Home infusion therapy market to expand exponentially by 2020
Friday, November 13, 2015
Seems everything related to the home healthcare market currently is hugely popular, and the trend continues. A perfect example is the home infusion market, of all things.
What exactly is the home infusion market? The simple answer is that home infusion therapy refers to intravenous at-home administration of medicines into the patient's body through a needle and catheter. Administered by trained healthcare professionals, home infusion therapy proves effective for the treatment of certain diseases where oral medications fail.
Thus, let's take a look at little information regarding the sector. According to a new report, "Global Market Study on Home Infusion Therapy Devices: Needleless Connectors to Witness Highest Growth by 2020," the global home infusion therapy devices market is projected to expand by 9 percent during the period between 2014 and 2020.
The overall market was worth more than $15.9 billion in 2014 and is expected to nearly double in valuation of more than $26.7 billion by 2020.
Home infusion therapy is "a safe and cost-effective alternative to hospitalization for the treatment of chronic diseases," the report states. Reasons for the rise include: growth in the geriatric population and increasing number of chronic diseases worldwide, which will propel the global home infusion therapy devices market.
"The increasing application of infusion devices for relieving pain and technological advancements in infusion devices will further fuel the growth of the global home infusion therapy devices market," the report's writers suggest.
However, lack of reimbursement policies for home infusion therapy also will negatively affect the overall market.
"The global home infusion therapy devices market has a huge opportunity to grow with rising inclination toward specialty infusion therapy. Extensive usage of ambulatory infusion pump has emerged as the latest trend in the global home infusion therapy devices market," the report suggests.
Cancer and diabetes driving demand
The global home infusion therapy devices market has been segmented into intravenous sets, needleless connectors and infusion pumps. The demand for infusion pumps is significantly high. The infusion pumps segment has been further segmented into large-volume infusion pump, ambulatory infusion pump and syringe infusion pump.
Based on disease type, the global infusion therapy devices market has been categorized into cancer and diabetes.
According to the National Cancer Institute, an estimated 1,658,370 new cases of cancer will be diagnosed in the United States by the end of 2015. The World Health Organization (WHO) estimated that about 9 percent of adults 18 years and older worldwide suffered from diabetes in 2014. The demand for infusion therapy devices for both the diseases will increase rapidly in the coming years.
Asia emerges as fastest-growing market
The global home infusion therapy devices market has been segmented across three key regions: North America, Europe and Asia. As expected, Asia is the fastest-emerging market for the technology, but North America dominates the overall home infusion therapy devices market, owing to a large patient base suffering from chronic diseases, such as AIDS, cancer and diabetes.
Some of the key players in the global home infusion therapy devices market are Baxter, TERUMO Corporation, JMS Co. Ltd., CareFusion Corporation, ICU Medical Inc., Smiths Medical, Fresenius Kabi AG, B. Braun Melsungen AG, Caesarea Medical Electronics and Hospira Inc.
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