Home infusion therapy is more cost-efficient than hospitalization. This is a major reason behind the increasing demand for home infusion therapy devices. Moreover, rising aging population, increasing the prevalence of chronic diseases, advancements in technology in infusion devices, and innovative applications of infusion devices in healthcare are boosting the growth of the home infusion therapy devices market.
Albany, NY -- (SBWIRE) -- 09/25/2015 -- Home infusion therapy refers to the at-home administration of medication through a needle or catheter. The therapy is prescribed by the physicians and medications are administered by trained healthcare professionals.
Home infusion therapy is used in the treatment of diseases that remain unresponsive to oral medication such as cancer, cancer-related pain, and gastrointestinal diseases. It is also used to treat diabetes, dehydration, and cystic fibrosis. Home infusion therapy improves medication adherence and reduces unplanned hospitalization. Some major infusion devices used for the administration of medicines include the infusion pump, intravenous set, and needleless connectors.
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Globally, the home infusion therapy devices market is witnessing significant growth due to the expanding home care market for infusion therapy and increasing applications of infusion devices for relieving pain. Moreover, rising aging population, increasing the number of chronic diseases, and technological advancements in infusion devices are also supporting the growth of the market. However, increasing a risk to patient safety and occurrence of mistakes while using infusion devices, and issues related to reimbursement policies for home infusion therapy inhibit the growth of the market.
The global home infusion therapy devices market is anticipated to grow from US$ 15,905.1 Mn in 2014 to US$ 26,747.8 Mn by 2020 at a CAGR of 9% during the forecast period.
North America is the largest region while Asia represents the fastest-growing region in the home infusion therapy devices market. Infusion pumps hold largest market share while needleless connectors represent the fastest-growing segment in the market. Volumetric is the largest and fastest-growing infusion pump device in the global home infusion therapy devices market. In terms of application, anti-infectives represent the largest and fastest-growing application in the global home infusion therapy devices market.
The home infusion therapy devices market in North America is anticipated to grow from an estimated US$ 6,880.2 Mn in 2014 to US$ 11,666 Mn by 2020 at a CAGR of 9.2% during the forecast period.
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