The global home infusion therapy market is estimated at $15.9 billion in 2014 and is expected to be worth $26.7 billion by 2020, growing at a CAGR of 9.0% from 2014 to 2020. This market is among the rapidly growing markets in the healthcare industry, today. Cost-containment trends have fairly maintained a sustained growth in billion homes. Also, various developments in the clinical administration of infusion therapy have encouraged the alternate site infusion therapy industry.
Home Infusion Therapy Market: Overview
Home infusion therapy is a crucial component of the alternate site healthcare market. This market has emerged as a result of considerable changes that have occurred in the healthcare-delivery system across the world. These include introduction of parenteral and enteral nutrition, and a number of other sophisticated therapies such as chemotherapy and intravenous antibiotics that can now be given at home or in a private healthcare facility.
Infusion therapy is a method of providing parenteral therapies to patients intravenously, either in homes or other alternate site healthcare setting, via catheters or injections. Hence, managing such methods requires clinical experience, specialized expertise and facilities to regulate the flow of parenteral medications.
Many kinds of intricate medical conditions and illnesses are treated with the help of infusion therapies. Infusion therapy reduces the hospital stay and the cost of the treatment as well.
Home Infusion Therapy: Market Growth Drivers
Migration of infusion services beyond a hospital setting and a rapid growth of medication infusion therapy are vital growth factors of this market. On the other hand, changing lifestyle, increase in diabetic population, rise in geriatric population, reduction in treatment cost, and increasing incidences of chronic diseases will boost the growth of home infusion therapy market in the near future. As a result, the market is estimated to grow at a CAGR of 9.0% in the forecast period.
Home infusion therapy is safer to use because the governance of the drugs is personally observed by physicians. The therapy is totally based on doctor’s prescription. Retail pharmacies have remarkably contributed to the expansion of chronic disease and clinical care management, as well as efforts by private and public health plans in healthcare facilities have curbed the rise in the drug costs too. Such factors have set a rapid growth in the global market and accelerated the migration to home-based infusion and lower-cost infusion centers.
Risk with patient’s safety and occurrence of mistakes using infusion devices are some of the inhibiting factors of this market. Sometimes over dosage of medications may also cause hazardous conditions to patients which may affect the overall market growth.
Market Analysis - By Region
The geographies studied in this market study include Asia (India, China, Japan, South Korea, and Rest of Asia), Europe (Germany, France, U.K., Italy, Spain, Russia, and Rest of Europe), Americas (U.S., Canada, Brazil, Mexico, and Rest of Americas), and ROW (Pacific region including Australia and New Zealand, Middle East and Africa).
Among all the regions, North America had the largest market share of approximately 52.1% in 2011. It still retains its position in the global market for home infusion therapy. Growth was seen in this region due to rising number of chronic diseases and healthcare costs.
Some of the other notable upcoming markets are China, Japan, Germany and the U.S. Meanwhile, Asia exhibits a high CAGR due to rise in geriatric population in countries such as China, India, and Japan.
The growing awareness for infusion therapy techniques spreading across healthcare and pharmacy sectors has offered new opportunities for enhanced growth of this market. Additionally, rising number of mergers and acquisitions, rising number of product innovations and use of ambulatory infusion pump are some key trends that have been observed in home infusion therapy market during the forecast period.
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