With 6.8% CAGR, Home Infusion Therapy Market Size To Surpass USD 54.82 Billion by 2028
According to Fortune Business Insights, Home Infusion Therapy Market to Reach USD 54.82 Billion by 2028; Expanding Geriatric Population & Chronic Disease Prevalence to Fuel Market Growth; CVS Health’s Collaboration with the Cancer Treatment Centers of America (CTCA) to Incite Development
Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global home infusion therapy market size is projected to reach USD 54.82 billion by 2028 and exhibit a CAGR of 6.8% during the forecast period. The growing demand for personalized intravenous drug infusion therapy is expected to be the key growth driver for the market. Fortune Business InsightsTM has presented this information in its report titled “Home Infusion Therapy Market, 2021-2028”. The market size stood at USD 41.36 billion in 2020 and is anticipated to reach USD 34.54 billion in 2021.
The market’s growth is also ascribable to the expanding geriatric population and the growing chronic disease prevalence. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, which is approximately 133 million.
Industry Developments-
- CVS Health and the Cancer Treatments Centers of America (CTCA) collaborated to augment the access to chemotherapy at home for qualified patients. The therapy requires trained professionals and the Coram infusion model in chemotherapy.
- PromptCare acquired NBN Infusions, Inc., a New Jersey-based home infusion and respiratory therapy service provider. NBN Infusions, Inc. majorly provides infusion therapy services for critically conditioned patients. In this acquisition, PromptCare acquired all assets of NBN Infusions, Inc. This acquisition will help PromptCare to reinforce its market share in the Northeastern U.S.
- Avoset developed a homecare system, AvosetGO, an infusion pump device with embedded touch screens which can be connected and watched over via smart devices.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.8% |
| 2028 Value Projection | USD 54.82 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 34.54 billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 128 |
Key Takeaways-
- Home infusion therapy is a procedure in which patients get medications and biologics at their homes.
- Many home infusion service providers, including Option Care Health Inc., collaborate with hospitals to make it easier for patients to be treated in home care settings.
- Home infusion settings have administration costs that are 87% and 62% less than those of medical offices, respectively.
- The Center for Disease Control (CDC) estimates that 1.7 million people in the United States contract an infection acquired in a hospital each year.
- In 2020, the North American market for home infusion therapy was valued at USD 16.90 billion.
Drivers & Restraints-
Rising Chronic Disease Prevalence to Amplify Market Growth
In recent years, chronic diseases including cancer, congestive heart failure, chronic immune deficiencies, diabetes, and others have increased manifold. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, approximately 133 million. Hence, the increasing chronic disease prevalence is anticipated to bolster the global u.s home infusion therapy market growth. Moreover, the expanding geriatric population is likely to complement the market’s growth.
The growing hospital-acquired infections prevalence is boosting the Home Infusion Therapy market’s growth. The Center for Disease Control estimates approximately 1.7 million patients get infected with hospital-acquired infections annually. This boosts the demand for personalized intravenous drug infusion therapy, which is anticipated to be a vital factor driving the market’s growth.
Moreover, the rising consumer inclination towards home medical care is estimated to boost the market's growth significantly.
However, the limited reimbursements for homecare may hamper the Home Infusion Therapy market growth in the forthcoming years.
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Regional Insights-
Presence of Key Players to Boost Growth in North America Significantly
North America is predicted to attain the largest global U.S home infusion therapy market share. Key players present in the region are likely to stimulate the market growth significantly. The swift adoption of home infusion therapy is likely to boost the growth of the Home Infusion Therapy market.
Europe is projected to gain substantial growth due to the increasing burden of chronic diseases and the expanding geriatric population. Additionally, growing government initiatives are expected to fuel the growth of the market.
Asia Pacific is expected to experience significant growth in the global Home Infusion Therapy market. The growing consumer awareness regarding the therapy for the treatment of various chronic diseases is anticipated to amplify the regional market growth. Additionally, the increasing adoption of ingenious technologies is expected to augment market growth.
The rest of the World is expected to gain considerable growth in the coming years. The growing inclination towards home-based medical care and the rising consumer awareness is anticipated to aid the market’s growth.
Factors affecting the growth of Home Infusion Therapy industry?
- Increase in Chronic Diseases
- Aging Population
- Technological advancements
- Rising demand for cost-effective care
- Government Support and Reimbursement
- Growing awareness of Home Infusion Therapy.
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Segmentation-
On the basis of product, the market is trifurcated into services, drugs, and devices. On the basis of indication, the market is fragmented into immunoglobulins, total parenteral nutrition, hydration therapy, chemotherapy, anti-infective, and others. Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
Competitive Landscape-
Key Players Collaborate to Enhance their Market Reach
The U.S Home Infusion Therapy market is fairly consolidated and comprises Baxter, Option Care Health Inc., Optum inc., and others as the top market players. They emphasize the development of innovative infusion pumps. They focus on the expansion of their geographical footprints domestically and internationally. To enhance their market reach, the key players adopt ingenious growth strategies such as new product launches, patents, technological developments, mergers, acquisitions, and others. For instance, Option Care Enterprise Inc. collaborated with BioScrip Inc. to establish a new firm, Option Care Health Inc., in August 2019. It became the largest independent, alternate site and home infusion service provider in the U.S.
Report Coverage-
- It incorporates SWOT Analysis.
- It showcases the COVID-19 pandemic impact on the market.
- It highlights the latest technological advancements and key trends of the market.
- It assimilates the challenges and restraints to growth and advises strategies to
- overcome those challenges.
- It describes the consumption rates and patterns associated with the market.
List of Key Players in the Global Home Infusion Therapy Market:
- Option Care Health Inc. (Illinois, U.S.)
- Optum, Inc. (Eden Prairie, U.S.)
- CareCentrix Inc. (Hartford, U.S.)
- CVS Health (Woonsocket, Rhode Island, U.S.)
- KabaFusion (Cerritos, U.S.)
- PromptCare (New Jersey, U.S.)
- Baxter International Inc. (Deerfield, U.S.)
- Infusystem (Michigan, U.S.)
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Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Home Infusion Therapy Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Diseases, 2019, Key Countries/Regions
- New Product Launches for Home Infusion Therapy
- Covid-19 Impact on the Home Infusion Therapy, and Key Steps Taken by Market Players
- Key Industry Development such as Mergers, Acquisition, and Partnerships
- Global Home Infusion Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Devices
- Drugs
- Services
- Market Analysis, Insights and Forecast – By Indication
- Anti-Infective
- Chemotherapy
- Hydration Therapy
- Enternal Nutrition
- Total Parenteral Nutrition
- Immunoglobulin Therapy
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Home Infusion Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Devices
- Drugs
- Services
- Market Analysis, Insights and Forecast – By Indication
- Anti-Infective
- Chemotherapy
- Hydration Therapy
- Enternal Nutrition
- Total Parenteral Nutrition
- Immunoglobulin Therapy
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
Continued...
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