Home Respiratory Therapy Market To Expand Substantially Owing To Technological Innovations During 2022 – 2031 : FactMR
The assistance and help provided by the respiratory therapist to people suffering from problems related to lung function and breathing as a part of respiratory care is respiratory therapy. Home respiratory therapy basically means the respiratory therapy is provided within the settings of an individual’s home.
The emergence of home care in the respiratory therapy has opened new growth opportunities for respiratory services as well as respiratory devices. There have been a major shift towards homecare respiratory therapy in the last few years. In addition, the outbreak of Covid-19 has a major impact on the home respiratory therapy market. The impact is however positive and has led to the growth of the market. Moreover, it has led to some prominent steps taken by the healthcare system in order to help the patients with respiratory diseases.
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Key Takeaways from Home Respiratory Therapy Market Research Report:
- Based on application, chronic obstructive pulmonary disease (COPD) is expected to hold lion’s share in the global market owing to its high prevalence
- In terms of age group, geriatrics will account for the largest market share, creating lucrative growth opportunities for the market players.
- Pediatrics segment is expected to witness high growth during the forecast period.
- The U.S. is expected to account for largest market share, spearheading the growth of North America’s home respiratory therapy market
- The U.K. and Germany will lead the Europe’s market growth, making it the 2nd largest region in the home respiratory therapy market
- Rising per capita income and outbreak of COVID-19 is expected to create lucrative growth opportunities across India
- China is expected to be the most lucrative market across East Asia over the forecast period
- Rising prevalence of respiratory diseases and advent of COVID-19 have propelled the demand for home respiratory therapy
- Increased consumption and intake of tobacco smoking is expected to spur the growth
- Growing pollution levels and rising geriatric population have boosted the demand for home care respiratory devices and services.
- Availability of low-cost alternative products from local manufacturers might restrict the growth of home respiratory therapy market
- High cost of respiratory therapy in the home care settings as compared to cost in hospitals will hamper the demand
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Key players in the market are relying on product innovation and expansion of their product portfolio to capitalize on remunerative opportunities. Presence of industry giants such as Medtronic PLC, GlaxoSmithKline PLC., and F Hoffman-La Roche Ltd has led to market consolidation, estimates Fact.MR.
Emergence of various start-ups and product launches by local and regional players is expected to create growth opportunities over the coming years. Strategies such as mergers and collaborations are also adopted by key players to maintain their position in the industry.
For instance, in April 2021, Encore Healthcare announced the release of its new Nexus software for the enrollment of over 2700 patients for their ongoing Nexus clinical management program. Encore Healthcare partnered with MedSouth in June 2019, to start this program which reduced complex respiratory readmission by >60%.
In January 2021, Protech Home Medical Corp, a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care announced the acquisition of a private respiratory care company in the Southern United States.
Also, in the same month, India’s first and only continuum care provider, Sukino Healthcare announced the launch of its post COVID-19 multidisciplinary respiratory distress rehabilitative treatment for patients who have recovered yet are suffering from the after effects of COVID-19.
Key players operating in the home respiratory therapy market are
- Genesis Rehab Services
- West River Health Services
- Fisher & Paykel Healthcare Limited
- Medtronic PLC
- Dräger Safety AG & Co. KGaA
- ResMed, Inc.
- GlaxoSmithKline Plc
- Merck & Co Inc.
- AstraZeneca Plch
- F Hoffman-La Roche Ltd.
More Insights on the Home Respiratory Therapy Market:
Fact MR offers compelling insights on the global home respiratory therapy market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global home respiratory therapy market with a detailed segmentation on the basis of:
- Respiratory Care Devices
- Therapeutic devices
- Monitoring devices
- Consumables and accessories
- Respiratory Care Services
- Oxygen therapy
- Aerosol therapy
- Mechanical ventilation
- Respiratory Care Drugs
- Chronic obstructive pulmonary disease (COPD)
- Cystic Fibrosis
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
Key Questions Covered in the Home respiratory therapy Market Report
- The report offers detailed insights into home respiratory therapy demand outlook for 2021-2031
- The market study also highlights projected sales growth for home respiratory therapy market between 2021 and 2031
- Home respiratory therapy market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Home respiratory therapy market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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