U.S. Home Infusion Therapy Market size was valued around USD 7 billion in 2017 and is expected to witness more than 10% CAGR from 2018 to 2024.
Technological advancements such as
automations in the medical devices have fuelled growth of U.S. home
infusion therapy market. These technological advancements enable
improvisations in the existing medical products thereby enhancing user
experience. For instance, the infusion pumps used in the home infusion
therapy have been modified into smart infusion pumps to reduce dosage
errors that may otherwise occur while using conventional infusion pumps.
Government initiatives such as increase R&D funding to facilitate
modifications in infusion therapy products will propel business growth.
Growing geriatric population is one of the
major industry growth drivers. Statistics presented by World Atlas
supports the fact that by 2060 elderly population in the U.S. will be
more than 98 million. Geriatric population is more prone to infections
due to poor immunity that increases the rate of infections supporting
the U.S. home infusion therapy market growth. More preference is given
to the home infusion therapy by the elderly based population due to ease
and convenience.
Rising prevalence of chronic diseases such
as cancer, diabetes and COPD have increased the demand for home
infusion therapies market. Continuous monitoring and treatment of
chronic diseases will boost market growth. However, unfavourable
reimbursement scenario will restrict the market growth over the forecast
period.
U.S. Home Infusion Therapy Market, By Product
Infusion pump segment held around 51% in
market share in 2017 and is estimated to grow at a CAGR of 9.8% over the
forecast timeline. Growth is attributed to modifications incorporated
in infusion pumps that have reduced errors while administering the
fluids in patient’s body. Rising prevalence of diseases and surgical
procedures have escalated demand for infusion pumps.
Needleless connectors segment will grow at
a CAGR of 10.5% over the forecast period due to growing demand for
hydration therapies and rising prevalence of diseases such as malaria,
dengue and others that requires continuous supply of fluids. Patients
suffering from chronic conditions require continuous supply of medical
accessories such as needleless connectors thereby will accelerate
business growth over the forecast timeframe.
U.S. Home Infusion Therapy Market, By Application
Anti-infectives accounted for over 27.5%
market share in 2017 and is anticipated to continue dominating the
industry over the upcoming years. Growing rates of bacterial, viral and
other infections coupled with rising rates of hospital acquired
infections escalate the demand for anti-infectives therapy enhancing
overall industry growth.
Parenteral nutrition segment will witness
lucrative growth over the coming years owing to increasing demand for
home infusion therapies. Around 40,000 people in U.S. receive home
parenteral nutrition safely through variety of catheters. The
therapeutic benefits as well as treatment against poor functioning of
gastro-intestinal tract disorders through parenteral nutrition should
propel its demand over the forecast timeframe.
U.S. Home Infusion Therapy Market, By Region
South Atlantic home infusion therapy
market will grow owing to rising number of home infusion therapy
pharmacies in the region. These pharmacies treat the patients that are
suffer from chronic as well as acute diseases. Moreover, increasing
average household income of population enhancing the investment capacity
of population in healthcare services will positively impact adoption of
home infusion therapy.
Pacific Central home infusion therapy
market is anticipated to grow at 11.7% CAGR over forecast period due
increasing number of government initiatives that have resolved the
affordability issues of geriatric population. Such initiative has proven
beneficial for geriatric population for availing the home infusion
therapies thereby fuelling overall industry growth.
Competitive Market Share
Major industry players operating in U.S.
home infusion therapy market are Amsino International, Baxter
International, B.Braun, Becton Dickinson, Caesarea Medical Electronics,
Fresenius Kabi, Halyard health, ICU Medical, Moog, Smiths Medical, and
Terumo Corporation. Strategic initiatives undertaken by key industry
players include merger, acquisitions and new product launch to assist in
gaining competitive advantage as well as achieve sustainable profits.
For instance, in February 2017, ICU
medical Inc. completed the acquisition of Pfizer’s Hospira infusion
systems business. The inclusion of Hospira’s IV pumps, devices and
solutions to ICU Medical’s current portfolio will aid in revenue
generation of the company as well as diversification of product
portfolio.
U.S. Home Infusion Therapy Industry Background
The key industry players have been
undertaking numerous strategic initiatives to improvise their product
offerings to increase market share as well as strengthen product
portfolio. Modifications are being made by integrating advanced
technology into the medical devices that are being used in the home
infusion therapy to reduce errors, thereby increasing adoption rate of
the device.
Medical insurance companies such as
Medicare and Medicaid are focusing on improving the reimbursement
structure for home infusion therapy will positively impact industry
growth. Furthermore, improving economic conditions in emerging regions
of the U.S. have escalated the overall adoption of home infusion therapy
in the country.
