The abrupt occurrence of COVID-19 pandemic has made a positive impact on the growth of the global home infusion therapy market in 2020. The growing geriatric population and rising cases of severe disorders are boosting the adoption of home infusion therapy during the COVID-19 crisis. Growing product launches and technological developments by leading companies is estimated to bring in rewarding opportunities for the growth of the global market during the pandemic period.
The newest research report on the global home infusion therapy market by Research Dive reveals the impact of the COVID-19 pandemic on the present and forthcoming growth of the market. This report is a meticulous research formulated by experts by reviewing regional market conditions, major driving factors, recent trends and developments, and size & scope of the market during the crisis period.
The sudden outbreak of the COVID-19 pandemic has imposed a positive impact on the global home infusion therapy market. According to the report, the global home infusion therapy market had garnered a revenue of $20.2 billion in 2019 and is expected to exceed $49.5 billion by 2027, rising at a CAGR of 11.7% during the crisis period. The size of the market in the current scenario has reached $22.9 billion due to the increased adoption of home infusion therapy by patients during the COVID-19 turmoil.
• Factors Impacting the Market Growth during COVID-19 Pandemic
The global home infusion therapy market is expected to witness significant growth due to the global rise in the cases of acute diseases and growth in the geriatric population that needs long-term medical treatments. Furthermore, growing preference for home-based treatment by sick people, which have low immunity, to avoid getting affected by the COVID-19 infection is boosting the demand for home infusion therapy and leading to an augmented growth of the market.
• Current Market Scenario Due to COVID-19:
In the course of the pandemic period, some of the leading players in the home infusion therapy market are undertaking various strategies such as collaborations, partnerships, and new product development to withstand their market position. For example, in July 2020, Biocon biologics, an innovation led fully integrated biopharmaceutical firm, and Voluntis, a healthcare software company specialized in Patient Relationship Management (PRM), entered into a partnership to develop and offer advanced digital therapeutics based on biologics therapy for supporting diabetes patients.
On the other hand, government bodies in various COVID-19 affected areas are offering support to the home infusion therapy market players to sustain their business amidst the COVID-19 disaster. For example, in October 2019, the Medicare & Medicaid Services Centers have passed a law proclaiming that all home infusion therapy overheads will get covered under the Bipartisan Budget Act of 2018.
• Future Scope of the Market:
As per the report, the global home infusion therapy market is expected to experience incessant growth post-coronavirus pandemic. New players and some of the major players including Fresenius Kabi, Baxter International, Inc., Smiths Medical., JMS Co., Ltd., ICU Medical Inc., Terumo Corporation, Eli Lilly and Company, Becton, Dickinson and Company (BD), B Braun Melsungen AG, Cosmed, and others are expected to mold the future of the global home infusion therapy market in the upcoming years.