Key Companies Profiled are Option Care Health Inc., Optum, Inc., CareCentrix, Inc., Lincare Holdings Inc., BriovaRx Infusion Services, Fresenius SE & Co. KGaA, Baxter International, B. Braun Melsungen AG, Terumo Corporation, Moog Inc., among others.
Pune, June 16, 2020 (GLOBE NEWSWIRE) -- The global home infusion therapy market size is likely to USD 86.89 billion by the end of 2027, owing to the increasing adoption of home medical services worldwide. In a home infusion therapy setting, a patient receives all medical assistance at home including drugs and biologics via a subcutaneous or an intravenous administrative route. According to a recent report by Fortune Business Insights titled, “Home Infusion Therapy Market Size, Share & Covid-19 Impact Analysis, By Product (Devices, Drugs, and Services) By Indication (Anti-Infective, Chemotherapy, Hydration Therapy, Enteral Nutrition, Total Parenteral Nutrition, Immunoglobulin Therapy, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 27.25 billion in 2019 and is expected to grow at a CAGR of 2.2% between 2020 and 2027.
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The Report Answers the Following Queries
What is the nature of the market and how fierce is its competition?
What are the key industry insights to the market?
What strategies are adopted by players to gain momentum in the market?
How is the COVID19 pandemic helping the market to grow?
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Lockdowns Amid COVID-19 Pandemic to Bode Well for the Market
The increasing prevalence of the geriatric population and their vulnerability towards chronic diseases such as cancer, diabetes, and cardiac issues among others stands as major home infusion therapy market devices. In addition to this, the increasing cases of hospital-acquired infections are also propelling people to opt for medical services at home. This, coupled with cost-efficient home treatment faster recovery at home than hospitals are likely to bode well for the market.
On the flip side, most of the developing nations lack reimbursement structure and policy for home treatment which ultimately increases the out-of-pocket expenditure. This, coupled with a lack of proper medical assistance and limited sources in a home setting, may cause hindrance to the market. Nevertheless, the increasing number of innovations in the medical sector and the advent of devices such as portable infusion pumps, and others are likely to create lucrative growth opportunities for the market. Furthermore, the current pandemic of coronavirus that propelled people to stay at home is projected to promote the home infusion therapy market growth.
Drugs Segment to Hold Dominance Owing to Increasing Incidences of Cancer
Based on segmentation by product, the drugs segment earned the highest home infusion therapy market share on account of the increasing number of immune diseases worldwide and the rising prevalence of cancer. Besides this, the devices segment earned a 6.6% share and is likely to witness significant growth in the coming years on account of increasing technological advancements in the delivery of home medication system for various purposes.
North America to Dominate Market on Account of Rising Adoption of Innovative Technologies
Regionally, North America emerged at the top with a revenue of USD 10.53 billion in 2019. The growth of this region is attributable to the development of delivery devices for home medication and its increasing adoption. Besides this, the rising number of patients and rapid adoption of the latest technologies are factors responsible for the dominance of this region.
Besides this, the Asia Pacific market is anticipated to witness rapid growth in the forecast duration on account of the increasing prevalence of diabetes, heart issues, cancer, and other long-lasting diseases in the region.
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Handful of Vendors Covering Majority Shares Attributed to Massive Investment on Innovative Devices
The global home infusion therapy market is dominated by a handful of companies thereby depicting a consolidated nature of the market. These include Option Care Health Inc., Optum Inc., Melsungen AG, and Braun. The dominance of these players is accountable for the expansion of geographical footprint, major investments in the development of innovative devices, and infusion pumps.
Notable Industry Developments of this market include:
July 2019 – Food and Drug Administration approved the first and ready-to-use insulin called Myxredlin manufactured by Baxter.
December 2019 – Diplomat and Optum Inc. entered into a partnership for specialty infusion and pharmaceutical services in the U.S. The key objective behind this merger strategy is to serve patients with chronic diseases with therapeutic measures such as oncology and immunology in the entire U.S.
List of the Key Companies Operating in the Home Infusion Therapy Market. They are as follows:
Option Care Health Inc. (Illinois, U.S.)
Optum, Inc. (Minnesota, U.S.)
CareCentrix, Inc. (Hartford, U.S.)
Lincare Holdings Inc. (Florida, U.S.)
BriovaRx Infusion Services (Houston, U.S.)
Fresenius SE & Co. KGaA (Bad Homburg, Germany)
Baxter International (Deerfield, Illinois, U.S.)
B. Braun Melsungen AG (Melsungen, Germany)
Terumo Corporation (Tokyo, Japan)
Moog Inc. (New York, U.S.)
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Detailed Table of Content:
Definitions and Assumptions
Prevalence of Key Chronic Diseases, 2019, Key Countries/Regions
New Product Launches for Home Infusion Therapy
Covid-19 Impact on the Home Infusion Therapy, and Key Steps Taken by Market Players
Key Industry Development such as Mergers, Acquisition, and Partnerships
Global Home Infusion Therapy Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Market Analysis, Insights and Forecast – By Indication
Total Parenteral Nutrition
Market Analysis, Insights and Forecast – By Country/Sub-region
Rest of the World
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