According to a new market report published by Persistence Market Research “Global Market Study on Home Infusion Therapy Devices - Needleless Connectors to Witness Highest Growth by 2020”, the global home infusion therapy devices market was valued at US$ 15,905.1 Mn in 2014 and is expected to grow at a CAGR of 9% from 2014 to 2020, to reach US$ 26,747.8 Mn by 2020.
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.
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.
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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.
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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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