REPORT HIGHLIGHT
Infusion pharmacy management market size was valued at USD 41,702.6 Million in 2022, expanding at a CAGR of 7.4% from 2023 to 2030.
Medications or drugs are administered during infusion treatment by a sterilized catheter or needle. A professional healthcare provider secures them and regularly inserts them in the patient's vein. Additionally, only patients whose health has not yet improved and who do not react to oral treatment are often recommended this therapy Moreover, at the infusion pharmacy antiviral, antibiotics, antifungals, pain management medications, and nutritional pharmaceuticals are infused into the patient's body via a catheter or needle. The infusion medicine system is utilized to treat several diseases, such as diabetes, cancer, gastrointestinal disorders, and illnesses related to pain.
Infusion Pharmacy Management Market - Market Dynamics:
- The rise in the trend of homecare services drives the market growth
- Hospital-based clinics are the most costly option for infusion, as these drawbacks are related to expense and patient discomfort. In addition, patients would have to wait longer for appointments if a clinic only operates within certain hours. On the other side, freestanding infusion clinics may be more practical as compared to hospital-based clinics, as their given place around the community and less expensive prices. If these alternate places do not belong to the patient's primary oncology team, treatment may be fragmented because of poor communication between the different care teams. In line with this, even though the pricing seems comparable to that of freestanding infusion clinics, home infusion s considerably less costly than hospital-based clinics. This method is superior for standalone infusion clinics that need transportation simply because it helps patients to receive infusions at home. As a result, above mention factors are projected to boost the growth of the global infusion pharmacy management market. However, the lack of skilled professionals and high costs are expected to hinder market growth.
Infusion Pharmacy Management Market - Key Insights:
- As per the analysis shared by our research analyst, the global infusion pharmacy management market is estimated to grow annually at a CAGR of around 7.4% over the forecast period (2023-2030)
- The infusion pharmacy management industry is projected to grow at a significant rate due to the growing awareness home care services
- Based on product type segmentation, pain management was predicted to show maximum market share in the year 2022
- The rising prevalence of chronic diseases including diabetes, pain-related diseases, gastrointestinal disorders, and cancer is the primary factor fueling the market growth
- Pharmaceutical companies taken numerous initiatives to develop the healthcare infrastructure and make technological advancements that will drive the market growth
Infusion Pharmacy Management Market- Segmentation Analysis:
- The global infusion pharmacy management market is segmented on the basis of product type, application, diseases, and region.
- The market is divided into four categories based on product type: antimicrobial, pain management, internal nutrition, antibiotics, and others. The pain management segment is accounted witnessed speedy growth. This is attributed to treating several pain syndromes, including post-herpetic neuralgia, diabetic neuropathy, fibromyalgia, phantom limb pain, diabetic neuropathy, neuropathic pain, and central pain related to stroke or spinal cord. Moreover, the antibiotics segment is projected to hold the highest revenue share. Antibiotics are medicine used for treating bacterial infections in both animals and humans. They achieve this by removing the bacteria or making it tougher for them to develop and reproduce.
- The market is divided into three categories based on application: ambulatory surgical centers, homecare, and hospital & clinic. The hospital & clinic segment is likely to maintain its dominance during the forecast period. The segment demand is attributable to the increasing cases of patients with various diseases. The homecare segment is expected to experience the highest growth rate, due to the benefits of home infusion therapy. This service offers patients the opportunity to receive therapy in the setting in which they feel most comfortable.
Infusion Pharmacy Management Market- Geographical Insights
Geographically, the infusion pharmacy management market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is accounted to dominate the market during the forecast period. The expansion in the region is attributed to the rising geriatric population and the increasing cases of chronic disease. Moreover, the Asia-Pacific market is likely to rise significantly due to the expanding usage of cutting-edge healthcare facilities in emerging nations such as India and China. In addition, it is expected that the growing public awareness of the benefits of infusion treatment and the presence of a sizeable patient population will fuel the market revenue growth.
Infusion Pharmacy Management Market- Competitive Landscape:
Infusion medication is more appropriate than oral medication, since it is more efficient, propelling the market growth. Moreover, as larger healthcare technology companies acquire smaller players the market is witnessing consolidation to expand their portfolio of solutions. As a result, of this integration, comprehensive platforms that offer end-to-end infusion pharmacy management capabilities have been developed. Furthermore, market players are including various strategies such as R&D activities, partnerships, and collaboration. For instance, in April 2022, AmerisourceBergen a global healthcare company announced a program to assist hospitals and health systems launch or optimizing home infusion service lines. Moreover, as site-of-care strategies grow in importance, health systems with strong outpatient infusion center performance are increasingly leveraging home infusion to prevent potential care gaps, especially as therapeutic advancements continue to increase the range of home treatments available.
Recent Developments:
For instance, in September 2021, B. Braun Medical Inc launched its new CARESAFE™ IV Administration Sets with an Optional AirStop component. Additionally, they offer an added level of protection for the environment and, most essentially, to patients from the potential health risks associated with exposure to these chemicals.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INFUSION PHARMACY MANAGEMENT MARKET KEY PLAYERS
- PharMerica Corporation
- Sentara Healthcare
- Magellan Rx Management LLC
- CARECENTA INC.
- Brightree
- SSRx
- CVS Health
- MCKESSON CORPORATION
- ContinuumRx
- Prochant LLC
- CarepathRx
- Providence
- Inovalon
- Cigna
- Centene Corporation
- OSF Healthcare System
- Norton Healthcare
GLOBAL INFUSION PHARMACY MANAGEMENT MARKET, BY PRODUCT TYPE
- Antimicrobial
- Pain Management
- Internal Nutrition
- Antibiotics
- Others
GLOBAL INFUSION PHARMACY MANAGEMENT MARKET, BY APPLICATION
- Ambulatory Surgical Centers
- Homecare
- Hospital & Clinic
GLOBAL INFUSION PHARMACY MANAGEMENT MARKET, BY DISEASES
- Cancer
- Pain Related Diseases
- Diabetes
- Others
GLOBAL INFUSION PHARMACY MANAGEMENT MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA