Home Infusion Therapy Market Overview
In the coming years, the global home infusion therapy market size is expected to grow substantially, primarily because of the increasing adoption of home infusion therapy and rising prevalence of chronic diseases. Apart from this, the market is also witnessing growth due to the surging geriatric population, increasing hospital acquired infections, and technological advancements.
IV cannulas, infusion pumps, needleless connectors, and intravenous sets are the different types of products in the home infusion therapy domain. Out of these, the infusion pumps accounted for the largest home infusion therapy market share in the past, which is ascribed to their wide usage for the delivery of fluids, including nutrients and medications. There are various types of infusion pumps, namely patient-controlled analgesia, syringe, large volume, insulin pumps, elastomeric, enteral, ambulatory infusion pumps, and others. The needleless connectors category is predicted to witness the fastest growth in the near future as they minimize the risk of transmission of diseases and infection.
The different applications of home infusion therapy are general hydration, enteral nutrition, specialty pharmaceuticals, parenteral nutrition, anti-infective, chemotherapy, and pain management. Out of these, the anti-infective application dominated the home infusion therapy market in the past because of a large number of procedures being performed for administering antifungals and antibiotics and the availability of several products. The chemotherapy application is projected to grow at the fastest pace in the coming years. This is because the pumps utilized for chemotherapy at home are continuous pressure pumps which do not need a battery and are compact.
When geography is taken into consideration, North America held the largest home infusion therapy market share in the past because of the present of major players, developed healthcare infrastructure, favorable reimbursement policies, and surging prevalence of chronic diseases in the region. In addition to this, the development of alternate healthcare settings and penetration of different home infusion services are contributing to the growth of the regional market. The market in Asia-Pacific is expected to register the fastest growth in the coming years, which is attributed to the rising awareness regarding technologically advanced home-based infusion therapies and surging healthcare expenditure.
Home Infusion Therapy Market Dynamics
Drivers
The increasing prevalence of chronic diseases, such as diabetes, heart disease, respiratory disease, stroke, and cancer, is a major driving factor for the home infusion therapy market growth. The prevalence of these diseases is rising because of the lack of access to preventive care and alteration in lifestyle. As per the World Health Organization, chronic diseases are the leading cause of mortality around the world, accounting for 60% of all deaths. This is driving the requirement for different home infusion therapy products for the treatment of these diseases.
Furthermore, the rising prevalence of hospital acquired infections is also resulting in the growth of the home infusion therapy market. As per the European Center for Disease Prevention and Control, in 2017, 4.5 million people suffered from nosocomial infection. As home infusion therapy significantly reduces the exposure of patients to infectious organisms, home infusion therapy devices are increasingly being adopted for decreasing the spreading nosocomial diseases. In addition, the cost effectiveness of these devices as compared to hospitalization is also a key driving factor of the market.
Home Infusion Therapy Market Competitive Landscape
The key players operating in the home infusion therapy market are taking initiatives for educating people regarding home infusion therapy and promoting the adoption of different home infusion therapy products by providing apps and educational tools. For example, in October 2018, Baxter International Inc. collaborated with the American Society for Parenteral and Enteral Nutrition and launched SmartPN tool for helping to reduce clinical malnutrition.
Some other major players operating in the global home infusion therapy market are Terumo Corporation, Becton, Dickinson and Company, Fresenius Kabi AG, Smiths Medical Inc., ICU Medical Inc., Kroger Specialty Infusion, JMS Co. Ltd., and CareCentrix Inc.
Market Size Breakdown by Segment
Based on Product
- Infusion Pump
- Large Volume
- Patient-Controlled Analgesia
- Elastomeric
- Syringe
- Enteral
- Insulin
- Ambulatory
- Intravenous Sets
- Needleless Connectors
- IV Cannulas
Based on Application
- Enteral Nutrition
- Anti-Infective
- Pain Management
- Specialty Pharmaceuticals
- Chemotherapy
- Parenteral Nutrition
- General Hydration
Geographical Analysis
North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
Asia-Pacific
Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
