What
Is Home Infusion Therapy?
The
intravenous or subcutaneous administration of drugs given to a patient at home
through catheters or needles is known as home infusion therapy. The therapy
requires drugs, equipment, and supplies for the treatment. Moreover, proper
training and education are needed for the therapy. The medical staff often
educate the patients and caregivers regarding the infusion of drugs, side
effects, and outcome of the therapy. Home infusion therapy requires multiple
coordination between the patients, pharmacies, doctors, health plans, home
infusion pharmacies, and physicians.
Home
Infusion Therapy Market Size And Drivers
According
to the Grand View Research Inc report, the home
infusion therapy market totaled USD 31.0 billion in 2021 and is anticipated
to exhibit market growth at a compound annual growth rate (CAGR) of 7.9% from
2022 to 2030. The growth of the market is attributed to the cost-effective and
convenient option available to the patients raised due to home infusion
therapy. Favorable government rules and regulations regarding the usage of the
therapy are driving the market growth. For instance, In the U.S., the
Bipartisan Budget Act,2018 was introduced for providing insurance to the home
infusion therapy patient as per the government regulation. Moreover, the
growing prevalence of chronic diseases such as cardiovascular diseases is
expected to impact market growth.
The
Most Preferred Product - Infusion Pumps, Why?
Based
on the product, the market is classified into infusion pumps, ambulatory pumps,
intravenous sets, IV cannulas, and needleless connectors. Out of all these
pumps, the infusion pump accounted for the highest revenue share of 50% in 2021
as it is the most used product of all. These pumps are widely used for the
infusion of nutrients and medications such as insulin or other hormones,
antibiotics, chemotherapy drugs, and pain relievers. into the patient’s body at
a controlled amount. Infusion pumps provide advantages such as the ability to
deliver medications in very small volumes, and the ability to infuse fluids at
precise programmed rates or any automated intervals.
Infusion
Pumps-Definition, And Functioning
The
infusion pump is defined as a medical device that infuses fluids into the
patient’s body. Infusion pumps are used in hospitals, nursing homes, homes, and
other clinical settings. These are particularly operated by trained users for
programming the rate and duration of fluid delivery through a built-in software
interface.
Types
Of Infusion Pumps
There
are different types of infusion pumps such as large volume, syringe, enteral,
insulin pumps, and others. Out of these pumps, some pumps are used for
stationary use and others to be used as portable or wearable. There are two
basic classes of pumps, large volume pumps, and small volume pumps. Large
volume pumps can infuse fluid replacement such as antibiotics and nutrients in
a large amount. Small volume pumps can pump hormones such as insulin or other
medications such as opiates. Small volume pumps usually use a
computer-controlled motor turning a screw pushing the plunger on syringes,
whereas the large volume pumps use computer-controlled rollers pushing the
silicone rubber which contains the medicine.
Related
Press Release@ https://www.grandviewresearch.com/press-release/global-home-infusion-therapy-market
Infusion
Pumps Market, Drivers
The
infusion pump market is anticipated to witness significant growth during the
forecast period. The growth of the market is attributed to the availability of
a variety of products such as enteral, syringe, multichannel, and peristaltic
pumps and the accuracy gained by the software interface used for the use of
infusion pumps.
The
rising prevalence of chronic diseases such as cardiovascular diseases,
diabetes, cancer, and others and the growing cost of hospital-based infusion
therapies have increased the demand for home infusion therapies. Moreover, the
increasing research and development activities for enhancing home-based
infusion products are propelling the market growth. Furthermore, the growing geriatric
population who need long-term care and treatments aid the new product
developments that target home-based infusion therapies, augmenting the infusion
pumps market growth.
To
maintain the drug level in the bloodstream of patients suffering from cancer or
diabetic conditions, infusion pumps are highly preferred. Cancer patients are
treated with chemotherapy, which is administrated by providing medications to
the patients in a continuous manner and this is possible using pumps. Moreover,
for diabetic patients, the need for self-controlled pumps to provide continuous
drug supply. Altogether these are the key factors rising the demand for
infusion pumps, creating opportunities for market expansion.
Market
Trends & Opportunities
The
application areas of infusion pumps are Chemotherapy, gastroenterology,
analgesia/pain management, and diabetes. These pumps are also highly preferred
for the infusion of narcotic analgesics and anesthetics following bariatric
surgery, cardiothoracic surgery, and laparoscopic cholecystectomy. Thus, to
perform the surgeries, the use of infusion pumps is also increasing. As the
number of surgeries is being performed, a greater number of infusion pumps will
be in demand, accelerating the market growth.
There
are several regulations and standards implemented for the infusion pumps used
to maintain the safety of patients. These are regulated by regulatory bodies
such as the US Food and Drug Administration (FDA), the Medicines and Healthcare
Products Regulatory Agency (MHRA), and the European Medicines Agency (EMA) to
approve the launch of new products. For instance, in European countries, the CE
market certification is a must for selling infusion pumps. There is a need to
develop new infusion pumps across nations, creating opportunities for
manufacturers to increase production.
Moreover,
the demand for specialty infusion pumps is increasing at a fast pace PCA pumps
keep the anesthesia in control and minimize any complications arising due to
anesthetics. The eternal infusion pumps are used to treat patients who are
being suffered due to indigestions after surgeries Increasing cases of preterm
births, growing prevalence of chronic diseases and
COVID-19
Impact
The
COVID-19 outbreak positively affected the home infusion market as the technique
was highly used in healthcare settings to treat the covid patients. For
instance, in October 2020, Baxter announced third quarter sales of around USD
2.97 billion to provide COVID-related medical products sales, according to the
MedTech Dive. However, the supply chain and operations were impacted by the
stringent lockdown situation across the countries.
The
growth of the infusion pump market has thrived in the COVID-19 pandemic. People
suffering from chronic diseases, and the geriatric population preferred home
care treatments Moreover, conditions such as immune deficiencies, and
congestive heart failure need infusion therapies. Long-term treatment with
cost-effectiveness is considered a feasible treatment option for patients.
Hence, the market for home infusion therapy is growing significantly across
countries. Thereby, the demand for infusion pumps is propelling at a
significant rate.
Regional
Insights
The
market in North America accounted for a revenue share of 55% of the total
market. It is anticipated that the North America market continue dominating the
market during the forecast period. The advanced technologies and the
development of the R& D activities are attributing to the market growth in
the region. The adoption of new technologies in infusion pumps and home
infusion therapy services is driving the market growth.
The
Asia Pacific market is anticipated to expand at a CAGR of 9.8% during the
forecast period. The growing awareness about the use and benefits of home
infusion therapy is driving the demand for infusion pumps in the region.
Role
of Key Players
The
key players operating in the market are focusing on the rapid adoption of
advanced technologies to develop new products and maintain their position in
the competition. Moreover, they are emphasizing strategies such as mergers,
acquisitions, and new product launches.
For
instance, Baxter International acquired Hillrom. This acquisition is estimated
to build its geographic footprint and integrate medical device advancements.
Future
Scope
Infusion
pumps are advantageous and impactful for the growth of the home infusion
therapy market. The demand for infusion pumps and their market is gaining
significant traction at present days. Further, the market is estimated to
witness considerable growth during the forecast period.
Related
Reports:
EMEA
Home Infusion Services Market
U.S.
Home Infusion Therapy Market
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Us:
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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