Sales of Home Infusion Therapy Devices to Double as a Result of High Incidence of Chronic Ailments: FMI Report
According to a recent study by Future Market Insights (FMI), sales of home infusion therapy devices are expected to top US$ 2.0 Bn in 2021, growing at a CAGR of over 6.5% during the forecast period (2021-2031).
Home Infusion Therapy Devices Market
A recent market study published by Future Market Insights (FMI) on the home infusion the...
Home infusion therapy devices are used for the intravenous administration of medicines. It is commonly prescribed for patients with serious infections and specialized diseases when orally administered medicines are not or comparatively less effective.
Application of home infusion therapy devices is increasing with the rising number of surgeries conducted across the globe. Post-surgery pain management at home can be done with the help of home infusion therapy devices.
Besides this, rising healthcare expenditure and growing awareness regarding the risk and infection amidst the outbreak of COVID-19 is driving the demand of home infusion therapy devices.
Key Takeaways from Home Infusion Therapy Devices Market Study
- By product type, infusion system accessories will hold around 45% of value share globally.
- Based on the application, antibiotic administration is leading with over 34% of the market share.
- Home care settings sales will dominate the home infusion therapy devices, with a market share of 65% during the forecast period.
- By region, the U.S. will dominate the global home infusion therapy devices market with a value share of around 37% during the forecast period.
- Followed by North America, Europe will be the second-largest leading region, with a value share of 93.2% during the forecast period.
- India is the dominant country in term of revenue for South Asia Home infusion therapy devices market, accounting for nearly 48% of market share in 2021.
- China holds leading position in East Asia and is expected to account for nearly 52% of market share.
“Growing prevalence of chronic diseases such as diabetes and cancer in the midst of COVID-19 pandemic and high risk of infection across hospitals encouraged key players to invest in new product launches. This is expected to enable growth in the market in the coming years” says a FMI Analyst.
Who is Winning?
Key players are focusing on new product launches and approvals. Other growth strategies adopted by leading players include, agreements, and collaborations among key manufacturers. By focusing on these strategies, key players are expanding their geographic presence and strengthening their existing product portfolio.
- In June 2019, Baxter International Inc. announced that Myxredlin that is the first and only ready-to-use insulin for IV infusion get the US FDA approval.
- In Jan 2019, Fresenius Kabi AG launched two colourful bags via white spiral cables to supply the nutrient solution for parenteral nutrition.
- In April 2017, B. Braun Melsungen AG announced the launch of home infusion therapy App named Easypump® for healthcare professionals and patients.
The key market players profiled by FMI include Becton, Diciknson & Company, B.Braun Melsungen AG, Baxter International, Fresenius Kabi, Terumo Corporation, ICU Medical, Nipro Corporation, Smiths Medical, Micrel Medical Devices SA, Moog Inc., JMS Co.Ltd., Intera Oncology, and Others Top-up.
About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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