Home Infusion Therapy Market is Anticipated to Be Worth $31.9 Billion By 2022
Rising incidence of chronic disorders has led to an augmentation in the demand for infusion therapy in outpatient settings, thereby boosting the home infusion therapy market.
Growing geriatric population base globally is expected to drive the home infusion therapy market during the forecast period, as the aging population is more likely to develop conditions requiring infusion therapy. Increasing incidence rates of chronic disorders as a consequence of unhealthy lifestyle habits is another major driver for this market. As per the WHO chronic disorders are currently identified as the leading cause of mortality, causing around 60% of all deaths globally and by 2020 these disorders are expected to account for 73% of all deaths. Furthermore, growing demand for reduction in in-patient length of hospital stays has led to the development of strategies to administer infusion therapy at home or in alternate healthcare settings, thereby boosting the growth of the home infusion therapy market. Heightened emphasis on cost-containment in healthcare has led to more inclination towards home infusion therapies by patients requiring long-term care. It has been estimated that administering of medications at home costs around USD 150 to USD 200 a day, far below the cost of a typical inpatient hospital stay which costs USD 1,500 to USD 2,500 per day. Home infusion therapy also eliminates the chances of contracting a hospital acquired infection and thus, is expected to score high on the patient preference matrix. The global home infusion therapy market was valued at USD 16.1 billion in 2014 and is expected to grow at a CAGR of 8.9% during the forecast period.
The home infusion therapy is considered beneficial for patients as they get the entire treatment at the comfort of their home. Furthermore, home infusion therapy is a cost effective alternative to placement in hospital, and allows patients to adhere to their normal lifestyle while receiving treatment. Rising incidences of hospital acquired infections is a high impact rendering driver of this market. Additional healthcare spending associated with these infections are expected to encourage patients to prefer home care over the conventional settings.
Further key findings from the study suggest:
- Needleless connectors are expected to witness lucrative growth over the forecast period. Growing demand for enhanced healthcare service provider safety has led to the rise in demand for needleless connectors.
- Anti-Infective dominated the market with a revenue share of over 25.0% in 2014. Home administration of anti-infective therapy is preferred by patients who have chronic infections that cannot be treated through oral agents. It is considered as the most user friendly home infusion therapy.
- North America accounted for more than 40% of the home infusion therapy market in 2014 on account of the presence of large geriatric population base. Presence of sophisticated healthcare infrastructure and favorable reimbursement plans laid out by regulatory bodies are also expected to make significant contributions towards market growth.
- Asia Pacific is expected to emerge as a high growth market over the forecast period. Presence of large unmet needs in the emerging economies such as China and India. Rising patient awareness levels regarding the benefits of home infusion therapies over the in-hospital infusion therapies is expected to further boost the growth of this region.
For the purpose of this study, Grand View Research has segmented the global home infusion therapy market on the basis of products, application, and region:
Global Home Infusion Therapy Product Outlook
- Infusion pumps
- Intravenous Sets
- IV Cannulas
- Needleless Connectors
- Anti-Infective
- Hydration Therapy
- Chemotherapy
- Enteral Nutrition
- Parenteral Nutrition
- Specialty Pharmaceutical
- Others
http://www.grandviewresearch.com/industry-analysis/home-infusion-therapy-market
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