Home infusion therapy helps the patient at home with intravenous medicines with the aid of needle or other medical equipments. The home infusion therapy is only advisable for the treatment of certain life threatening diseases when oral medicines cannot prove effective or when the patient fails to respond to the medicines or treatment. As per industry analysis by Global Market Insights Inc. in the year 2015, the home infusion market valued at USD $13.2 billion and will grow at CAGR 9% till the year 2023.Increase in the frequency of unceasing disorders accompanied by increasing population is the key factor driving the home infusion therapy market size. Also the industry is budding due to the increase in the number of hospitalizations every year due to the infectious diseases. As per WHO (World Health Organization) every year around 60% people die due to respiratory diseases, cancer, cardiovascular disorders, diabetes and other life threatening diseases. By the year 2020, this number is expected to increase to 73%, which means the demand of technological developments used in the home infusion therapies will witness boost.
Germany home infusion therapy market size, by product, 2012 - 2023 (USD Million)
As per the product analysis, the home infusion pumps ruled the market – smart pumps making the home care setting simpler and launch of Wi-Fi pumps which have the inbuilt technology to send alerts through emails are driving the market. The infusion pumps in the year 2015 produced revenue of USD $6.8 billion. Another segment which is expected to grow by 9.5% in the coming years is needleless connectors with improved features like extensive fluid mechanisms and solid external surface.
North America remains the largest regional industry for the home infusion market which is forecasted to exceed USD $11.3 billion by the year 2023. Various aspects in North America make the market more favorable, like advanced healthcare infrastructure, infusion therapy reimbursement for home care facilities, growing trend of people preferring home care due to increased awareness are the key factors. A growth of 10.6% in the revenue is forecasted by the year 2023 in the Asia Pacific market, especially in Japan due to high prevalence of chronic diseases because of unhealthful lifestyle and existence of elderly population. Latin America home infusion market recorded revenue of USD $568.7 million in the year 2015 and is likely to grow at over CAGR 10.3% in coming year.
The home infusion market is very competitive and some top players entering into joint ventures. Some prominent names are Fresenius Kabi AG, Baxter, Inc. B. Braun Melsungen AG and ICU Medical.
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Written By : Dhananjay Punekar