The global home infusion therapy market is expected to be USD 28.3 billion by 2024, based on a new report by Grand View Research, Inc. Increasing need to contain the soaring healthcare costs has led to a higher preference for home infusion therapies amongst patients requiring long-term care.
The growing healthcare expenditure level is a key concern amongst patients and governments worldwide, necessitating the implementation of effective measures to curb these costs. Hence, the home healthcare option serves as a cost-effective alternative to expensive hospital stays, which is expected to serve this market as a high impact rendering driver throughout the forecast period. Moreover, increasing awareness about the high prevalence of hospital-acquired infections is anticipated to accentuate the importance of home healthcare.
Currently, the major chronic diseases, such as cancer, diabetes, respiratory disorders, cardiovascular diseases, and other life threatening diseases, account for 60% of the total death count and 43% of the global disease burden. The administration of medication in the home setting provides several advantages to patients, which include faster recovery, greater comfort, fewer complications, cost savings, and others. This is expected to drive the growth of the market in the near future.
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Further key findings from the study suggest:
- The product segment was dominated by infusion pumps with a market share of around 45.0% in 2015 owing to the greater number of initiatives conducted by the key players pertaining to new product development.
- Needleless connectors are projected to witness the highest CAGR over the forecast period owing to greater benefits associated with their use in comparison to needle connectors.
- Anti-infectives segment contributed to the largest market revenue in 2015. This is mainly due to the fact that it is frequently employed for patients in homecare settings.
- Chemotherapy segment is anticipated to exhibit the highest CAGR of over 9.0% over the forecast period, which is attributable to technological advancements that render their usage convenient.
- Use of injectable drug therapy in endocrinology is also estimated to gain lucrative growth over the forecast period owing to increasing awareness levels of insulin pumps among patients and healthcare providers.
- North America dominated the market in 2015 with revenue of around USD 5.0 billion. Rising government programs and initiatives to promote awareness pertaining to the benefits of home infusion therapy have resulted in the higher revenue generation in this region
- Strategic collaborations, regional expansion efforts, and mergers and acquisitions are some of the foremost strategies adopted by the key players. For instance, in January 2014, Terumo Corporation signed an eight-year agreement to collaboratively market, distribute, and co-brand their peripheral I.V. catheter series with CareFusion Corporation.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.