The U.S. Home Infusion Therapy Market is set to exceed USD 13.5 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of chronic diseases such as diabetes and cancer will act high impacting factor for growth of U.S. home infusion therapy market. Around 13 million Americans suffer from chronic diseases, requiring special care and continuous administration of fluids to maintain health, thereby fueling demand for home infusion therapy.
Occurrence of chronic diseases is frequent among geriatric population as compared to the young adults. Elderly people generally prefer home infusion therapy due to its ease in operation and convenience associated with its use. Increasing number of surgical procedures dependent on external supply of nutrition will positively influence adoption of home infusion therapy.
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Technological advancements pertaining to home infusion pump has accelerated adoption rate of home infusion therapy. For instance, integration of advanced technology in infusion pumps have reduced the level of errors while administering fluids into the patient?s body. However, Improper reimbursement scenario has negatively affected the market growth by reducing the demand for home infusion therapies. Although, affordability issues have been resolved by some American medical insurance companies that will help in increasing the demand for home infusion therapy services over the forecast period.
Anti-infectives accounted for over 27.5% market share in 2017 and is anticipated to continue dominating the industry over the upcoming years. Growing rates of bacterial, viral and other infections coupled with rising rates of hospital acquired infections escalate the demand for anti-infectives therapy enhancing overall industry growth.
Parenteral nutrition segment will witness lucrative growth over the coming years owing to increasing demand for home infusion therapies. Around 40,000 people in U.S. receive home parenteral nutrition safely through variety of catheters. The therapeutic benefits as well as treatment against poor functioning of gastro-intestinal tract disorders through parenteral nutrition should propel its demand over the forecast timeframe.
Major industry players operating in U.S. home infusion therapy market are Amsino International, Baxter International, B.Braun, Becton Dickinson, Caesarea Medical Electronics, Fresenius Kabi, Halyard health, ICU Medical, Moog, Smiths Medical, and Terumo Corporation. Strategic initiatives undertaken by key industry players include merger, acquisitions and new product launch to assist in gaining competitive advantage as well as achieve sustainable profits.
For instance, in February 2017, ICU medical Inc. completed the acquisition of Pfizer’s Hospira infusion systems business. The inclusion of Hospira’s IV pumps, devices and solutions to ICU Medical’s current portfolio will aid in revenue generation of the company as well as diversification of product portfolio.
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U.S. Home Infusion Therapy Market by Product
U.S. Home Infusion Therapy Market by Application