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The global home infusion therapy market size is anticipated to reach USD 86.89 billion by 2027 owing to the increasing prevalence of chronic diseases especially among the geriatric population that prefers home-based medical care. Home infusion therapy provides medical treatment to the patient at home and is inclusive of all necessary drugs and biologics with the help of a subcutaneous route of administration. A recent report by Fortune Business Insights titled, “Home Infusion Therapy Market Size, Share & Covid-19 Impact Analysis, By Product (Devices, Drugs, and Services) By Indication (Anti-Infective, Chemotherapy, Hydration Therapy, Enteral Nutrition, Total Parenteral Nutrition, Immunoglobulin Therapy, and Others), and Regional Forecast, 2020-2027,” the market value was USD 27.25 billion in 2019 and is likely to rise at 2.2% CAGR between 2020 and 2027.
Food and Drug Administration Approves Clearance of Ivenix Infusion System
Ivenix declares the introduction of its infusion system called the ‘Ivenix Infusion System’ in North America in June 2019. The U.S. Food and Drug Administration issued clearance for 510 (K) Ivenix Infusion System, thereby introducing the first and the only large-volume infusion and pump system. Executive Director and Associate Professor at the Northeastern University Bouve College of Health Sciences, Dr. Karen Giuliano said, “Studies state that the Ivenix Infusion System can allow doctors to administer IV medications with fewer errors as compared to the other pumps. My research not only reveals the key to overcome the basic issues faced by the general smart pumps but also offers help to the healthcare and nursing industry as a whole.” Such innovations are expected to aid in the expansion of the market in the forthcoming years.
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Increasing Cases of Hospital-acquired Infections to Promote Growth
The increasing prevalence of homecare nursing for treatment is a major factor boosting the home infusion therapy market growth. In addition to this, the rise in geriatric population and their vulnerability towards various chronic and acute diseases propels the need for long term medication and continuous care. Home infusion therapy not only provides a comfortable atmosphere for the patient but also a more hygienic setting to prevent from contracting hospital-acquired infections. Therefore, the increasing incidences of such infections are also promoting the growth of the market. Furthermore, the current pandemic of coronavirus all over the world has encouraged people to stay safe and in hygienic conditions at their homes. This is also expected to help the market to grow at a faster rate.
On the negative side, the lack of reimbursement policies in emerging economies may pose a major hindrance to the market in the coming years. This, coupled with the lack of trained medical personal and availability of limited resources in underdeveloped and developing nations, may hamper the market in the coming years.
Players Emphasizing on Geographical Expansion to Gain Strategic Position in Market
Currently, the nature of the market is consolidated in nature with the dominance of a handful of companies namely B. Braun Melsungen AG, Baxter, Option Care Health Inc., and Optum Inc. This is owing to the development of innovative infusion pumps and massive investments on the same. Players are emphasizing on expanding their geographical presence and gaining a strong foothold in the market. Besides this, players are engaging in collaborative efforts such as contracts and agreements, joint ventures, and partnerships to maintain their position in the market over the years to come.
Key Industry Developments of this Market include:
December 2019 – Diplomat, a specialty pharmacy and infusion services provider signed a collaborative agreement for enhancing the infusion and specialty services such as immunology and oncology to patients with chronic services.
List of Major Players of this Market are:
Further Report Findings
The Market is categorized into:
Value (USD billion)