New York, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Home Infusion Therapy Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Home Infusion Therapy Devices Market Information by Product, Application and Region - Forecast till 2030", the market is anticipated to reach USD 60.1 Billion at CAGR of 7.4% over the forecast period 2022-2030.
Market Scope:
Particularly for conditions where oral medication is least successful, infusion therapy has grown in popularity as a pain relief treatment. Infusion treatment is frequently used to treat cancer-related pain, diabetes, and gastrointestinal illnesses. Additionally, infusion therapy is equally successful in treating conditions like cystic fibrosis and persistent dehydration.
Home infusion therapy reduces the number of trips to the hospital and boosts medication compliance. Devices for home infusion therapy are used to administer drugs outside of a clinic or hospital setting using a needle or catheter to enter a vein. Devices for home infusion therapy are successfully handling complex patient needs, which is contributing to the market's expansion as a whole. Patients are transferring from traditional therapies to specialized infusion therapies including at-home infusion therapy.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 60.1 Billion |
| CAGR | 7.4% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing incidence of cancer, diabetes, immune deficiencies and infections |
| Raising awareness regarding the services of home infusion. |
Home Infusion Therapy Devices Market Competitive Analysis:
some of the prominent players in the home infusion therapy devices market are:
- Braun Melsungen AG
- Fresenius Kabi AG
- Baxter International Inc.
- Johnson & Johnson Private Limited
- Pfizer Inc.
- Terumo Corporation
- Smith & Nephew
- Care Fusion Corporation
Home Infusion Therapy Devices Market Dynamics:
Market Drivers:
Growing geriatric populations and increased public knowledge of the benefits of home infusion therapy are two factors contributing to the increase in demand for home infusion therapy equipment. The market is expanding as a result of rising rates of infections, diabetes, cancer, and other diseases as well as favorable reimbursement scenarios. Home care demand will increase as the aging population grows since they are more likely to suffer chronic illnesses and problems, both of which are expected to boost the market.
Market Limitations
Contrarily, dangers related to medicine administration, inconsistent infusion device performance, improper infusion device use, and complicated reimbursement regulations may restrain market expansion. The main obstacles restricting the market's growth are also a shortage of trained labor, many product recalls, and inconsistent usage recommendations.
Home Infusion Therapy Devices Market COVID-19 Analysis
All elective procedures were delayed or postponed in numerous nations due to the ongoing coronavirus outbreak. Despite the fact that infusion therapy is not a choice, the availability of home infusion therapy as an alternative to infusion therapy in hospitals has reduced the number of such patients registered in hospital settings.
The main cause is that the COVID-19 patients have swamped hospitals and that the COVID-19 pandemic has used up most of the available resources. As a result, many patients choose to continue receiving infusion therapy at home. Patients receiving infusion therapy at home increased as a result in 2020.
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Due to the rise in chronic disease cases, COVID-19 is predicted to have a relatively beneficial effect on the market for home infusion therapy devices. When exposed to SARS-COV2, the symptoms of chronic disorders like diabetes can become severe.
Home-based therapies were more in demand during COVID-19 because people were worried about contracting the illness in hospitals. Additionally, by avoiding hospitals, the desire for home infusion therapy equipment pushed down the rate of COVID-19 infection.
Home Infusion Therapy Devices Market Segmentation:
The market for devices used in home infusion therapy has been divided into product and application segments.
By Product
On the basis of product, the market is segmented into Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors, Elastomeric Pumps. Due to increasing demand, the intravenous sets category is anticipated to increase at the greatest CAGR throughout the forecast period.
By Application
On the basis of application, the market is segmented into Anti-Infectives, Endocrinology, Enteral nutrition, Hydration Therapy, Chemotherapy. Over the assessment period, the chemotherapy category is anticipated to increase at a noteworthy CAGR.
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Home Infusion Therapy Devices Market Regional Analysis:
Because of the rising elderly population, which is a key trigger factor for infections related to the cardiovascular, neurological, and respiratory systems, the Americas is the market leader and offers a lucrative market for home infusion treatment devices. The market for home infusion devices is being driven by the enormous elder population and the rising incidence of cancer. Additionally, the Americas are seeing a rapid pace of technological advancement, and rising government initiatives and financing for medical device research are propelling the market's expansion.
The availability of cutting-edge treatment facilities, rising healthcare costs, and a thriving medical device industry due to the presence of major market players are some of the key factors driving Europe's position as the second-largest market and its healthy market share in the home infusion therapy devices market. The market is expanding as a result of the increased frequency of chronic diseases like cardiovascular and neurological disorders, among others. Additionally, the expansion is being driven by an increase in surgical operations because post-operative home care is necessary.
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A large patient pool, a quicker adoption of healthcare technology, government attempts to improve healthcare quality, and the availability of advantageous insurance coverage will all contribute to Asia Pacific being the market with the quickest growth. A favorable growth curve in the home infusion therapy devices market will be created in the future thanks to important players in research establishing regional offices and manufacturing facilities in Singapore, China, Japan, Korea, and Australia due to the cheaper cost of clinical trials.
Due to some significant reasons like lack of awareness, restricted access, and a lack of treatment facilities, the Middle East and Africa are predicted to experience the least market growth. Due to the growth of the healthcare sector and the expanding number of specialist care facilities, Saudi Arabia and the United Arab Emirates hold the greatest market share in the Middle East.
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