U.S. Home Infusion Therapy Market to exceed $13.5 bn by 2024
Market Overview and Growth Factors:
Increasing rates of hospital acquired infections have impacted the market growth positively. In American hospitals, infections associated with health care account for around 1.7 million infections and 99,000 deaths every year. These infections lead to chronic diseases that require continuous monitoring; thus, accelerate demand for home infusion therapies.
Increasing number of immunocompromised patients that are more prone to infections will fuel industry growth over the coming years. Furthermore, growing preference for home infusion therapies due to ease and convenience will boost home infusion therapy market growth.
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Rising prevalence of chronic diseases is one of the major driver influencing industry growth. The need to address and manage chronic diseases such as cancer, bronchitis, asthma and diabetes will augment demand for home infusion therapies. In U.S., currently there are around 1,735,350 new cases of cancer, leading to rise in demand for home infusion therapy services that helps to subside side-effects of invasive chemotherapy. Furthermore, government initiatives and developmental decisions undertaken by American Healthcare Associations that to reduce price of home infusion therapies will propel industry growth.
Prominent Players:
Some of the major industry players operating in U.S. home infusion therapy market are Amsino International, Baxter International, B.Braun, Becton Dickinson, Caesarea Medical Electronics, Fresenius Kabi, Halyard Health, ICU Medical, Moog, Smiths Medical, and Terumo Corporation.
Major industry players focus on developing superior products to sustain market competition. For instance, In September 2017, Baxter launched DeviceVue advanced asset tracking system for hospitals using the Sigma Spectrum Infusion System to track their infusion pumps through mobile phones. The strategy aimed at gaining complete knowledge about the market demand to achieve maximum profits by attaining economies of scale.
Regional Analysis:
Infusion pumps accounted for largest revenue share in 2017 due to rising number of baby boomers, highly susceptible to suffer from infections and requires continuous delivery of fluids for maintaining proper health. Growing demand for home infusion therapy services are anticipated to fuel business growth.