also, risks associated with the erratic operation of infusion devices combined with a lack of reimbursement policies can impede the growth of the global home infusion therapy market over the forecast timeframe.
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Key players operating in the global home infusion therapy market include B. Braun Melsungen AG, JMS Co. Ltd., Baxter, Smiths Medical, Caesarea Medical Electronics, Fresenius Kabi, Eli Lilly and Company, CareFusion Corporation, Terumo Corporation, and ICU Medical, Inc. among others. To gain a significant market share in the global home infusion therapy market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. B. Braun Melsungen AG and ICU Medical, Inc. are some of the biggest manufacturers and suppliers of home infusion therapy devices in the global market.
- For instance, on April 2020, B. Braun Melsungen reported that it has been authorized by the US Food and Drug Administration (FDA) with an Emergency Use Authorization (EUA) of Braun's Perfusor, Space Syringe Infusion Pump, Space Volumetric Infusion Pump, Infusomat, and Outlook ES Pump systems for use in the delivery of nebulized drugs to treat patients of all ages suspected of having COVID-19 and to minimize the liability of healthcare providers (HCP) to these patients during Coronavirus pandemic.
- In October 2018, Baxter International partnered with the American Society for Parenteral and Enteral Nutrition (ASPEN). The partnership has resulted in the launch of a SmartPN tool, which helps to minimize clinical malnutrition. This has expanded demand in the market and also assisted growth in the industry.
Infusion pumps dominated the market and held the largest market share of 30.6% in the year 2019
The product segment comprises of intravenous sets, IV cannulas, infusion pumps, and needleless connectors. Infusion pumps dominated the market and held the largest market share of 30.6% in the year 2019. This is primarily due to the reason that infusion pumps are hugely preferred for the delivery of medication & nutrients. The availability of a variety of products like a syringe, enteral, peristaltic pumps, and multichannel further boosts the segment growth. The increasing demand for ambulatory pumps & syringes owing to the growing preference for home healthcare is expected to fuel the growth of this segment.
Anti-infective dominated the market and valued at USD 3.7 billion in the year 2019
Based on application, the global market has been segmented into parenteral nutrition, enteral nutrition, chemotherapy, hydration therapy, specialty pharmaceuticals, endocrinology, anti-infective, and others. Anti-infective dominated the market and valued at USD 3.7 billion in the year 2019. The large share of this segment can be attributed to the large number of operations performed for the administration of antibiotic & antifungal drugs. It also reduces the risk of exposure to other hospital-acquired infections.
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Regional Segment Analysis of the Home Infusion Therapy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global home infusion therapy market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 48.7% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of key industry players, advanced healthcare infrastructure, rising R&D activities in the region, increasing adoption of new infusion pump technology, growing need for long-term therapy, the introduction of alternate healthcare settings & home infusion services, enhanced patient mobility, and growing preference of home care settings because of low cost. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like the booming prevalence of chronic diseases, growing patient awareness about the benefits of home infusion therapy as compared to in-hospital procedures and the rising prevalence of diabetes.
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About the report:
The global home infusion therapy market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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