Growing Global Geriatric Population to Drive Global Home Infusion Therapy Devices Market at 9% CAGR

New York City, New York, August 25, 2015- In a new market study released by Persistence Market Research (TMR), the global home infusion therapy devices market is projected to reach US$26,747.8 million by 2020. TMR states that the market, with a valuation of US$15,905.1 million in 2014, will expand at a CAGR of 9% from 2014 to 2020. The report, titled “Global Market Study on Home Infusion Therapy Devices: Needleless Connectors to Witness Highest Growth by 2020”, is available for sale on the company website.

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The report states that the global infusion therapy devices market is growing steadily due to the escalating demand for infusion therapy products for homecare. Moreover, high prevalence of chronic diseases, rising aging population, and technological advancements in infusion equipment are contributing to the growth of the market.

Home infusion therapy involves intravenous at-home administration of medication to the patient through needle and catheter. The treatment is prescribed by physicians and administered by trained personnel in a home setting.

Home infusion therapy is used when oral medication is not effective or if the patient fails to respond to oral medication after a certain stage. For such reasons, the therapy is suitable for conditions that need long-term treatment, such as cancer, diabetes, cystic fibrosis, and gastrointestinal diseases.

One of the major advantages of home infusion therapy devices is that it saves unplanned hospitalization and helps faster recovery due to the comfort and convenience of the home environment. Home infusion therapy is also significantly cost-effective owing to the lack of hospitalization bills, which accounts substantially to the growth of this market.

Factors such as risk to patient safety due to mishandling of equipment and occurrence of mistakes while using infusion devices inhibits widespread adoption of the devices and in turn restrains the home infusion therapy devices market. Inadequate insurance coverage and unfavorable reimbursement policies for home infusion devices further limit the growth of this market.

However, increasing patient adoption and word of mouth advocacy for specialty infusion therapy devices hold promise for the overall market. Furthermore, new product innovations, increasing number of mergers and acquisitions, and escalating use of ambulatory infusion pumps are some of the factors that will influence the course of the global home infusion therapy devices market in the next few years, according to the report.

By geography, North America dominates the global infusion therapy devices market, due to its large patient pool with chronic diseases such as cancer and diabetes. Growing geriatric population is also supporting growth of the market in the region.

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In Europe, expanding geriatric population base and increasing adoption of procedures performed in non-hospital environments is driving demand from the home infusion therapy devices market. As per data from the National Center for Biotechnology Information (NCBI), which is a an ancillary organization of the National Institute of Health, almost 3.4 million new cancer cases and almost 1.7 million cancer-related deaths were reported in Europe in 2012. High incidence of chronic diseases like AIDS, cancer, and diabetes is propelling demand for home infusion therapy devices.

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