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What Does The Future Hold for the Home Infusion Therapy Market?
The home infusion therapy market size has seen rapid growth in recent years. It is projected to grow from $28.68 billion in 2023 to $31.95 billion in 2024, reflecting a compound annual growth rate CAGR of 11.4%. The growth during the historic period can be attributed to the increasing aging population, an escalation in patient preference, a rise in chronic diseases, and a growing avoidance of hospitals.
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How Will The Home Infusion Therapy Market Unfold In The Near Future?
The home infusion therapy market size is expected to see exponential growth in the next few years. It is forecasted to reach $47.43 billion in 2028, with a compound annual growth rate CAGR of 10.4%. The growth during the forecast period can be credited to rising integration with telehealth, increasing focus on personalized medicine, preparedness for pandemics, patient empowerment, and a drive towards value-based care models. Key trends projected to impact the market during this period include advanced infusion devices, biologic and specialty drugs, pediatric home infusion, safe infusion pumps and patient education and training.
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What Are the Principal Drivers of The Home Infusion Therapy Market?
A primary propeller of growth in the home infusion therapy market is the increasing global population and its consequent rise in food demand. Food, composed of protein, carbohydrates, fat, and other nutrients, is essential for patients undergoing home infusion therapy, as it sustains growth, vital processes, and provides energy. The increase in the global population has led to a rise in the number of aged individuals who require home infusion therapy. For instance, according to United Nations data, the world’s population is expected to increase by 2 billion people in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050. Furthermore, Intechnopen, a London-based journal website, anticipates the global demand for food to increase by 70% by 2050. Therefore, the rise in the population and consequent food demand will significantly contribute to the growth of the home infusion therapy market.
Who Are The Key Players in the Home Infusion Therapy Market?
Several notable companies operate in the home infusion therapy market. Major industry players include B. Braun Melsungen AG, Baxter International Inc., Eli Lilly and Company, Fresenius Kabi AG, Option Care Health Inc., CareCentrix Inc., Caesarea Medical Electronics Ltd., JMS Co. Ltd., Terumo Corporation, Smiths Medical ASD Inc., Optum Inc., CVS Health Corporation, KabaFusion Holdings LLC., PromptCare Companies, Nipro Corporation, ICU Medical Inc., Becton Dickinson and Company, Ascension at Home with Compassus, Barnes Healthcare Services Inc., BayCare HomeCare Inc., ARJ Infusion Services Inc., Beacon Infusion Healthcare Services LLC., CarepathRx LLC., Coram CVS Specialty Infusion Services, CSI Pharmacy LLC., Fairview Home Infusion, Healix Infusion Therapy Inc., InfuCare Rx Inc., Integrated Home Care Services Inc., IVX Health Inc., Kroger Specialty Infusion, Metro Infusion Center, National Pharmacy Services LLC., Nations Home Infusion LLC., Oso Home Care LLC., Palmetto Infusion Services LLC., Penn Home Infusion Therapy, The PharmaCare Network Inc., PICC Lines Plus LLC., Premier Infusion Care LLC., Basic Home Infusion Inc.
What Are The Emerging Trends in the Home Infusion Therapy Market?
Strategic partnerships and collaboration have emerged as significant trends gaining popularity in the home infusion therapy market. Key players in the sector are increasingly focusing on forging partnerships to consolidate their positions. For instance, CarepathRx, a US-based pharmacy, partnered with Mount Sinai Health System, a US hospital network, in April 2022, to enhance patient access to home infusion therapies. The collaboration covers Mount Sinai's eight hospitals and its ambulatory network. Furthermore, in December 2021, CarepathRx partnered with the University of Chicago Medicine UChicago Medicine, a US-based academic medical center, to provide comprehensive home and specialty infusion services to the academic health system's growing patient population, extending UChicago Medicine's clinical reach into the home and ambulatory setting.
How Can We Segment The Home Infusion Therapy Market?
The home infusion therapy market report segments the market into several categories:
1 By Product: Infusion Pumps, Intravenous Sets, IV Cannulas, Needleless Connectors
2 By Administration: Intramuscular, Subcutaneous, Epidural
3 By Application: Total Parenteral Nutrition, Anti-infective Therapy, Enteral Nutrition, Hydration Therapy, Chemotherapy, IVIg or Specialty Pharmaceuticals, Other Applications
4 By End User: Patients, Nurse, Hospitals, Other End Users
Which Regions Are Pioneering the Home Infusion Therapy Market?
In 2023, North America was the largest region in the home infusion therapy market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions included in the home infusion therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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