Global Home Infusion Therapy Market to Exhibit Increased Demand in the Coming Years
Home Business & Finans Global Home Infusion Therapy Market to Exhibit Increased Demand in the Coming Years
According to a new market report published by Persistence Market Research “Global Market Study on Home Infusion Therapy Devices – Needleless Connectors to Witness Highest Growth by 2020”, the global home infusion therapy devices market was valued at US$ 15,905.1 Mn in 2014 and is expected to grow at a CAGR of 9% from 2014 to 2020, to reach US$ 26,747.8 Mn by 2020.
Home infusion therapy facilitates intravenous at-home administration of medicines into the patient’s body through needle and catheter. The therapy is prescribed by physicians and administered by trained healthcare professionals. It is used when oral medication is not effective for the treatment of diseases such as cancer and gastrointestinal diseases. It is also used in the treatment of diabetes, cystic fibrosis, dehydration, and acute infections. Home infusion therapy reduces time spent by patients in hospitals, nursing homes, and clinics. The therapy is used to administer drugs, antibiotics, nutrients, and other fluids into the veins on a daily, weekly, or monthly basis, depending on the patient’s condition.
Home infusion therapy is an effective and safe alternative against conventional hospitalization for the treatment of diseases. This is due to convenience and friendly environment at the patient’s home, which helps in faster recovery from diseases. Home infusion therapy includes total parenteral nutrition, infusion antibiotic therapy, hydration therapy, IV steroid therapy, chemotherapy, enteral therapy, and pain management. Some major infusion devices used for administration of medicines are infusion pump, intravenous equipment, and needleless connectors. Infusion pumps are categorized as ambulatory infusion pump, large volume infusion pump, and syringe infusion pump.
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Globally, the home infusion therapy devices market is witnessing significant growth due to the expanding home care market for infusion therapy and increasing application of infusion devices for relieving pain. Moreover, rising aging population, increasing number of chronic diseases, and technological advancements in infusion devices are also supporting the growth of home infusion therapy devices market. However, increasing risk to patient safety and occurrence of mistakes while using infusion devices as well as issues related to reimbursement policies for home infusion therapy inhibit the growth of the market. The global home infusion therapy devices market is anticipated to grow from US$ 15,905.1 Mn in 2014 to US$ 26,747.8 Mn by 2020 at a CAGR of 9% during the forecast period.
In North America, the home infusion therapy devices market is growing due to increasing number of patients with chronic diseases such as cancer, AIDS, and diabetes. In addition, growing aging population is also supporting the growth of home infusion therapy devices market in the region.
The home infusion therapy devices market in Europe is growing due to increasing aging population and rising popularity of non-hospital procedures in the region. Furthermore, increasing number of chronic diseases which requires home infusion therapy, such as cancer, diabetes, and AIDS, is also boosting growth of the Europe home infusion therapy devices market. According to the National Center for Biotechnology Information (NCBI) – a branch of the National Institutes of Health – around 3.4 million new cases of cancer and 1.7 million deaths from cancer were reported in Europe in 2012. Moreover, according to the Oxford Journals, approximately 7 37,747 men and 5 76,489 women died from cancer in Europe in 2013. Furthermore, according to the European Diabetes Leadership Forum 2012, Copenhagen, about 35 million adults in Europe were suffering from diabetes in 2011, which is anticipated to rise to 43 million by 2030.
Asia represents the fastest-growing market for home infusion therapy devices. This is primarily due to growing aging population and cost effectiveness of home infusion therapy. In addition, rising popularity of non-hospital procedures and increasing prevalence of chronic diseases in the region is further driving the market. According to the National Home Infusion Association, home infusion therapy is more cost-efficient compared to hospitalization treatment. For instance, home infusion therapy cost nearly US$ 200 a day compared to less than US$ 2,000 a day in a hospital. According to the Wisut Jaijagcome/East-West Center, the number of people aged 65 years and above in Asia was 207 million in 2000 and the number is expected to reach 857 million by 2050.
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Hospira, Inc., B. Braun Melsungen AG, Caesarea Medical Electronics Ltd., Fresenius Kabi AG, and Smiths Medical are some of the leading players in the home infusion therapy devices market. Other players in the home infusion therapy devices market include CareFusion Corporation, ICU Medical, Inc, JMS Co. Ltd., Baxter, and Terumo Corporation.
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