New York City, NY, Dec. 15, 2017 (GLOBE NEWSWIRE) — Home infusion therapy facilitates the intravenous administration of medicines into the body of a patient with a needle or catheter. It is prescribed by physicians and administered by trained professionals and nurses. It is used when oral medication is not effective for the treatment of diseases. It reduces the time spent by patients in hospitals, nursing homes and clinics. It includes continuous and slow administration of drugs, antibiotics, nutrients and other fluids into the veins on a daily, weekly, or monthly basis, depending on the patient’s condition. Home infusion therapy is an effective and safe alternative against conventional hospitalization for treatment of diseases as it is provided in a friendly environment that helps in faster recovery from diseases. Home infusion therapy is employed in the treatment of diseases that are unresponsive to oral medication, such as cancer and gastrointestinal diseases. It is also used in the treatment of diabetes, cystic fibrosis, dehydration and acute infections. Home infusion therapy improves medication adherence and reduces unplanned hospitalization. Home infusion therapy includes total parenteral nutrition, infusion antibiotic therapy, chemotherapy and enteral therapy. Some major infusion devices used for administration of medicines are infusion pumps, intravenous equipment and others.
Market Value and Forecast
The global home infusion therapy devices market is estimated to be worth US$ 1,515.2 Mn by 2017 end and is expected to expand at a CAGR of 6.8% over the forecast period of 2017–2025. North America accounted for the largest market share and was valued at US$ 494.4 Mn in 2016, and is expected to expand at a CAGR of 7.1% over the forecast period.
Growth of the global home infusion therapy devices market is primarily driven by growing incidence of pain, cancer and diabetes, favorable reimbursement for infusion therapy in homecare, rapid increase in geriatric population and also rising awareness regarding the use of home infusion therapy devices. This preference towards preventive healthcare over reactive, external partnerships in research is driving home infusion therapy development and growth of home infusion therapy in health management associations.
However, vast product recalls and reported errors, lack of standard usage guidelines and trained manpower and lack of proper treatment/diagnosis options for disease are some factors expected to hamper the growth of the global home infusion therapy devices market over the forecast period.
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Market Segmentation by Product Type
Based on product type, the market has been segmented into
- Disposable Elastomeric Pumps
- Insulin Pumps
- PCA Pumps
- Electronic Ambulatory Pumps
- Infusion System Pumps Accessories
The disposable elastomeric pumps segment held a significant share of around 44.7% in 2016 and is expected to dominate throughout the forecast period, registering higher CAGR as compared to the other segments.
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Market Segmentation by Application
Based on application, the market has been segmented into
- Enteral Nutrition
- Parenteral Nutrition
- Antibiotic Administration
The parenteral nutrition segment held a significant share of around 44.9% in 2016 and is expected to dominate throughout the forecast period, registering higher CAGR as compared to the other segments.
Market Segmentation by End User
Based on end user, the market has been segmented into
- Home Care Setting
- Long Term Care Centers
The home care setting segment held a significant share of around 55.3% in 2016 and is expected to dominate throughout the forecast period, registering higher CAGR as compared to the other segments.
Geographically, North America is expected to be the dominant regional market by 2017 end and is expected to expand at a CAGR of 7.1% over the forecast period. Asia Pacific is expected to be the fastest growing regional market in terms of revenue growth in the global home infusion therapy devices market, registering a CAGR of 7.4% over the forecast period.
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