The way healthcare is delivered has seen a tremendous change recently, with a focus placed more on the convenience and comfort of the patient. Home infusion therapy is one area that has gained traction; patients receive intravenous drugs or fluids in the convenience of their own homes. The Home Infusion Therapy Devices Market, which is experiencing impressive growth, was spurred on by this trend.
Patients can gain many advantages from home infusion therapy, such as shorter hospital visits, higher quality of life, and better adherence to medication. Patients who require long-term therapy for illnesses including cancer, autoimmune diseases, and infections notably benefit from it. The market for home infusion therapy equipment includes several different goods, such as catheters, intravenous sets, needleless connectors, and infusion pumps.
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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.
A major factor influencing the market’s growth is the ageing population, which is growing, as well as the increased incidence of chronic diseases. The need for home infusion therapy equipment is rising as more people look for alternative healthcare options and as governments support home-based therapies. Additionally, technological developments have led to the creation of user-friendly gadgets, ensuring simplicity in administration and monitoring for both patients and healthcare professionals.
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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