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U.S. Home Infusion Therapy Market to grow at 10% CAGR, could hit $13.5 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-29 

Global U.S. Home Infusion Therapy Market is set to exceed USD 13.5 billion by 2024; according to a new research report by Global Market Insights. Increasing rates of hospital acquired infections have impacted the market growth positively. In American hospitals, infections associated with health care account for around 1.7 million infections and 99,000 deaths every year. These infections lead to chronic diseases that require continuous monitoring; thus, accelerate demand for home infusion therapies.

Rising prevalence of chronic diseases is one of the major driver influencing industry growth. The need to address and manage chronic diseases such as cancer, bronchitis, asthma and diabetes will augment demand for home infusion therapies. In U.S., currently there are around 1,735,350 new cases of cancer, leading to rise in demand for home infusion therapy services that helps to subside side-effects of invasive chemotherapy. Furthermore, government initiatives and developmental decisions undertaken by American Healthcare Associations that to reduce price of home infusion therapies will propel U.S. Home Infusion Therapy Market growth.

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According to a recent report by Global Market Insights, Inc., home infusion therapy industry in the U.S. is forecast to cross USD 13.5 billion by 2024 with a double-digit CAGR of 10% over the coming six years. The figure is almost double to that of the yesteryear’s market valuation of USD 7 billion, which validates the commendable growth prospects of this business vertical in the ensuing years. As per experts’ opinion, the increasing geriatric population base in the country vulnerable to chronic infections due to poor immunity system is a vital factor boosting the growth.

Estimates suggest, the proportion of senior population (aged 65 years and above) in the U.S. is expected to increase from 15% in 2016 to more than 20% by 2050. Statistics put forth by World Atlas further quotes that the overall elderly populace in the U.S. would be over 98 million by 2060. The growing demand of these therapies by the elderly population is majorly attributed to the ease and convenience ordered by the approach. 
Another driving force catalyzing the expansion of U.S. home infusion therapy market is increased prevalence of chronic diseases and hospital acquired infections. According to a report by CDC, healthcare associated infections (HAIs) unfortunately affects nearly 5% to 10% of the hospitalized patients in the U.S. annually. Reportedly, the 1.7 million HAIs annually result in 99000 casualties and an estimated USD 20 billion as healthcare costs.

This mammoth prevalence is prompting regional healthcare market players to redefine the way infusion drugs are delivered in home, thereby creating lucrative growth avenue for U.S. home infusion therapy market. Also, it has been observed that patients suffering from chronic diseases like cancer are inclining more toward home infusion therapies, in a bid to neutralize the side effect of invasive chemotherapy.

Speaking of the competitive spectrum, home infusion therapy market in the U.S. is inclusive of renowned biggies like Amsino International, Becton Dickinson, ICU Medical, Moog, Baxter International, Smiths Medical, and Fresenius Kabi. From what has been observed from the recent trends, a majority of these players are taking laudable interests in product innovations to consolidate their market stance in the strategic landscape. Baxter International’s yesteryear launch of a DeviceVue advanced asset tracking system is a vital testament to the aforementioned declaration. 

The American healthcare giant has reportedly deployed a Sigma Spectrum Infusion System for better monitoring of infusion pumps through smart phones. With appreciable efforts undertaken by the industry players on product front in tandem with the growing prevalence of healthcare associated infection rates, U.S. home infusion therapy market is certain to witness lucrative proceeds over the ensuing years. Anti-infectives application which procured a prominent chunk of the industry in 2017 with a share of more than 27% is slated to continue its dominance in the coming years, with North East region emerging as a major beneficiary of this trend.

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U.S. Home Infusion Therapy Market by Product

Infusion pump
Intravenous sets
IV cannulas
Needleless connectors

U.S. Home Infusion Therapy Market by Application

Hydration therapy
Enteral nutrition
Parenteral nutrition
Specialty pharmaceuticals

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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