U.S. Home Infusion Therapy Market 2019| Industry Developments, Outlook, Current Trends by 2024
The U.S. home infusion therapy market has emerged as an opportunistic business landscape lately, not only for numerous pharma companies but also for healthcare service providers. In the U.S., patients suffering from infections, immune disorders, gastrointestinal diseases, and cancer & cancer-related problems are giving preference for home infusion therapy, owing to the comfort and cost-effectiveness associated with this line of treatment. More precisely, the chances of healthcare-acquired infections are lesser in the patients treated with home infusion therapy. The enhanced health safety concerns among the American masses is thus a prominent driver stimulating U.S. home infusion therapy industry trends.
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It has been observed that most of the Medicare Advantage health plans and private insurers have recognized that this therapy could come under comprehensive coverage, owing to its clinical effectiveness and affordability. The probable chances of inclusion of this therapy in Medicare coverage policies are further likely to augment U.S. home infusion therapy market outlook over the years ahead.
Hospitals, home health agencies, and retail pharmacies have been extensively proactive about providing treatment to the geriatric populace suffering from serious illnesses. In fact, they are also educating patients about therapies so that they are in a position to administer treatment by themselves. As of now, in the U.S., the FDA has approved a range of home infusion therapies to treat numerous ailments. Some of these therapies have been adopted extensively across the nation, propelling U.S. home infusion therapy industry share.
Though the rate of cancer prevalence across U.S. has decreased gradually with the deployment of advanced treatment facilities related to early diagnosis, the mortality rate is not under control. As per the estimates of the National Cancer Institute, in 2018, among 1,735,350 probable new cancer cases in the U.S., 609,640 are likely to succumb to the disease. Amidst this grim scenario, it has also been observed that most of the cancer patients prefer receiving chemotherapy at their homes rather than going to the hospital. The major factor for this shift of preference is to reduce the number of visits to hospitals and receive treatments in a comfort zone. Consequently, home-based chemotherapies are remarkably fueling the demand for home medical equipment, generating a profitable avenue for U.S. home infusion therapy market growth.
Patients with immunodeficiency illnesses receive immunoglobulin therapy for generating sufficient amounts of antibodies. Apparently, this therapy helps them to reduce pain, fight off infections, and improve mobility. As per a recent reform though, patients with immunodeficiency illnesses could use this type of therapy on their own, in the comfort of their homes. The rise in the prevalence of chronic diseases among the geriatric population across U.S. is thus a major factor primarily intending to deploy home-based healthcare services, fueling U.S. home infusion therapy industry expansion.
Home infusion therapy specialty programs are lately on a rise across the U.S. and myriad other countries. It has been observed that in patients with gastrointestinal and chronic diseases, nutrient absorption is pivotal hinderance. In this regard, many physicians and pharmacists have developed a nutritional compound known as Total Parenteral Nutrition. This nutritional compound comprises carbohydrates, electrolytes, fats, vitamins, protein, and electrolytes, which can be used to accomplish the comprehensive nutritional need of patients. For the record, in U.S. nearly 40,000 people receive parenteral nutrition for treating the gastrointestinal disorders. The escalating requirement of parenteral nutrition is thus slated to propel U.S. home infusion therapy market share considerably.
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As pharmacists, healthcare regulators, and healthcare research centers are extending their approach toward home infusion therapy, U.S. home infusion industry is emerging as a lucrative business vertical in the global healthcare space.
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The implementation of home infusion therapies in chemotherapy, intravenous antibiotics, total pain management medications, growth hormones, and parenteral nutrition will precisely endorse U.S. home infusion therapy market size, owing to their growing adoption. As per statistics, with the escalating acceptance of home-based health facilities, U.S. home infusion therapy market will generate a revenue of more than USD 13.5 billion by the end of 2024.
Major players operating in U.S. home infusion therapy market are Amsino International, Baxter International, B.Braun, Becton Dickinson, Caesarea Medical Electronics, Fresenius Kabi, Halyard Health, ICU Medical, Moog, Smiths Medical, and Terumo Corporation.
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