Increasing Incidence of Chronic Diseases Drives Home Infusion Therapy Market
Published On : Nov 09, 2015
Home infusion therapy refers to the intravenous administration of medicines to patients using needle and catheter in a home environment. The treatment is prescribed by physicians and administered by trained healthcare professionals. Home infusion therapy is primarily suitable for the treatment of diseases such as cancer, diabetes, cystic fibrosis, acute infections, and chronic gastrointestinal diseases for which oral medication is not effective after a certain stage. It is also used in the instance of a patient’s failure to respond to oral medication due to medicine sensitivity or other reasons.
Home infusion therapy is suitable for administering vital medication as well as to replenish bodily fluids that are lost due to some disease. The necessary medication or nutrients needed are directly administered into the patient’s vein in accordance with a prescribed schedule depending on the seriousness of the disease. This considerably reduces the need for hospitalization, especially for diseases that require long-term treatment. More so, administering treatment at home helps in the faster recovery of patients who prefer receiving medical care in their homes.
Use of Home Infusion Therapy Solutions Beneficial for Reduced Hospitalization
The home infusion therapy market is largely driven by the higher cost-effectiveness of home infusion therapy than hospitalization. Worldwide, the increasing number of geriatrics that require long-term medical care is driving demand for home infusion therapy solutions. In addition, technological advancement in infusion equipment, high incidence of chronic diseases, and newer end uses of home infusion therapy devices are bolstering the growth of this market.
However, home infusion therapy devices have some insufficiencies as well. Mishandling of devices or error in using infusion devices poses a risk to patient safety, which is impeding the growth of this market. Inadequate insurance coverage for home infusion devices and unfavorable reimbursement policies for these devices are also challenging the growth of this market.
Nevertheless, increasing adoption of specialty infusion therapy devices will open several opportunities for the home infusion therapy market. Furthermore, increasing use of ambulatory infusion pumps, product innovation, and increasing number of mergers and acquisitions are some of the trends that will come to the fore in the home infusion therapy market in the future.
Increasing Number of Geriatrics Drives North America Home Infusion Therapy Market
Owing to the several factors favoring the utilization of home infusion therapy, the market will rise at an impressive 9.0% CAGR from 2014 to 2020 to reach a valuation of US$26.7 bn by 2020, increasing from US$15.9 bn in 2014.
The home infusion therapy market is categorized on four criteria, namely type of device, application, disease, and geography. Geography-wise, North America, Asia, and Europe are the regional segments of the global home infusion therapy market.
Amongst all, North America leads the overall market for home infusion therapy. In North America, the increasing patient pool with chronic diseases such as AIDS, cancer, and diabetes is driving demand for home infusion therapy solutions.
In Europe, the expansion of the home infusion therapy market is due to the increasing geriatric population pool and increasing preference for treatments carried out in non-hospital setting due to comfort and emotional reasons.
Browse the full Global Home Infusion Therapy Market report at http://www.persistencemarketresearch.com/market-research/home-infusion-therapy-market.asp