Home Infusion Therapy Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases and Growing Ageing Population
The global home infusion therapy market is estimated to be valued at USD 24.51 Bn in 2024, exhibiting a CAGR of 6.6% over the forecast period (2024-2031). Growth of the home infusion therapy market can be attributed to the rising prevalence of chronic diseases, such as cancer, diabetes, and other disorders, drive the demand for home infusion therapy. Furthermore, the growing geriatric population that is prone to chronic diseases and conditions favor the growth of home infusion therapy market.
Market Dynamics:
Rising prevalence of chronic diseases and growing geriatric population are the major drivers propelling the growth of the global home infusion therapy market. Cancer, diabetes, gastrointestinal disorders, and other chronic diseases have high incidence rate globally. As per WHO, chronic diseases accounted for approximately 60% of total reported deaths in the world in 2020. The increasing burden of chronic diseases drives the demand for effective therapies like home infusion to improve patients’ quality of life and ease healthcare resource burden. Additionally, home infusion therapy helps in substantially cutting down healthcare costs as compared to hospitalization or clinic visits. This has encouraged healthcare service providers and payers to support home infusion services.
Major Driver: Increasing prevalence of chronic diseases are driving demand for home infusion therapy
The increasing prevalence of chronic diseases across the globe is a key driver for the growth of the home infusion therapy market. Chronic diseases such as cancer, diabetes, and gastrointestinal disorders require continuous drug administration and long-term care. Home infusion therapy offers an effective alternative for the treatment of such chronic conditions as it allows for continuous drug delivery and monitoring at home, reducing the need for frequent hospital visits. As per the World Health Organization, chronic diseases account for 60% of total deaths globally. This high and rising disease burden is expected to significantly increase the demand for home-based infusion services.
Growing geriatric population opting for home healthcare
The global geriatric population, aged 65 years and above, is rapidly increasing. As per UN projections, the number of elderly people is expected to more than double by 2050. Older adults often have reduced mobility and require long-term care. Home infusion therapy provides a comfortable environment for the senior patients and keeps them away from hospitals. It allows them to receive necessary medical treatments while remaining in the familiar comforts of home. The growing preference for home healthcare among the expanding elderly demographic is driving significant market opportunities.
Reimbursement issues hampering the market growth
Reimbursement policies for home infusion services vary significantly across different countries and regions. In many developing nations, home infusion therapy is not covered by public or private insurance payers. Even in developed markets like the U.S., reimbursement coverage and payment rates for home infusion procedures are inconsistent. This leads to high out-of-pocket costs for the patients and acts as a key restraint on the broader adoption of home infusion services. Complicated reimbursement pathways also pose operational and financial challenges for healthcare providers.
Shortage of skilled nursing staff limiting service availability
Providing quality home infusion therapy requires specialized nursing capabilities for administering treatment regimens, monitoring patients, handling medical devices, and responding to emergencies. However, several regions report considerable shortage of trained nursing professionals with infusion expertise. Staffing shortfall results in limited geographical coverage for home infusion services. It also increases workload pressures on the available nurses. The critical lack of skilled nursing resources affects the expansion of home infusion programs around the world. Healthcare organizations find it challenging to develop an adequately sized, competent workforce.
Increasing demand for cost-effective long-term care
Rising healthcare costs have led to a growing demand for cost-effective long-term care solutions. Home infusion therapy provides significant medical and economic benefits compared to repeated hospitalizations or treatment at outpatient centers. It allows patients to receive an equivalent level of medical services for chronic conditions while avoiding expensive inpatient or facility-based care costs. Home infusion reduces overhead expenditures for healthcare providers as well. The demand for more affordable, high-quality chronic disease management outside of conventional hospital settings works as a major driver for the home infusion therapy market.
Technological advancements are enabling expanded applications
Technological developments in fields like medical devices, drug delivery systems, telehealth, and remote monitoring have greatly enhanced the delivery of home infusion services. Miniaturized infusion pumps and injectors have enabled simpler, ambulatory administration of a wide range of therapeutics. Progress in connectivity and mobile health has facilitated live supervision of home patients from a distance. Such innovations are expanding the scope of conditions that can be effectively managed in the home setting. They also improve treatment adherence and outcomes. Continued strides in infusion technology will open up new therapeutic areas and application areas for home infusion therapy in the coming years.
Link: https://www.coherentmarketinsights.com/market-insight/home-infusion-therapy-market-4276
Key Developments:
- In January 2023, KORU Medical Systems, Inc., a developer and manufacturer of medical devices, forged a development agreement with a pharmaceutical manufacturer specializing in subcutaneous immunoglobulin therapy (SCIg). The collaboration aims to create and seek regulatory approval for an enhanced version of the Freedom Infusion System featuring a prefilled SCIg syringe. The existing Freedom Infusion System includes the Freddom60 and Freedom Edge Syringe Infusion Drivers, Precision Flow Rate Tubing, and HIgH-Flo Subcutaneous Safety Needle Sets, designed for administering infusions in home and alternative care settings.
- In September 2022, Baxter International Inc., a U.S.-based multinational healthcare company obtained USFDA 510(k) clearance for its Novum IQ syringe infusion pump (SYR) equipped with Dose IQ Safety Software. This development represents Baxter's latest advancement in infusion therapy technology.
- In May 2023, Fresenius Kabi, a global healthcare company, entered into an agreement with Premier, Inc., a U.S.-based healthcare company, resulting in pricing and term advantages for the Ivenix Infusion System. This system aims to enhance the reliability and ease of use of infusion pumps.
- Also, in May 2023, Option Care Health, a healthcare service provider, partnered with Amedisys Inc., a leading home health services provider, to establish an independent platform for home care services. This platform includes pharmacists, dieticians, therapists, social workers, and other professionals, offering high-quality healthcare services directly at home.
- In April 2023, CareFusion, now under Becton Dickinson, a U.S.-based medical technology company, introduced advanced ultrasound technology designed to improve IV insertions for clinicians. Given that more than 90% of hospitalized patients require IV therapy, this innovation is expected to contribute to the growth of the home infusion therapy market.
Key Players: Straumann Holding AG, DENTSPLY Sirona Inc., Zimmer Biomet Holdings, Inc., Integra LifeSciences Holdings Corporation, Datum Dental Ltd., Institut Straumann AG, Unilever, Procter & Gamble, Young Innovations, Inc., 3M Company, Ocata Therapeutics Inc. (a subsidiary of Astellas Pharma Inc.), CryoLife, Inc., BioMimetic Therapeutics, LLC (a subsidiary of Wright Medical Group N.V.), Cook Medical, StemCells, Inc., TheraCell, Inc., and CollPlant Holdings Ltd.
