Home Infusion Therapy Market Outlook: U.S. to remain major revenue generator over 2016-2024
Publisher : Fractovia | Published Date : 2017-03-17Request Sample
Growing patient inclination toward home-based infusion therapies coupled with the rising geriatric population will fuel home infusion therapy market. Home-based health care provides the comfort of services such as medical supplies, rehabilitation, home infusion, pharmaceuticals delivery, respiratory therapy, and medical equipment. Home infusion therapy industry is slated to cross USD 26 billion by 2024, increasing at a CAGR of 9% over 2016-2024. Rising prevalence of diseases such as diabetes, cancer, and cardiovascular and respiratory disorders and adoption of novel technological innovations in healthcare will propel home infusion therapy market growth.
Rising prevalence of diseases such as diabetes, cancer, gastrointestinal tract infection, and diarrhea will drive enteral nutrition industry, which is expected to increase at a CAGR of 9% over 2016-2024. Increasing disposable incomes, consumer spending on healthcare, and rising demand for home infusion therapies are key positive indicators that will propel business growth.
Anti-infective market contributed to more than 25% of the overall revenue share in 2015, and is expected to cross USD 7 billion by 2024. Dispensing anti-infective has lucrative benefits such as less exposure to infection and cost-effectiveness (no prolonged hospital stays) that will fuel home infusion therapy industry growth.
U.S. dominated home infusion therapy market in 2015, having accounted for more than 90% of the regional share in 2015, and is slated to cross USD 10 billion by 2024. Excellent healthcare facilities, increased patient spending, and favorable reimbursement policies will propel industry growth.
Europe home infusion therapy market size was worth more than USD 3.5 billion in 2015 and is anticipated to significantly grow over the forecast timeframe, driven by high-tech healthcare infrastructure and beneficial reimbursement schemes.
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China home infusion therapy industry is expected to lucratively drive regional demand, owing to factors such as increasing geriatric population, rising patient awareness, and adoption of advanced technological products.
Needleless connectors, intravenous sets, infusion pumps, and IV cannulas are the different types of home infusion therapy products. Infusion pumps accounted for more than half of the overall home infusion therapy market share in 2015, with a revenue generation of more than USD 6 billion. Adoption of innovative technology such as alarms and other safety features in smart pumps will propel industry growth.
Needleless connectors market is predicted to cross 8 billion by 2024, increasing at an annual rate of 9.5% over the period 2016 to 2024.
Key players operating in home infusion therapy industry include Caesarea Medical Electronics, Terumo Corporation, Fresenius Kabi, CareFusion, Baxter, JMS, B. Braun Melsungen, ICU Medical, and Smiths Medical. Companies resort to strategies such as tie-ups with healthcare organizations, novel product innovation, and joint ventures with equity firms to retain their position amidst fierce market competition.
