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Home Infusion Therapy Market To Witness An Explosive CAGR of 7.9% Till 2030, Based on Rising Prevalence of Cancer, Diabetes And Cardiovascular Diseases | Grand View Research, Inc.

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Home Infusion Therapy Market To Witness An Explosive CAGR of 7.9% Till 2030, Based on Rising Prevalence of Cancer, Diabetes And Cardiovascular Diseases | Grand View Research, Inc.

June 09
08:26 2022
Home Infusion Therapy Market To Witness An Explosive CAGR of 7.9% Till 2030, Based on Rising Prevalence of Cancer, Diabetes And Cardiovascular Diseases | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the Covid-19 pandemic had a positive impact on the home infusion industry as the technique of home infusion was the need of the hour as healthcare settings were burdened with increasing covid patients.

Home Infusion Therapy Industry Overview

The global home infusion therapy market size was valued at USD 31.0 billion in 2021 and is expected to reach USD 61.7 billion by 2030, at a compound annual growth rate (CAGR) of 7.9% during the forecast period.

Home infusion therapy refers to the process in which patients receive treatment at home through the administration of drugs or biologicals through catheters and needles. Receiving treatment at home as opposed to hospitals or healthcare facilities is a cost-effective and more convenient option for patients, further driving the need for home infusion therapy.

Gather more insights about the market drivers, restrains and growth of the Global Home Infusion Therapy Market

The Covid-19 pandemic had a positive impact on the home infusion market as the technique of home infusion was the need of the hour as healthcare settings were burdened with increasing covid patients. The regional and country-wide lockdowns had significantly affected operations and supply chains, but the market increased considerably in 2020. According to Medtech Dive, in October 2020, Baxter announced third-quarter sales of USD 2.97 billion, which is a 4% increase, due to the growing demand for its COVID-related medical products. Additionally, Baxter announced operational sales growth of 6% (3.2 billion) in Q3 2021 as compared to 3.0 billion in Q3 2020, reflecting the steady impact of pandemic recovery.

 

U.S. home infusion therapy market size, byproduct, 2020 - 2030 (USD Billion)

 

The COVID-19 pandemic led to a spike in the hospitalization of several people and often many were to be placed on ventilators. This occupied space in hospitals as the infected patients are to be placed where they will not contaminate patients and the healthcare professionals affecting them. Due to the increasing need for space and beds in hospitals, companies are focusing to transition patients from the hospital to in-home, creating demand for home infusion therapy. The key factors fueling the growth of the market include the increasing geriatric population with decreased mobility profile, rising preference for home care, and rapid technological advancements. Several conditions such as immune deficiencies, cancer, and congestive heart failure require infusion therapy as these conditions cannot be treated with oral medication. Since these patients require long-term treatment, home infusion therapy is considered a more cost-effective alternative to receiving treatment in hospitals.

In February 2020, the Cancer Care at Home program was launched by the Penn Center for Cancer Care Innovation at the University of Pennsylvania’s Abramson Cancer Center. It aimed to broaden the delivery of oncology treatments to patients in the home setting. From mid-March to late April, the company reported a 700% increase in the number of patients participating in the program. This highlights the bright future that lies ahead for the home infusion market in the years to come.

 

Home Infusion Therapy Market Segmentation

Based on the Application Insights the market is segmented into Anti-infective, Endocrinology, Hydration Therapy, Chemotherapy, Enteral Nutrition, Parenteral Nutrition, Specialty Pharmaceuticals, Others

  • The anti-infective segment dominated the market for home infusion therapy in 2021 with a revenue share of over 25.0%. This is attributed to the considerable number of procedures performed for the administration of antifungal and antibiotic drugs. It also helps reduce exposure to patients with other hospital-acquired infections (HAIs).
  • Chemotherapy is estimated to be the fastest-growing segment over the forecast period. With the growing incidences of cancer, the demand for pressure pumps is expected to increase in the coming years. Pumps used for chemotherapy at home are compact, continuous pressure pumps that do not require a battery and can hence be used for a longer period of time. With the help of these pumps, chemotherapy drugs can be administered at the appropriate infusion speed and in the right amounts.

 

Based on the Product Insights the market is segmented into Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors

  • The infusion pumps segment accounted for the largest revenue share of over 50.0% in 2021 as these pumps are widely preferred for the delivery of nutrients and medications. The availability of a variety of products such as enteral, syringe, multichannel, and peristaltic pumps further contributes to the segment growth. The rising demand for syringes and ambulatory pumps owing to the increasing preference for home healthcare is also anticipated to contribute to the segment growth.
  • Needleless connectors are anticipated to register the highest CAGR over the forecast period. These connectors offer improved safety, enable smooth surgeries, and help adhere to good clinical practice (GCP), which contributes to the growth of the segment.

 

Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa

  • North America dominated the market in 2021 with a revenue share of over 55.0% and this trend is expected to continue throughout the forecast period. This can be attributed to the increasing R&D in the region and the rising adoption of new technology in infusion pumps. The increasing need for long-term therapy for patients with certain conditions is driving the regional market.
  • The Asia Pacific market is expected to register the fastest CAGR of 9.8% over the forecast period. This is attributed to rising patient awareness regarding the benefits of home infusion therapy over in-hospital procedures and the growing prevalence of diabetes in the region. The growing geriatric population and the rise in chronic diseases in the region are expected to further fuel the market growth.

 

Market Share Insights

  • December 2021: Baxter International completed the acquisition of Hillrom. This acquisition will help the company in broadening its geographic footprint and integrating medical device technology that will enhance patient care, lower costs, and increase workflow efficiency.
  • March 2021: Terumo and Glooko, a remote patient monitoring software and mobile apps company, announced technological integration to deliver new diabetes data solutions together globally.
  • October 2020: Baxter announced third-quarter sales of USD 2.97 billion, which is a 4% increase, due to the growing demand for its COVID-related medical products.
  • February 2020: The Cancer Care at Home program was launched by the Penn Center for Cancer Care Innovation at the University of Pennsylvania’s Abramson Cancer Center.

 

Key Companies Profile:

The global market has been characterized by high competition. One of the key factors driving competitiveness among market players is the rapid adoption of advanced healthcare technology for improved healthcare services.

Some prominent players in the global home infusion therapy market include:

  • CVS/Coram
  • Option Care Health
  • BriovaRx/Diplomat (UnitedHealth Optum)
  • PharMerica
  • Fresenius Kabi
  • ICU Medical, Inc.
  • B. Braun Melsungen AG
  • Baxter
  • BD
  • Caesarea Medical Electronics
  • Smiths Medical
  • Terumo Corporation
  • JMS Co. Ltd.

 

Order a free sample PDF of the Home Infusion Therapy Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web https://www.grandviewresearch.com/

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Company Name: Grand View Research, Inc.
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Website: https://www.grandviewresearch.com/industry-analysis/home-infusion-therapy-market

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