Prolonged stays in the hospitals may result into rising prevalence of nosocomial infections caused by bacteria, virus, and fungal pathogens. Rising consciousness towards these infections will favor the home infusion therapy industry in the coming six years. The home infusion therapy industry size is estimated to surpass USD 26 billion by 2023. Furthermore, new advancements in the infusion pumps will generate attractive growth avenues in the home infusion therapy market. For instance, the introduction of smart pumps and Wi-Fi enabled pumps have escalated the demand for the home infusion therapy services.
UK Home Infusion Therapy Market size, by application, 2012-2023 (USD Million)
Some of the prominent application areas of the home infusion therapy industry include Anti-infective, Parenteral Nutrition, Specialty Pharmaceuticals, Hydration Therapy, Chemotherapy, and Enteral Nutrition. The anti-infective application in the home infusion therapy market is projected to exceed USD 7 billion by 2023, owing to growing geriatric population and rising occurrence of transferable & infectious diseases. Enteral nutrition is another lucrative application in the home infusion therapy market, which is anticipated to grow at an annual rate of 9% over the period of 2016-2023. The industry growth is subject to the growing incidence of chronic disease including diabetes, cancer, and gastrointestinal infections. Moreover, growth in disposable income and increasing demand for home-based therapy will fuel the industry outlook.
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Considering the product segmentation of the home infusion therapy market, infusion pumps accounted for more than 50% of the overall industry share. Need for high precision and new technological advents with feature including alarms, barcode technology, etc. will majorly drive the infusion pumps market. Apart from this, needleless connectors market is another profitable product segment, which is projected to register a CAGR of 9.5% over the period of 2016-2023. Rising concerns over needle stick injuries and increasing demand for safety will spur the industry growth. Needleless connectors are the fastest growing product segment anticipated to surpass USD 7.9 billion by 2023.
Geographically, U.S. home infusion therapy market led the industry by accounting for 90% of the regional revenue in 2015. Favorable government policies and access to care facilities in healthcare will augment the industry growth. The U.S. home infusion therapy industry is anticipated to surpass USD 10 billion by 2023. Europe home infusion therapy market will continue to be the second largest regional industry, driven by the promising reimbursement schemes and adoption of home care services.
Mergers and acquisitions, new product development and strategic alliances with healthcare institutes are the major growth strategies implemented by the market players. Notable industry participants include Baxter, CareFusion Corporation, Smiths Medical, Terumo Corporation, B. Braun Melsungen, ICU Medical, and Fresenius Kabi.
Author Name : Ojaswita Kutepatil