In recent years, there has been a significant shift in healthcare delivery, with more emphasis on patient comfort and convenience. One area that has gained momentum is home infusion therapy, where patients receive medications or fluids intravenously in the comfort of their own homes. This trend has given rise to the Home Infusion Therapy Devices Market, which is witnessing remarkable growth.
Home infusion therapy offers numerous benefits to patients, including reduced hospital stays, enhanced quality of life, and improved medication adherence. It is particularly advantageous for patients requiring long-term treatments for conditions such as cancer, autoimmune disorders, and infections. The market for home infusion therapy devices encompasses various products, including infusion pumps, intravenous sets, needleless connectors, and catheters.
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It is predicted that the market for home infusion therapy devices would grow to US$ 2.3 billion in 2023 and US$ 4.4 billion in 2033. Over the course of the projection period, sales of home infusion therapy equipment are expected to grow rapidly at a CAGR of 6.6%.
The growing aging population, coupled with the rising prevalence of chronic diseases, is a key driver for the market’s expansion. As more individuals seek alternative healthcare options and governments encourage home-based treatments, the demand for home infusion therapy devices is soaring. Furthermore, advancements in technology have resulted in the development of user-friendly devices, ensuring ease of administration and monitoring for both patients and healthcare providers.
Key Takeaways from Home Infusion Therapy Devices Market Study
- By product type, infusion system accessories will hold around 45% of value share globally.
- Based on the application, antibiotic administration is leading with over 34% of the market share.
- Home care settings sales will dominate the home infusion therapy devices, with a market share of 65% during the forecast period.
- By region, the U.S. will dominate the global home infusion therapy devices market with a value share of around 37% during the forecast period.
- Followed by North America, Europe will be the second-largest leading region, with a value share of 93.2% during the forecast period.
- India is the dominant country in term of revenue for South Asia Home infusion therapy devices market, accounting for nearly 48% of market share in 2021.
- China holds leading position in East Asia and is expected to account for nearly 52% of market share.
“Growing prevalence of chronic diseases such as diabetes and cancer in the midst of COVID-19 pandemic and high risk of infection across hospitals encouraged key players to invest in new product launches. This is expected to enable growth in the market in the coming years” says a FMI Analyst.
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Who is Winning?
Key players are focusing on new product launches and approvals. Other growth strategies adopted by leading players include, agreements, and collaborations among key manufacturers. By focusing on these strategies, key players are expanding their geographic presence and strengthening their existing product portfolio.
For instance,
- In June 2019, Baxter International Inc. announced that Myxredlin that is the first and only ready-to-use insulin for IV infusion get the US FDA approval.
- In Jan 2019, Fresenius Kabi AG launched two colourful bags via white spiral cables to supply the nutrient solution for parenteral nutrition.
- In April 2017, B. Braun Melsungen AG announced the launch of home infusion therapy App named Easypump® for healthcare professionals and patients.
The key market players profiled by FMI include Becton, Diciknson & Company, B.Braun Melsungen AG, Baxter International, Fresenius Kabi, Terumo Corporation, ICU Medical, Nipro Corporation, Smiths Medical, Micrel Medical Devices SA, Moog Inc., JMS Co.Ltd., Intera Oncology, and Others Top-up.
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Home Infusion Therapy Devices Market by Category By Product Type:
- Disposable Elastomeric Pumps
- Insulin Pumps
- PCA Pumps
- Electronic Ambulatory Pumps
- Infusion System Accessories
By Applications:
- Enteral Nutrition
- Parenteral Nutrition
- Chemotherapy
- Antibiotic Administration
- Others
By End User:
- Home Care Settings
- Long Term Care Centers
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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