The Home Infusion Therapy Devices Market has witnessed significant growth in recent years, driven by the rising demand for cost-effective and convenient healthcare options, coupled with the increasing prevalence of chronic diseases. Home infusion therapy involves the administration of medications, nutrients, or fluids directly into the patient’s bloodstream at their place of residence, allowing for continuous treatment and management of various conditions. The market is characterized by a wide range of devices, including infusion pumps, needleless connectors, catheters, and IV sets, among others.
One of the key factors contributing to the market’s expansion is the aging population, which is more prone to chronic diseases like cancer, diabetes, and cardiovascular disorders. Additionally, the shift towards home-based care models, as they offer better patient comfort and reduced healthcare costs, has boosted the adoption of home infusion therapy devices. These devices provide patients with the freedom to receive treatments in a familiar environment, enhancing their overall quality of life and adherence to prescribed therapies.
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The market for home infusion therapy equipment is anticipated to reach US$ 2.3 billion in 2023 and US$ 4.4 billion by 2033. Sales of equipment for home infusion therapy are anticipated to expand quickly at a CAGR of 6.6% during the projection period.
Technological advancements have also played a crucial role in the market’s growth. The development of smart infusion pumps, which can be remotely monitored and controlled by healthcare providers, ensures better accuracy and safety in drug delivery. Moreover, the integration of wireless connectivity and mobile applications has made it easier for patients and caregivers to track infusion progress and receive real-time alerts in case of any issues.
Despite the positive prospects, challenges remain in the form of reimbursement complexities and stringent regulatory requirements. Governments and healthcare organizations are continuously working to address these obstacles to foster the adoption of home infusion therapy devices.
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.
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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