Home infusion therapy devices are medical devices able to administer medicines or drugs outside of healthcare settings. These deliver the fluids via catheter or a needle in the vein. The global home infusion therapy devices market report by Market Research Future (MRFR) looks at the cost-benefits of the device and its potential in homecare settings. It provides drivers, challenges, trends, and opportunities for the period of 2019 to 2024 (forecast period).
Market Scope
The global Home Infusion Therapy Devices Market size can bloom at a CAGR of 7.1% over the forecast period. It was valued at USD 20.1 billion in 2017. Awareness of the services of home infusion services and the large geriatric population are major factors of the market. According to the United Nations, the global numbers of the elderly populace may reach to 425 million by 2050. This in turn can drive the need for home care due to the susceptibility of geriatric patients.
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Introduction of new government laws to ensure insurance coverage for home care can bolster the demand for home infusion therapy devices. The wide penetration of the COVID-19 pandemic has led to the U.S. government passing the Preserving Patient Access to Home Infusion Act in 2020. This has benefitted patients suffering from cancer, heart failure, and immune diseases.
But lack of proper standards and paucity of skilled personnel can hamper market growth.
Segmentation
The global home infusion therapy devices market has been segmented into product and application.
By product, the market has been segmented into elastomeric pumps, infusion pumps, intravenous sets, IV cannulas, needleless connectors, and others. The intravenous sets segment is expected to score a superb growth rate during the forecast period.
On the basis of application, the market has been segmented into hydration therapy, anti-infectives, parenteral infusion, endocrinology, enteral nutrition, chemotherapy, and others.
Regional Analysis
The global home infusion therapy devices market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is expected to lead the global market owing to large number of cases of cancer, cardiovascular diseases, and other chronic diseases. The large number of the elderly residing in the region and susceptible to these diseases can drive the demand for home infusion therapy devices. This is buttressed by overwhelming evidence by the U.S. Census Bureau which detected 49.2 million patients at the age of 65 and above. In addition, efforts to reduce lengthy hospital stays and reducing the chances of hospital-acquired infections (HAIs) will drive the market demand.
Europe assumed the second position in the global home infusion therapy devices market owing to the expansion of the medical sector, availability of advanced treatment facilities, and increasing healthcare expenditure. The rising numbers of surgeries is likely to trigger the need for home care post-surgery.
APAC is expected to exhibit a robust growth rate during the forecast period owing to initiatives to improve healthcare infrastructure, rapid adoption rate of new devices, insurance policies, and a large patient pool. Australia, Korea, Japan, and China can contribute to the regional home infusion therapy devices market.
Competition Outlook
Johnson & Johnson Private Limited, Fresenius Kabi AG, Baxter International Inc., Care Fusion Corporation, Pfizer Inc., Terumo Corporation, Braun Melsungen AG, and Smith & Nephew are key players of the global home infusion therapy devices market.
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