Home Infusion Therapy Market Size to Surpass USD 54.82 Billion by 2028, exhibiting a CAGR of 6.8%
As per the report by Fortune Business Insights, the global Home Infusion Therapy Market size is projected to reach USD 54.82 billion in 2028, at a CAGR of 6.8% during the forecast period, 2021-2028
Pune, India, Sept. 06, 2023 (GLOBE NEWSWIRE) — Global Home Infusion Therapy Market Size was valued at USD 41.36 billion in 2020 and is projected to grow USD 54.82 billion by 2028 exhibiting a CAGR of 6.8% during the forecast period. The growing demand for personalized intravenous drug infusion therapy is expected to be the key growth driver for the market.
The market’s growth is also ascribable to the expanding geriatric population and the growing chronic disease prevalence. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, which is approximately 133 million.
This information is provided by Fortune Business Insights™ in its research report titled Home Infusion Therapy Market, 2021-2028.
Key Industry Development-
- January 2021: CVS Health and the Cancer Treatments Centers of America (CTCA) collaborated to augment the access to chemotherapy at home for qualified patients. The therapy requires trained professionals and the Coram infusion model in chemotherapy.
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Key Takeaways –
- Home Infusion Therapy Market size in North America was USD 16.90 billion in 2020
- Rising Prevalence of Chronic Disease and Rise in Geriatric Population to Fuel Demand
- Rising Demand for Home Care Intravenous Drug Infusion Therapy to Augment Growth
- The drug segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- Option Care Health Inc. (Illinois, U.S.)
- Optum, Inc. (Eden Prairie, U.S.)
- CareCentrix, Inc. (Hartford, U.S.)
- CVS Health (Woonsocket, Rhode Island, U.S.)
- KabaFusion (Cerritos, U.S.)
- PromptCare (New Jersey, U.S.)
- Baxter International Inc. (Deerfield, U.S.)
- Infusystem (Michigan, U.S.)
Report Scope & Segmentation:
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||6.8%|
|2028 Value Projection||USD 54.82 Billion|
|Home Infusion Therapy Market Size in 2020||USD 41.36 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||128|
|Segments covered||Product, Indication and Geography|
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Drivers & Restraints:
Rising Chronic Disease Prevalence to Amplify Market Growth
In recent years, chronic diseases including cancer, congestive heart failure, chronic immune deficiencies, diabetes, and others have increased manifold. The World Health Organization (WHO) estimates that around 40% of the total country’s populace experiences chronic diseases, approximately 133 million. Hence, the increasing chronic disease prevalence is anticipated to bolster the global home infusion therapy market growth. Moreover, the expanding geriatric population is likely to complement the market’s growth.
The growing hospital-acquired infections prevalence is boosting the market’s growth. The Center for Disease Control estimates approximately 1.7 million patients get infected with hospital-acquired infections annually. This boosts the demand for personalized intravenous drug infusion therapy, which is anticipated to be a vital factor driving the market’s growth.
Moreover, the rising consumer inclination towards home medical care is estimated to boost the market’s growth significantly.
However, the limited reimbursements for homecare may hamper the market growth in the forthcoming years.
- Hydration Therapy
- Enteral Nutrition
- Total Parenteral Nutrition
By End User
- Hospitals & ASCs
- Specialty Clinics
Presence of Key Players to Boost Growth in North America Significantly
North America is predicted to attain the largest global home infusion therapy market share. Key players present in the region are likely to stimulate the market growth significantly. The swift adoption of home infusion therapy is likely to boost the growth of the market.
Europe is projected to gain substantial growth due to the increasing burden of chronic diseases and the expanding geriatric population. Additionally, growing government initiatives are expected to fuel the growth of the market.
Asia Pacific is expected to experience significant growth in the global market. The growing consumer awareness regarding the therapy for the treatment of various chronic diseases is anticipated to amplify the regional market growth. Additionally, the increasing adoption of ingenious technologies is expected to augment market growth.
The rest of the World is expected to gain considerable growth in the coming years. The growing inclination towards home-based medical care and the rising consumer awareness is anticipated to aid the market’s growth.
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Key Players Collaborate to Enhance their Market Reach
The market is fairly consolidated and comprises Baxter, Option Care Health Inc., Optum inc., and others as the top market players. They emphasize the development of innovative infusion pumps. They focus on the expansion of their geographical footprints domestically and internationally. To enhance their market reach, the key players adopt ingenious growth strategies such as new product launches, patents, technological developments, mergers, acquisitions, and others. For instance, Option Care Enterprise Inc. collaborated with BioScrip Inc. to establish a new firm, Option Care Health Inc., in August 2019. It became the largest independent, alternate site and home infusion service provider in the U.S.
How big is the Home Infusion Therapy Market?
Home Infusion Therapy Market size was USD 34.54 billion in 2021. It is expected to reach USD 54.82 billion in 2028.
How fast is the Home Infusion Therapy Market growing?
The Home Infusion Therapy Market will exhibit a CAGR of 6.8% during the forecast period, 2021-2028.
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