Home infusion therapy (HIT) provides various therapeutic services including infusion of antibiotics, nutritional support, chemotherapy etc. at an outpatient’s or patient’s place of residence. This eliminates the need for repeated visits to healthcare facilities and provides comfort to patients suffering from chronic conditions. The global Home Infusion Therapy Market is estimated to be valued at US$ 2.8 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of chronic diseases across the globe is a key driver for the home infusion therapy market. According to estimates, around 450 million people today suffer from chronic illnesses worldwide and this number is expected to rise by around 57% by 2020. Chronic conditions such as cancer, diabetes, cardiovascular diseases and others often require continuous medication and therapeutic therapies. Home infusion provides an effective way for patients to receive required treatment in a comfortable environment without constantly visiting clinics or hospitals. This at-home model of care improves patient compliance and health outcomes, while alleviating pressure on overwhelmed healthcare systems. Continuous technological advancements in home infusion devices and therapies are further increasing the uptake of HIT services globally.
SWOT Analysis
Strength: Home infusion therapy provides the comfort of patients being treated at home rather than hospitals. It helps reduce healthcare costs.
Weakness: There are concerns over ensuring proper treatment, monitoring and management at home without full-time medical facilities. Lack of caregiver support at home can also affect treatment adherence.
Opportunity: Growing geriatric population prone to chronic diseases and shifting healthcare trend towards home-based services present opportunities. Technological advancements enabling remote patient monitoring also support home therapy uptake.
Threats: Strict regulations and legal liabilities associated can deter healthcare providers. Lack of proper insurance coverage also limits the reach of home infusion services.
Key Takeaways
The global home infusion therapy market is expected to witness high growth till 2031.
Regional analysis: North America accounts for the major share of the global home infusion therapy market currently due to supportive regulatory scenarios and high healthcare spending. However, Asia Pacific region is expected to witness the fastest growth during the forecast period due growing geriatric population, improving access to healthcare facilities, and increasing focus on cost-effective treatment options.
Key players: Key players operating in the home infusion therapy market are Baxter, B. Braun Melsungen AG, Care Fusion Corporation, ICU Medical, Inc., Fresenius Kabi AG, JMS Co. Ltd., Terumo Corporation, Smiths Medical. These players are focusing on expanding their product portfolios and strengthening geographical presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
