The geriatric population is increasing exponentially in the U.S. According to the U.S. Census Bureau, by 2034, over 77.0 million individuals in the U.S. will be aged 65 & above and this number is estimated to reach 94.7 million by 2060. With the surging geriatric population, the incidence of different health conditions necessitating long-term care is projected to increase. Further, the growing preference of people of this age group to avail home healthcare services is likely to significantly boost the demand for home infusion therapy products & services during the forecast period. Aging is believed to be a major impacting factor for chronic diseases, which require prolonged care. Major diseases related to aging include Alzheimer’s, dementia, diabetes, and various orthopedic disorders. This also impacts the preference for home care. For instance, about 70% of home healthcare patients belong to the age group of 65 years & above. Moreover, the growing geriatric population in Asian countries and presence of large untapped opportunities in emerging countries such as India and China, among others, are expected to drive market growth during the forecast period.
According to the WHO, chronic diseases including respiratory disorders, cancer, diabetes, cardiovascular diseases, and other life-threatening diseases account for over 60% of the total number of deaths and over 43% of the global diseases. Home infusion is considered to be a cost-effective alternative to a prolonged hospital stay or a nursing home placement for patients battling with chronic diseases. The administration of medications from the comfort of homes or home infusion offers various advantages including better experience, faster recovery, and fewer complications. Home infusion therapy enables most patients to resume their daily activities, thereby drastically enhancing the quality of their lives.
Medicare reimbursement accessible for home healthcare providers and patients is one of the significant factors fueling the market growth of home infusion therapy. However, the recent reimbursement restrictions and rebasing of home health fund are anticipated to hamper market growth during the forecast period. In addition, according to National Home Infusion Association, the professional services benefit, covered by the CMS in the Medicare Part B home infusion drugs, requires physical presence of a nurse at the patient’s home for the provider to be reimbursed. Thus, this could lead to inconvenience for patients in case of unavailability of nurses, which may limit the adoption of these therapies. Nonetheless, supportive initiatives by companies coupled with the introduction of Preserving Patient Access to Home Infusion Act are anticipated to reduce the overall adverse impact on market growth.
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Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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