Home infusion therapy is gaining wide adoption across countries owing to the convenience and less costly as compared to the treatment at hospitals. Home infusion pharmacy presents a huge growth opportunity for pharmacists with the wide adoption of home infusion therapy services. Home infusion therapy is witnessing immense growth with the launch of new infusion devices in the homecare market, rise and aging population, and favorable reimbursement policies from the public and private firms.
Home infusion therapy is emerging as an opportunity for pharmacists with its wide acceptance by healthcare players. The increasing number of pharmacists are offering home infusion services such as pharmacokinetic dosing, compounding, nutrition support, electrolyte monitoring, etc. There has been significant growth in the number of pharmacists and nurses providing home infusion care to the patients.
Infections unresponsive to oral antibiotics, dehydration, cancer or cancer related pain, and gastrointestinal diseases that prevent normal functioning of the system are some of the most common and emerging diseases requiring home infusion therapy. Several new trends are expected to gain significance in the home infusion therapy services and specialty pharmacy space. In recent years, past players from a provider perspective are eliciting more control in infusion and specialty space. Players are making a decision on which patient can receive which treatment with a focus on margins that can be developed with it, this is likely to continue in the near future.
North America to Hold Largest Share in Home Infusion Therapy Services Market
Home infusion therapy services market is expected to witness significant growth in North America due to the rise in a number of various diseases and high adoption rate. The US is witnessing a rise in the rate of hospital acquired infections. These infections are leading to the rise in chronic diseases that require continues monitoring, thus, fueling demand for home infusion therapy services.
New legislation has also been passed in the US that helps home infusion patients. The legislation aims to fill the benefits gap left by the Cures Act and to ensure the accessibility of home infusion therapy services.
New cases of cancer in the US is currently on a rise. This is driving demand for home infusion therapy service that helps in subsiding side-effects of chemotherapy. The US government is also contributing to the growth of home infusion therapy services with various initiatives. Health plans such as TRICARE, Medicaid, and Federal Employees Health Benefits Program have been introduced to reimburse for home infusion therapy.
The rise in the number of home healthcare facility providers offering services at low prices is resolving affordability issues faced by the low-income group and aging population. Increasing surgical procedures with the rise in number of accidents globally is also accelerating the growth in the home infusion therapy services market.
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Europe is likely to show strong growth in the home infusion therapy services market in coming years. Growing demand for high-quality patient care and increasing adoption of home infusion therapy for treatment of chronic diseases is driving the growth in the home infusion therapy services market in Europe. Also, the cost of infusion therapy provided at home is far less as compared to the cost of treatment at hospitals, this is further driving the demand for home infusion therapy services in Europe.