The global home infusion therapy market registered a revenue of nearly $20.2 billion in 2019, and is anticipated to grow at 11.7% CAGR, surpassing $49.5 billion by 2027.
The home infusion therapy market is predicted to have a positive impact due to the pandemic. Increasing geriatric population across the globe is predicted to drive the market in the forecast period. On the other hand, presence of complicated reimbursement policies is predicted to hinder the market in the forecast period.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|11.2%||11.7%||50||USD 22.3 Billion||USD 22.9 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Home infusion therapy involves treating patients and providing medication at home. Getting treated at home instead of hospitals or healthcare institutions is more convenient to the patient. Increasing geriatric population across the globe is predicted to be the biggest driving factor for the global home infusion therapy market in the estimated period. As per the world health organization (WHO), by 2050 the proportion of the world's population over 60 years will nearly double from 12% to 22%.
The cost of home infusion therapy is very high, which is predicted to hamper the market growth in the forecast period. Moreover, irregular functioning of infusion devices and the reimbursement policies associated with the home insulation therapy is predicted to be the biggest restraint for the market in the estimated timeframe. In addition, many a time’s, over dosage of medication may cause dangerous conditions to the patient which is predicted to hamper the market growth in the forecast period.
With the pandemic, the demand for home infusion therapy has increased. Most of the patients prefer to receive help staying at home rather than visiting any healthcare institution. Patients requiring long term treatment do not prefer stepping out in the pandemic due to compromised immunity. These factors are predicted to boost the global home infusion therapy market in the estimated timeframe.
Majority of the companies are investing more on research and development in the field which is predicted to create growth opportunities for investors in the estimated period. For instance, In April 2020, B. Braun infusion pumps receive FDA emergency use authorization with nebulizers to treat COVID-19 patients for all ages. The emergency use authorization permits ground medical transport use of the Infusomat® Space Volumetric Infusion Pump System.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The pandemic has impacted the global home infusion therapy market positively. Increasing cases of chronic diseases such as cancer, tuberculosis, diabetes and many other among the population is predicted to be the biggest driving factor for the home infusion therapy market in the forecast period. Moreover, increasing preferences of homecare treatment among geriatric patients is predicted to drive the home infusion therapy market in the estimated period.
Advancement of technology is predicted to create more growth opportunity for the investors to invest in the forecast period. For instance in July 2020, Biocon biologics and Voluntis joined hands for global collaboration on digital therapeutics for insulins which develops and distributes innovative digital therapeutics supporting people with diabetes on biologics therapy. Moreover, increasing demand of home infusion therapy for treating cancer patients in the most cost-effective manner is predicted to create growth opportunity for the global home infusion therapy market in the forecast period.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Home Infusion Therapy Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity