Global Home Infusion Therapy Market, By Product Type (Infusion Pumps (Ambulatory Infusion Pumps, Insulin Pumps, Syringe Pumps, Elastomeric Pumps, Patient Controlled Analgesics (PCA), and Volumetric Pumps), Intravenous Sets, IV Cannulas, and Needleless Connectors), By Application (Chemotherapy, Diabetes, Hydration Therapy, Pain Management, Post-transplant Therapies, Parenteral Nutrition Therapy, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Currently available long term vascular access and infusion devices have limitations associated with catheters. These limitations include catheter associated infections, which can lead to several complications, including death.
Moreover, these devices require regular flushes and cleaning to clear stagnant blood flow, prevent clot formation and occlusion. However, even after cleaning and taking precaution, these devices become clogged due to blood clots.
These situations are often tackled by using clot-dissolving agents or removal and implantation of a new device, and most of them require surgical intervention for placement and removal. This increases healthcare costs for the patients as well as the healthcare facility.
For these issues, development of implantable infusion devices is a substantial opportunity for key players. Manufacturers such as PAVmed, Inc. have already developed an implantable device (PortIO) which is undergoing clinical trials.
PortIO, an implantable intraosseous vascular access device developed by PAVmed, has achieved a maintenance-free implant duration of over six months in studies, which directly clears all the above mentioned issues with currently available long term vascular access devices.
Global Home Infusion Therapy Market – Impact of Coronavirus (COVID-19) Pandemic
In the wake of COVID-19, many people had to be hospitalized and often needed to be placed on ventilator support. This requires significant space in hospitals in order to avoid disease transmission to other patients and health care providers. To help hospitals adjust to the increased need for space and beds, many companies are working with healthcare institutions to transition patients from the hospital to home care as quickly as possible.
Home infusion is the administration of drugs to an individual in their own home. The components needed for home infusion are the drug, supplies, equipment, and nursing services. Nurses go to the homes to train and educate the patient and/or caregiver on the proper administration of the home infusion therapy.
In June 2020, Option Care Health, a company focused on providing home infusion services to increase hospital bed capacity and use hospital resources for patients with COVID-19, developed a personalized care plan with physicians, prepared the needed medication for home infusion, and distributed and supplied it to patients' home. The company trained nurses to educate the patient and/or caregiver on self-administration of their medication.
Browse 26 Market Data Tables and 31 Figures spread through 193 Pages and in-depth TOC on “Home Infusion Therapy Market”- Global Forecast to 2027, By Product Type (Infusion Pumps (Ambulatory Infusion Pumps, Insulin Pumps, Syringe Pumps, Elastomeric Pumps, Patient Controlled Analgesics (PCA), and Volumetric Pumps), Intravenous Sets, IV Cannulas, and Needleless Connectors), By Application (Chemotherapy, Diabetes, Hydration Therapy, Pain Management, Post-transplant Therapies, Parenteral Nutrition Therapy, and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)”
To know the latest trends and insights prevalent in the global home infusion therapy market, click the link below:
Key players operating in the market are focusing on launching novel products to expand their portfolio, which in turn, is expected to drive the market growth during the forecast period. For Instance, in April 2017, B. Braun Melsungen AG launched Easypump ST/LT Elastomeric Infusion Pump System. This product is a new tool to help patients safely administer medication. B. Braun has also introduced an innovative app that offers educational content to clinicians and patients on the safe use and features of the Easypump for short- and long-term home infusion therapy.
Key Takeaways of the Global Home Infusion Therapy Market:
- The global home infusion therapy market is expected to exhibit a CAGR of 6.5% during the forecast period owing to the increasing incidence of chronic diseases such as cancer is expected to drive the market growth during the forecast period. According to the European Commission reports in 2019, the estimated number of new cancer cases in 28 European countries was 1.6 million in males and 1.4 million in females.
- Among product type, the infusion pump segment accounted for the largest market share in 2020 owing to increasing approval of novel products. For instance, In May 2018, Baxter International Inc. cleared the U.S. Food and Drug Administration (FDA) clearance of the Spectrum IQ Infusion System with Dose IQ Safety Software. The Spectrum IQ system is the first-of-its-kind designed specifically for bi-directional electronic medical records (EMR) integration with new exclusive features to help ensure correct medications and fluids are delivered to the patient.
- Key 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.