Home infusion therapy allows patients who need medical treatment via intravenous or subcutaneous routes to receive care in their home or other alternative sites instead of visiting a hospital or clinic. It involves the administration of medication through a catheter or needle. Home infusion therapy provides patients with life-sustaining drugs for chronic diseases like immunoglobulin deficiencies, congestive heart failure, hemophilia, and cancer. Home infusion therapy improves patient satisfaction, allows continuity of care, minimizes hospital readmissions and is a cost-effective way of treatment delivery.
The global home infusion therapy market is estimated to be valued at US$ 2.8 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: One of the major opportunity for growth in the home infusion therapy market is its ability to reduce hospital readmissions. Home infusion therapy allows continued care and treatment at home which helps avoid interruptions in treatment and care. This prevents worsening of medical conditions which often leads to hospital readmissions. As per the Centers for Disease Control and Prevention, around 20% of Medicare patients are readmitted to the hospital within 30 days of being discharged. Home infusion therapy can play a significant role in reducing preventable hospital readmissions and help lower healthcare costs. With growing focus on value-based care and reducing healthcare expenditures, home infusion therapy is expected to gain more prominence.
Porter's Analysis
Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry. However, presence of several major players and need for quality certifications increases threats.
Bargaining power of buyers: Large number of buyers and availability of alternative treatment options increases their bargaining power.
Bargaining power of suppliers: Specialized drug and equipment manufacturing increases suppliers' bargaining power.
Threat of new substitutes: Technological advancements may lead to new substitutes for infusion therapy, increasing threats.
Competitive rivalry: Intense competition exists among major players to gain market share through innovative products and services.
SWOT Analysis
Strengths: Growing prevalence of chronic diseases and advancement in infusion therapy devices widen market scope.
Weaknesses: High costs associated and dependence on reimbursement policies. Difficulty in administering treatment to rural areas.
Opportunities: Increasing healthcare spending in emerging nations offers opportunities. Untapped markets in rural areas present opportunities.
Threats: Stringent regulations and product recalls can significantly affect the market.
Key Takeaways
The global Home Infusion Therapy Market is expected to witness high growth. Rising incidences of chronic diseases especially among geriatric population along with technological advancements drive the market.
Regional analysis: North America dominates the market currently due to high healthcare expenditure and supportive reimbursement policies. Asia Pacific is expected to grow at fastest rate due to improving healthcare infrastructure and increasing medical tourism.
Key players: Key players operating in the home infusion therapy market are Baxter, B. Braun Melsungen AG, CareFusion Corporation, ICU Medical, Inc., Smiths Medical., Terumo Corporation.
