U.S. Home Infusion Therapy Market to Develop Rapidly| Top Players: Terumo Medical Corporation, Becton Dickinson, Baxter Halyard Health
Growing geriatric population is one of the major industry growth drivers. Statistics presented by World Atlas supports the fact that by 2060 elderly population in the U.S. will be more than 98 million. Geriatric population is more prone to infections due to poor immunity that increases the rate of infections supporting the U.S. home infusion therapy market growth. More preference is given to the home infusion therapy by the elderly based population due to ease and convenience.
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Presence of home healthcare facilities such as home health care agencies, hospice and home care aide organizations as an alternative to hospitals and clinics will fuel industry growth. According to AARP, persons aged 50 years or older suffering with chronic disorders prefer independent living in homes over other alternatives. Low prices offered by home healthcare facilities have resolved the affordability issues faced by the geriatric population that have relatively low-income levels. Aforementioned factors coupled with increasing surgical procedures have flourished the growth of home infusion therapy market.
According to a recent report by Global Market Insights, Inc., U.S. Home Infusion Therapy Market is forecast to cross USD 13.5 billion by 2024 with a double-digit CAGR of 10% over the coming six years. The figure is almost double to that of the yesteryear’s market valuation of USD 7 billion, which validates the commendable growth prospects of this business vertical in the ensuing years. As per experts’ opinion, the increasing geriatric population base in the country vulnerable to chronic infections due to poor immunity system is a vital factor boosting the growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Halyard Health
• ICU Medical
• Amsino International Inc.
• BKK B. Braun Melsungen AG
• CME (Caesarea Medical Electronics Ltd.)
• Baxter International Inc.
• Smiths Medical
• Terumo Medical Corporation
• Becton Dickinson
• Fresenius Kabi USA
Estimates suggest, the proportion of senior population (aged 65 years and above) in the U.S. is expected to increase from 15% in 2016 to more than 20% by 2050. Statistics put forth by World Atlas further quotes that the overall elderly populace in the U.S. would be over 98 million by 2060. The growing demand of these therapies by the elderly population is majorly attributed to the ease and convenience ordered by the approach.
Another driving force catalyzing the expansion of U.S. home infusion therapy market is increased prevalence of chronic diseases and hospital acquired infections. According to a report by CDC, healthcare associated infections (HAIs) unfortunately affects nearly 5% to 10% of the hospitalized patients in the U.S. annually. Reportedly, the 1.7 million HAIs annually result in 99000 casualties and an estimated USD 20 billion as healthcare costs.
Infusion pumps accounted for largest revenue share in 2017 due to rising number of baby boomers, highly susceptible to suffer from infections and requires continuous delivery of fluids for maintaining proper health. Growing demand for home infusion therapy services are anticipated to fuel business growth. Anti-infectives business segment dominated the home infusion therapy market in 2017 and will witness similar trend in upcoming years owing to increasing prevalence of bacterial, viral and fungal infections. Growing incidences of skin infection along with affordable treatment costs will propel business growth over the coming years.
South Atlantic home infusion therapy market is anticipated to witness significant growth over the coming years owing to rising prevalence of nosocomial infections and chronic diseases. Increasing geriatric population, prone to infections due to reduced immunity will further boost industry growth. Also, growing rates of surgical procedures will have positive impact on the U.S. Home Infusion Therapy Market demand.
The North East region will experience significant market growth due to an increase in bacterial and fungal infections stimulating demand for home infusion therapy. Favorable economic conditions in North Eastern region coupled with technological advancements enabling development of infusion therapies by introducing improvisations in medical devices will drive U.S. Home Infusion Therapy Market growth.
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Major industry players in U.S. Home Infusion Therapy Market having focus on developing superior products to sustain market competition. For instance, In September 2017, Baxter launched DeviceVue advanced asset tracking system for hospitals using the Sigma Spectrum Infusion System to track their infusion pumps through mobile phones. The strategy aimed at gaining complete knowledge about the market demand to achieve maximum profits by attaining economies of scale.
Related Report: Inhalation Anesthesia Market Outlook By Product, By Application, Regional Outlook, Technology Development, Competitive Landscape
Know more@ https://www.marketwatch.com/press-release/inhalation-anesthesia-market-report-2019-global-industry-statistics-regional-outlook-to-2024-2019-04-25
Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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