Infusion therapy injects medications into a patient via needles or catheters inserted into veins. Infusion involves administering drugs through veins or other non-oral routes such as intramuscular (I.M.) injections or epidural injections near the spinal column. The cure of infections with antibiotics is among the most common infusion uses. Supplement, pain medication, heart problems, immune system-related conditions, and rheumatoid arthritis are other uses. The industry of home-based healthcare facilities is primarily driven by the switching preference of healthcare workers and patients for out-of-hospital location benefits.
Rising Prevalence of Chronic Disorders to Drive the Global Home Infusion Therapy Market
According to the WHO, chronic conditions like respiratory problems, diabetes, cancer, heart disease, and other life-threatening diseases currently make up 60% of all deaths and 43% of the global burden of disease. By 2020, these percentages are expected to rise to 73 percent and 60 percent, respectively. Furthermore, rising diabetes pervasiveness, which necessitates a daily insulin dose, is expected to boost the market growth.
Drug administration at home or via home infusion has several advantages, including faster recovery, a better result, fewer complications, and lower costs. With home infusion therapy, most patients can resume their normal activities, greatly enhancing their quality of life. Dehydration is becoming more common in people who live sedentary lifestyles. Dehydration's high-risk factors are expected to drive market expansion. According to a report published by Help Age International, by 2050, nearly one in every five people will be over 60 years old, increasing the risk of dehydration and aiding the market growth.
Improving Healthcare Infrastructure in Emerging Economies to Provide Lucrative Opportunities for the Global Home Infusion Therapy Market
Due to leading vendors and growing preference for these products, the home infusion therapy market in evolved economies such as the United States, Germany, France, and Australia is comparatively mature. However, developing Asian and Latin American countries currently have a moderate adoption rate of these products due to a lack of awareness. This market has opportunities due to economic growth and rising disposable income in these countries. Manufacturing enterprises that invest in these rapidly growing markets will increase if pricing and distribution activities are correctly handled.
Furthermore, as overall literacy rates rise, people increasingly adopt sophisticated health technologies. Due to a lack of technologically advanced products and low purchasing power, people in these countries previously preferred hospitalizations. These countries, on the other hand, are experiencing rapid economic growth. This is primarily due to rising consumer awareness, increasing per capita disposable income, and accessible distribution channels such as infusion pumps, IV cannulas, and other items, all of which have significant future market potential.
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Since home infusion was in high demand due to healthcare facilities being inundated with Coronavirus-infected patients, the outbreak of COVID-19 benefitted the home infusion business. The COVID-19 pandemic mandated hospitalizations with proper ventilation systems. Additionally, infected patients were placed in occupied spaces in hospitals to prevent the spread of infection to other patients and medical practitioners. Therefore, companies are focusing on transitioning patients from the hospital to in-home, expanding the market for home infusion therapy due to the growing need for hospital space and beds.
North America holds the largest share of the home infusion therapy market, and it is predicted to reach USD 36,065 million by 2030 at a CAGR of 7.3%. Increased geriatric population and disease burden are two significant factors driving the market growth. Furthermore, as people become more aware, more patients, particularly the elderly, who require long-term care, are opting for home infusion therapy.
The Asia-Pacific market accounts for the second-largest share, and it is expected to increase at a CAGR of 9.5% by 2030, reaching USD 9945 million. Due to better healthcare infrastructure and greater patient appreciation of the value of home care, the Asia-Pacific home infusion treatment market is expected to grow at the quickest rate over the forecast period.
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* Customer Behaviour Analysis
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* Analysis of Market Size and CAGR between the Forecast Periods