Infusion Therapy Market Estimated to Record Highest CAGR by 2024
Infusion Therapy Market: Introduction
· Infusion therapy is an alternative to oral treatment that involves the administration of drugs/medicine and nutrition through a sterile catheter or needle. It is usually employed to treat serious or chronic infections that do not respond to oral medications.
· The therapy is performed at hospitals, infusion therapy centers, or homes and involves administration of medication via catheter or needles by specially trained professionals such as nurses.
· Infusion therapy services are commonly employed in the treatment of cancer, gastrointestinal (GI) disorders, dehydration caused by nausea, vomiting and diarrhea, heart failure, chronic pain, and immune system problems.
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Key Drivers, Restrains, and Opportunities of Global Infusion Therapy Market
· Infusion therapy services are also utilized in the treatment of rheumatoid arthritis, Crohn’s disease, immune deficiencies, hemophilia, and multiple sclerosis. Hence, increase in application areas of infusion therapy creates significant opportunity for companies to expand their services. This, in turn, is projected to drive the global infusion therapy market.
· Rise in number of people suffering from chronic pain, cancer, and diabetes is a major driver of the global infusion therapy market
· According to The International Agency for Research on Cancer (IARC), estimates on the global cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020, which means 1 in 5 people develops cancer during his or her lifetime, and 1 in 8 men and 1 in 11 women die from the disease.
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· According to The International Diabetes Federation (IDF), approximately 463 million adults (20-79 years) were living with diabetes in 2019, which is estimated to rise to 700 million by 2045. And, diabetes caused 4.2 million deaths worldwide in 2019.
· Governments in developing countries are making significant investments to modernize healthcare infrastructure, which is likely to increase access to healthcare. This is expected to increase the demand for infusion therapy services. Rise in prevalence of chronic diseases in developing countries presents lucrative opportunities in the global infusion therapy market.
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North America to Capture Major Share of Global Infusion Therapy Market
· In terms of region, the global infusion therapy market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· The infusion therapy market in North America is expanding at a rapid pace due to high incidence rate of chronic diseases such as diabetes and cardiovascular diseases
· Europe is likely to be the second-largest market during the forecast period. Expansion of the market in the region is attributed to technological advancements and increase in investments by pharmaceutical companies in infusion therapy business. These are expected to boost the infusion therapy market in Europe.
· The infusion therapy market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to a rise in healthcare infrastructure. Moreover, surge in geriatric population coupled with chronic diseases is likely propel the market in the region.
· The infusion therapy market in Latin America and Middle East & Africa is projected to expand at a steady pace due to a rise in the demand for low cost infusion therapy in these regions
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