Home infusion therapy involves the intravenous or subcutaneous administration of drugs or biologicals to an individual at home. The components needed to perform home infusion include the drug (for example, antivirals, immune globulin), equipment (for example, a pump), and supplies (for example, tubing and catheters). Likewise, nursing services are necessary to train and educate the patient and caregivers on the safe administration of infusion drugs in the home. Visiting nurses often play a large role in home infusion. Nurses typically train the patient or caregiver to self-administer the drug, educate on side effects and goals of therapy, and visit periodically to assess the infusion site and provide dressing changes. The home infusion process typically requires coordination among multiple entities, including patients, physicians, hospital discharge planners, health plans, home infusion pharmacies, and, if applicable, home health agencies.
Covid-19 Scenario Analysis:
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This in turn is expected to have a significant impact on the home infusion therapy market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
Infusion therapy administer drug intravenously and sometimes through other non-oral routes like subcutaneously and an epidural. The perks of home infusion therapy service patient can get intravenous treatment from the comfort of their home and it’s convenient for patients. These service market provides nursing and pharmacist who will monitor the heath 24/7. The experience of the nurse to administer complex intravenous therapies and the pharmacist with a good access to the latest research and protocols work with the physician to provide the best available care along with infusion therapy services.. The home infusion therapy has proved safe, effective and less costly as compared to the patient treatment in the hospital. Dietician work along with the nurse and the physician to meet the current and future need of the patient based on different factors such as weight, allergies, digestive function.
Vast therapeutic area covered:
The market has provides services to segments like anti-infective, endocrinology, hydration therapy, chemotherapy, enteral nutrition, parenteral nutrition, and specialty pharmaceuticals. The anti-infective segment dominated the market for home infusion therapy in 2019. This is attributed to the considerable number of procedures performed for the administration of antifungal and antibiotic drugs. It also helps reduce exposure to patients with other hospital-acquired infections
Increase in Life style diseases:
Change in lifestyle will boost the growth of home infusion therapy market. In addition, increase in diabetic population and reduction in treatment cost will also trigger the growth of this market. Many complicated medical conditions and illnesses can be treated with these infusion therapies which will reduce the hospital stay, and hence reduce the cost of treatment as well. Home infusion therapies are safer since the administration of the drugs is observed by physicians. This will also augment the growth of this market. Reimbursement policies of various public and private firms will also boost the growth of this market.
Over dosage of medications may cause hazardous conditions, lack of skilled nurses in the developing and under developed region, irregularity in the functioning of infusion devices and misguided use of infusion devices which may hinder the growth of this market.
Various technological advancements and launch of novel products will supplement the industry growth. Introduction of sophisticated technologies in home care settings will provide new treatment options with reduced risks of infections. Moreover, development of smart infusion pumps are able to prevent dosing errors and increases patient safety. Aforementioned factors will drive the market growth across the forecast timeframe.
Growth in prevalence of hospital acquired diseases:
Growing prevalence of hospital acquired infections is one of the major factors that will positively influence the growth of home infusion therapy market. According to European Centre for Disease Prevention and Control (ECDC), 4.5 million people suffered from nosocomial infection in 2017. Home infusion therapy considerably reduces the exposure of patients to infectious organisms decreasing the spread of nosocomial diseases by the patients. Moreover, the cost effectiveness of home infusion therapy compared to hospitalization will further boost the industry growth.
Regional Analysis and growth opportunity:
On the basis of geography home infusion therapy market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to hold largest shares in the global market primarily growing due to increasing number of disease such as cancer, diabetes and high adoption rate. Asia pacific is growing faster rest owing to the large population, increase in the chronic disease and availability of cost effective the home infusion therapy.
Key benefits of the report:
- This study presents the analytical depiction of the Home Infusion therapy market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global home infusion therapy market share.
- The current market is quantitatively analyzed to highlight the global home infusion therapy market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global home infusion therapy market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the home infusion therapy market research report:
- What are the leading market players active in the Home infusion therapy market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Home Infusion Therapy Market Report Highlights
By End Users
Key Market Players
Becton Dickinson and Company, ICU Medical, Terumo Corporation, Fresenius Kabi India Pvt. Ltd., B. Braun Melsungen AG, Smiths Medical, JMS Co. Ltd., Baxter