Yahoo Finance Home Infusion Therapy Market: Burgeoning Cost of Healthcare and Aging Population to Take the Market Value to $54.82 Billion
Global Home Infusion Therapy Market size was valued at USD 34.54 billion in 2021, and it is expected to reach a value of USD 54.82 billion by 2028, at a CAGR of 6.8% over the forecast period (2022 - 2028).
Westford, Massachusetts, Aug. 23, 2022 (GLOBE NEWSWIRE) -- As the population continues to age, there is an increased demand for Home Infusion Therapy Market, which help heal wounds and restore function. One of the most popular infusion therapies is called platelet-rich plasma (PRP). With the increasing prevalence of chronic illnesses such as diabetes and chronic pain, more people are looking to use home infusion therapy. It is becoming more popular because it is easy to do, minimal side effects, and it is highly affordable.
One of the most common uses for infusion therapy is to treat chronic pain. Infusions of prednisone or other medications can effectively manage persistent pain, reducing its severity and preventing it from returning. In addition, infusion therapy can be used to treat conditions like multiple sclerosis, rheumatoid arthritis, and Crohn's disease.
This increasing demand for Home Infusion Therapy Market has led to an increase in the number of home infusion therapies available. According to Stat News, there are currently over 100 home infusion therapies available on the market. This number is expected to grow to over 200 by 2020. A recent study found that more than 50% of respondents rated pharmacies as being the best source for home infusion medications, while only 13% picked hospitals as the best sources.
One of the reasons for this growth in home infusion therapy market is that they are more cost-effective than traditional treatments. For example, a single dose of antibiotics purchased in a pharmacy can cost $40-$60, while a single dose of antibiotics purchased through a home infusion pharmacy can cost around $10-$20. Additionally, many home infusion therapies are safe and easy to use, making them ideal for patients who do not have access to health care or who wish to take their treatment at home.
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Home Infusion Therapy Gaining Ground for Personalized and Targeted Care
Home infusion therapy market, which uses a variety of medications and treatments to help patients with chronic conditions, is gaining ground for personalized and targeted care. The idea behind home infusion therapy is to provide patients with a more individualized approach to care, tailoring the treatment regimen to their specific needs. This can help to reduce the number of side effects that patients experience and improve their overall quality of life.
It can be used in conjunction with other treatments. By using a combination of therapies, doctors can more effectively target the root cause of a patient’s illness. In addition, home infusion therapy is affordable, providing patients with an alternative to expensive outpatient treatments.
There are several types of therapies available in the global home infusion therapy market, including pharmacotherapy and functional medicine therapies. Pharmacotherapy treatments use medications to cure or manage diseases, while functional medicine therapies focus on restoring the balance of energy in the body. Functional medicine therapies may include acupuncture, herbal remedies, probiotics, and meditation.
The popularity of home infusion therapy is likely due to its versatility and ease of use. Patients can easily self-manage their treatment regimen by following the instructions provided by their doctor.
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Burgeoning Cost of Healthcare and Aging Population are Driving Demand for Infusion Services at Home
As the cost of healthcare continues to skyrocket, so too is the demand for infusion services at home. In fact, according to a recent report from SkyQuest, the home infusion therapy market will grow by more than 56% between 2022 and 2028. This growth is being spurred by two main factors: surging costs associated with healthcare and an aging population.
According to the report, the average cost of healthcare in the United States rose 8.2% between 2016 and 2021. And this growth isn’t likely to slow down any time soon. By the end of 2022, healthcare costs across the globe are expected to increase by 5% as compared to 2021. Meanwhile, the aging population is also placing additional strain on healthcare system. As of 2021, 14% of the global population is aged over 60 years and the number is projected to increase to 22% by 2050. On the other hand, around 61.5% of the global population is categorized into the age group of 15–59 years, which is expected to reduce to 58% in 2050. This indicates that people in the global home infusion therapy market are rapidly entering into the age group of above 60 years, who are highly dependent on other for performing their daily task and medical care. As people age, they oftentimes suffer from more complex illnesses that require more frequent treatment with injections and other medical devices. As a result, many hospitals are now focusing their efforts on providing these types of services at home (rather than in hospital settings).
According to a study conducted by the Centers for Medicare and Medicaid Services (CMS) and SkyQuest findings, the average cost of home infusion therapy has increased by 78% since 2008 but healthcare cost at hospital or healthcare facilities have grown more than 200% in the span of 14 years in the home infusion therapy market. This is largely due to the escalating cost of medical supplies and equipment, as well as the increasing complexity of treatments that require home infusion therapy. In addition, an aging population is increasingly reliant on such services, meaning that the home infusion market for these services will continue to grow in coming years.
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Key Players in Global Home Infusion Therapy Market
Option Care Health Inc. (US)
Optum, Inc. (US)
CareCentrix, Inc. (US)
CVS Health (US)
KabaFusion (US)
PromptCare (US)
Baxter International Inc. (US)
Infusystem (US)
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