Pune, India, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The global home infusion therapy market size is likely to USD 86.89 billion by the end of 2027 owing to the increasing adoption of home medical services worldwide. In a home infusion therapy setting, a patient receives all medical assistance at home including drugs and biologics via a subcutaneous or an intravenous administrative route. The value of this market was USD 27.25 billion in 2019 and is expected to grow at a CAGR of 2.2% between 2020 and 2027. North America emerged at the top with a revenue of USD 10.53 billion in 2019. The growth of this region is attributable to the development of delivery devices for home medication and its increasing adoption.
KEY INDUSTRY DEVELOPMENTS:
- December 2019 – Optum, Inc. announced the collaboration with Diplomat, a provider of specialty pharmacy and infusion services to enhance the specialty and infusion services for patients with chronic diseases, such as oncology and immunology in U.S.
- August 2019 – Option Care Health Inc. and BioScrip announce the successful completion of their mergers. The aim of the merging war to establishes the standard of care through its clinical leadership and technology-enabled patient-centered model across United States.
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Lockdowns Amid COVID-19 Pandemic to Bode Well for the Market
The increasing prevalence of the geriatric population and their vulnerability towards chronic diseases such as cancer, diabetes, and cardiac issues among others stands as major home infusion therapy market devices.
In addition to this, the increasing cases of hospital-acquired infections are also propelling people to opt for medical services at home. This, coupled with cost-efficient home treatment faster recovery at home than hospitals are likely to bode well for the market.
On the flip side, most of the developing nations lack reimbursement structure and policy for home treatment which ultimately increases the out-of-pocket expenditure. This, coupled with a lack of proper medical assistance and limited sources in a home setting, may cause hindrance to the market.
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North America to Dominate Market on Account of Rising Adoption of Innovative Technologies
Regionally, North America emerged at the top with a revenue of USD 10.53 billion in 2019. The growth of this region is attributable to the development of delivery devices for home medication and its increasing adoption. Besides this, the rising number of patients and rapid adoption of the latest technologies are factors responsible for the dominance of this region.
Besides this, the Asia Pacific market is anticipated to witness rapid growth in the forecast duration on account of the increasing prevalence of diabetes, heart issues, cancer, and other long-lasting diseases in the region.
Handful of Vendors Covering Majority Shares Attributed to Massive Investment on Innovative Devices
The global home infusion therapy market is dominated by a handful of companies thereby depicting a consolidated nature of the market. These include Option Care Health Inc., Optum Inc., Melsungen AG, and Braun. The dominance of these players is accountable for the expansion of geographical footprint, major investments in the development of innovative devices, and infusion pumps.
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Fortune Business Insights™ lists out the names of market manufacturers. They are as follows:
- Optum, Inc.
- Infusystem
- Option Care Health Inc.
- Moog Inc.
- CareCentrix, Inc.
- B. Braun Melsungen AG
- Lincare Holdings Inc.
- Baxter
- Promptcare
- BriovaRx Infusion Services
- Other players
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Global Home Infusion Therapy Market Segmentations:
By Product
• Devices
• Drugs
• Services
By Indication
• Anti-Infectives
• Chemotherapy
• Hydration Therapy
• Enteral Nutrition
• Total Parenteral Nutrition
• Immunoglobulin Therapy
• Others
By Geography
• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
• The Rest of the World
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
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