Home Infusion Therapy Market: Overview
Owing to a high incidence of chronic diseases, the home infusion therapy market is witnessing uptick in demand. This is because patients with hypertension, strokes, respiratory issues, and kidney problems need consistent monitoring for fluctuations in vital parameters.
Rising preference for home healthcare, especially by the elderly due to limited movement is fuelling the home infusion therapy market. Furthermore, rising need to reduce the stay of patients in hospitals is expected to impel the home infusion therapy market. For example, according to the American Hospital Association, in the U.S., in 2018, almost 36 million hospital admissions were registered. The staggering number of hospital admissions has necessitated to develop programs for home infusion therapy, thereby assisting the growth of home infusion therapy market.
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Home Infusion Therapy Market: Competitive Landscape
The home infusion therapy market is competitive with the presence of several large players. R&D for new product launch and mergers & acquisitions are the key focus of well-entrenched players in the home infusion therapy market.
Prominent companies operating in the home infusion therapy market include Smiths Medical, B. Braun Melsungen, Becton, Dickinson & Company, ICU Medical, Baxter, Fresenius Kabi, Eli Lily & Company, and Terumo Corporation among others.
In a recent development, in April 2020, B. Braun Melsungen obtained emergency use authorization (EUA) from U.S. FDA for using infusion pump with nebulizers to treat COVID-19 patients. The move has resulted in increased product sales, expansion of customer base, and market growth.
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Home Infusion Therapy Market: Key Trends
Low immune system of patients, pediatrics, and rising geriatric population along with high incidence of chronic diseases are fuelling the home infusion therapy market. Focus of key players for the development of home infusion therapy using advanced technologies is further boosting the home infusion therapy market.
On the downside, risks of failure of home infusion devices and lack of favorable reimbursement schemes to render home infusion therapy are slowing the growth of home infusion therapy market.
Home Infusion Therapy Market: Regional Assessment
North America leads the home infusion therapy market due to high incidence of chronic diseases in the region.
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