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.
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
Based on the Product Insights the market is segmented into Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors
Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Market Share Insights
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:
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/
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/home-infusion-therapy-market