San Francisco, June 02, 2016 (GLOBE NEWSWIRE) -- The global home infusion therapy market is expected to reach USD 28.3 billion by 2024, according to a new report by Grand View Research, Inc. The rising significance of cost-containment in home infusion in comparison with in-patient settings is a high-impact rendering driver of the home infusion therapy market. Moreover, long-term cost savings in the treatment of chronic diseases associated with the home infusion therapy is primarily driving the growth of the industry during the forecast period.
As per a study published in NCBI in 2011, a cost containment program targets cost reduction and study associated patient’s preference pattern changes towards home infusion therapy. As per this study, a short-term reduction of over USD 2,247 in costs was achieved and a reduction of long-term costs of over USD 10,424 too, illustrating that significant cost reductions can be achieved through the incorporation of home infusion therapy.
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Moreover, the rising penetration rate of home and alternate site services as a consequence of high patient preference due to the high awareness & recognition of benefits associated with the aforementioned are presumed to propel the growth of home infusion therapy market over the forecast period. Furthermore, an extensive pipeline of infusible drugs as a result of high R&D investment by global market players is a key contributing factor towards presenting the home infusion therapy market with lucrative growth opportunities during the forecast period.
The rising number of product innovations and initiatives to improve the safety associated with home infusion therapy is anticipated to bolster the demand for home infusion therapy devices market. For instance, infusion pump connectivity plays a key role when used within home settings, which include remote programming and wireless capability in infusion pumps that reduces the overall costs and ensures the safety of the infusion process as this enables to the healthcare professionals to monitor the patient in home settings remotely.
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Further key findings from the study suggest:
- On the basis of application, the anti-infective segment held a substantial share of the home infusion therapy market in terms of revenue of over 27.0% in 2015. Home-based infusion of anti-infective is increasingly preferred by patients suffering from chronic infections that cannot be properly treated through oral agents due to low absorption through GI tract. Within anti-infective, the IV push method is gaining popularity and is expected to experience growth in near future
- Needleless connectors are expected to witness a lucrative CAGR of over 9.0% over during the forecast period. This can be attributed to the rising demand for the safety of healthcare professionals as a result of the increasing number of cases of needle injuries, thus bolstering the growth for needleless connectors throughout the forecast period.
- Incorporation of Needlestick Safety and Prevention Act obligated Occupational Safety and Health Administration (OSHA) to elevate the standards, is expected to further accentuate the safety parameters thereby expected to boost the demand for needleless connectors over the forecast period
- North America dominated the regional market for home infusion therapy in 2015with a share of over 45.0% as a consequence of the presence of large geriatric population base with low mobility profile. The presence of supportive healthcare infrastructure, greater insurance coverage, and favorable reimbursement policies laid out by regulatory bodies are also inducing significant contributions towards industry growth in future.
- Asia Pacific is anticipated to emerge as a high growth market at a CAGR of over 10.5% overthe forecast period. The presence of large unmet needs in the emerging economies of Asia Pacific and growing initiatives over this region is impelling the growth for home infusion therapy. For instance, introduction of private healthcare establishments and nursing facilities with the advent of 12th Five Year Plan (2011-2015) in China. In addition, the increasing number of joint ventures between the U.S. health investors and Chinese senior care companies is expected to present the region with potential growth opportunities.
- Key players of home infusion therapy market include B. Braun Melsungen AG, Fresenius Kabi AG, Baxter, CareFusion Corporation and Hospira, Inc. Mergers & acquisitions, as well as, strategic collaborations with home infusion healthcare providers are the two key significant sustainability strategies employed by these prominent market participants. For instance, in February 2015, CareFusion renewed certifications for four separate patient care devices interoperability standards associated with its Alaris system smart infusion platform.
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Grand View Research has segmented the home infusion therapy market on the basis of product, application, and region:
Global home infusion therapy product outlook (Revenue, USD Million, 2013 - 2024)
- Infusion Pumps
- Intravenous Sets
- IV Cannulas
- Needleless Connectors
Global home infusion therapy application outlook(Revenue, USD Million, 2013 - 2024)
- Hydration Therapy
- Enteral Nutrition
- Parenteral Nutrition
- Specialty Pharmaceuticals
Home infusion therapy regional outlook (Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-home-infusion-therapy-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research