Home infusion therapies allow patients to continue taking therapy in the comfort of their home rather than in a medical facility, thus saving costs in the bargain. According to a recent research study by Persistence Market Research, the global home infusion therapy market was worth US$15.9 billion and will expand at a 9.0% CAGR during the forecast period of 2014-2020 and will reach a total value of US$26.7 billion by 2020.
Prior to the introduction of home infusion therapy in 1980, patients that needed infusion therapy had to be admitted to a hospital or other medical facilities as in-patients for the total duration of their treatment. This treatment was extremely expensive for patients that needed long-term therapy. It also prevented a patient from leading a normal and active life. While home infusion therapy provides several benefits, the cost-effectiveness associated with this therapy makes is the most appealing aspect, making it a popular option among patients needing infusion therapy.
Patients Favor Home Infusion Therapy Over Hospital Treatment
Around the world, the geriatric population and the number of chronic patients is increasing. The ease and cost-effectiveness provided by infusion therapy are the factors which have led patients to opt for this therapy. Besides these two aspects, the home infusion therapy market also gets a boost from other factors such as:
Continued Recognition: The continued recognition of the advantages of home infusion therapy is driving the market. The growing awareness about the application of home infusion therapy for pain management is supporting the popularity of this therapy.
Cost-effectiveness: Home infusion therapy provides around 90% cost-savings as compared to institutional settings. Patients prefer cheaper, quality outpatient treatment such as home infusion therapy over hospital-based treatment. This trend will support the global home infusion therapy market throughout the forecast period.
Growing Preference: Patients around the world view the availability of long-term medical services in the comfort of their home as extremely important. The preference of patients and medical caregivers towards at-home care services will support the home infusion therapy market further.
Long-term Benefits: Compared to home infusion therapy, conventional infusion therapy tends to treat acute patient conditions. On the other hand, specialty infusion therapies are generally more expensive. These therapies need high-value services and are relatively longer-term drug therapies that treat chronic conditions.
Yet, the growing risk associated with patient safety coupled with the occurrence of mistakes during the application of infusion devices tends to hamper the growth of the market. The market is also challenged by issues related to reimbursement policies.
In spite of these restraints, market players will gain significant opportunities due to the technological innovation in infusion devices and the rise in acceptance towards specialty infusion therapy. Some of the prominent market players operating in the home infusion therapy market are B. Braun Melsungen AG, Baxter, CareFusion Corporation, Caesarae Medical Electronics, ICU Medical, Inc., Smiths Medical, Fresenius Kabi AG, Terumo Corporation, and JMS Co. Ltd.
The global market for home infusion therapy is highly fragmented in nature, and not a single market player boasts over 10% of the total market share. Going forward, it will be interesting to see whether companies opt for the M&A route to fortify their presence in the market. This could bring about some palpable changes not just in the competitive dynamics, but also in the products and solutions in the home infusion therapy market.