Home infusion therapy services offer innovative healthcare services at the doorstep. Infusion therapy administers medication through the needle or catheter. Infusion therapy is generally used when the patient’s condition is very severe and cannot be cured with oral medication. Home infusion is best described as most convenient for patient particularly when the infusion is needed multiple times in a day or long term care. Diseases which need infusion therapies include cancer and cancer-related pain, dehydration, gastrointestinal disorders, congestive heart failure, Crohn's disease, hemophilia, immune deficiencies, multiple sclerosis, and rheumatoid arthritis.
The global home infusion therapy market is estimated to be valued at US$ 1,995.3 million in 2020 and is expected to exhibit a CAGR of 6.5% during the forecast period (2020-2027).
Figure 1. Global Home Infusion Therapy Market Share (%) in Terms of Value, By Region, 2020
The rising prevalence of chronic diseases is expected to drive the market growth during the forecast period.
Rising incidence of chronic diseases such as cardiovascular diseases, cancer, and diabetes is expected to drive growth of the global home infusion therapy market during the forecast period
According to the World Health Organization report published in May 2017, cardiovascular disease is the number 1 cause of death globally. An estimated 17.9 million people died from cardiovascular diseases in 2016, which represents 31% of all global deaths.
According to the Cancer Research UK report published in 2018, around 17 million new cancer cases were diagnosed in 2018 and around 9.6 million deaths occurred due to cancer in 2018.
|Base Year:||2019||Market Size in 2020:||US$ 1,995.3 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.5%||2027 Value Projection:||US$ 3,108.1 Mn|
Becton, Dickinson and Company, B. Braun Melsungen AG, Nipro Corporation, ICU Medical, Inc., Baxter International Inc., Terumo Corporation, Smiths Medical, Fresenius Kabi AG, Eli Lilly and Company, JMS Co. Ltd., and NewIV Medical, Inc.
|Restraints & Challenges:||
Figure 2. Global Home Infusion Therapy Market Share (%), by Product Type, 2020
Increasing government initiatives to spread awareness about home infusion therapy are expected to drive the market growth during the forecast period
Several government and non-government programs are carried out in order to spread awareness among people regarding home infusion therapy, which is expected to drive the market growth during the forecast period.
For instance, in October 2019, the Centers for Medicare & Medicaid Services issued a rule stating that all home infusion therapy payments will be covered under the Bipartisan Budget Act of 2018.
Moreover, favorable government policies and regulations are expected to propel the market growth.
In February 2018, the Bipartisan Budget Act of 2018 states that all temporary payments of home infusion therapy in the U.S. will be covered by the government in accordance with this regulation.
Thus, increasing awareness regarding home infusion therapy is expected to drive the market growth during the forecast period.
Global Home Infusion Therapy Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 59.2 million infected individuals worldwide as of November 24th 2020.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
Furthermore, players operating in the global home infusion therapy market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials required for manufacturing drug formulations due to irregularities in transportation. Moreover, distributors are experiencing irregular demand for products from the retailers due to an increase in the number of patients suffering from COVID-19 and other life threatening disorders.
Global Home Infusion Therapy Market: Restraint
The pump failures can have high implications on patient’s safety, as these are used for delivering high-risk medications. Thus, the lack of accuracy in delivering the correct volume and dose of fluid can restrain the market growth.
Moreover, advancements in the infusion pump technology and the high cost of these devices makes them unaffordable to a large patient pool that belongs to low and moderate economies. Thus, the cost associated with automatic and smart infusion pumps is expected to restrain the global home infusion therapy market growth.
Major players operating in the global home infusion therapy market are Becton, Dickinson and Company, B. Braun Melsungen AG, Nipro Corporation, ICU Medical, Inc., Baxter International Inc., Terumo Corporation, Smiths Medical, Fresenius Kabi AG, Eli Lilly and Company, JMS Co.Ltd., and NewIV Medical, Inc.
Home infusion therapy involves the intravenous or subcutaneous administration of drugs or biologicals to an individual at home. The components needed to perform home infusion include the drug (for example, antivirals, immune globulin), equipment (for example, a pump), and supplies (for example, tubing and catheters). Similarly, nursing services are necessary to train and educate the patient and caregivers on the safe administration of infusion drugs in the home. Visiting nurses often play an important role in home infusion. Nurses typically train the patient or caregiver to self-administer the drug, educate on side effects and goals of therapy, and visit periodically to assess the infusion site and provide dressing changes. The home infusion process typically requires coordination among multiple entities, including patients, physicians, hospital discharge planners, health plans, home infusion pharmacies, and, if applicable, home health agencies.
Key players operating in the global home infusion therapy market are focusing on adoption of inorganic growth strategies such as investments which are expected to drive the market growth during the forecast period. For instance, in May 2019, Nipro Corporation announced to invest US$ 21 million in JMI Syringes & Medical Devices Ltd., a medical devices company, in order to expand its disposable syringe portfolio and become its strategic partner.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.