Home Infusion Therapy Market 2017-2024 | Key Players are Baxter, CareFusion, Smiths Medical, Fresenius Kabi
SELLBYVILLE, Del., July 26, 2018 /PRNewswire-iReach/ -- World Home Infusion Therapy Market outlook is poised to beat USD 28 billion by 2024; as per a new research report by Global Market Insights, Inc. Expanding geriatric population base coupled with increasing incidences of chronic diseases will drive global home infusion therapy market over the forecast period. Lifestyle related habits such as alcohol consumption, high calorie diet and tobacco should further drive industry growth.
Rising incidence of hospital acquired infection will increase demand for home infusion therapy in the coming years. Technological advancement such as introduction of smart pumps that make use of infusion therapies easier in homecare setting should propel industry growth over the forecast period.
Presence of home healthcare facilities such as home health care agencies, hospice and home care organizations are the major business generating streams for industry. Moreover, increasing private and public funding on medical goods and government initiatives for cancer treatment should contribute for robust business growth. However, complex reimbursement policies along with risk associated with administration of dosage may restrain industry growth.
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Infusion pumps accounted for significant value share of the market in 2016, due to high level of precision and accuracy associated with these devices and increasing availability of smart pumps. Their wide usage across medical settings such as, hospitals, nursing homes and homecare should spur demand.
Anti-infective industry segment held largest market share in 2016. Advancement in anti-infective infusion therapy reduce risk of medication errors and ease the procedure and propel industry growth. Parenteral nutrition will result to lucrative growth over the forecast timeframe, due to development of novel techniques and high clinical proficiency; it also gives patient nourishment by an IV catheter and safely start medication at home that eliminates hospital admission.
U.S. home infusion therapy market held largest revenue share in 2016, due to high acceptance of home care service and supportive associations. For instance, the American Society of Health System Pharmacists (ASHP) policies and guidance ensure safety and effective use of medication at home. Increasing number of hospital acquired infections in the country should further drive home infusion therapy market growth over the forecast timeframe.
UK should witness substantial growth due to increasing number of cardiovascular diseases and rising prevalence of malnutrition among geriatric population. Demand for home infusion therapy is increasing from orthopedic and rehabilitation as UK government strives to promote independent living for elderly and disabled people.
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India home infusion therapy market held significant market share in 2016. Increasing prevalence of chronic diseases coupled with growing number of hospital acquired infections (HAI's) in the country should drive industry growth. Rising number of initiatives by various organizations to ensure standard of care in infusion therapy and advancement in technology should propel business growth.
Some of the companies operating in home infusion therapy includes B. Braun Melsungen, Smiths Medical, Fresenius Kabi, CareFusion Corporation, ICU Medical, Terumo Corporation and Baxter. Industry players are focusing on new product development, merger and acquisition strategy to gain market share.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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SOURCE Global Market Insights, Inc.
