Fact.MR – A Market Research and Competitive Intelligence Provider: In its upcoming report, Fact.MR projects steady demand for global home respiratory therapy.
Home Respiratory Therapy Remained Highly Sought-after amid COVID-19, Demand to Accelerate in short Term Forecast Period
The home respiratory therapy market survey offers comprehensive study on the demand outlook in terms of product, application, and age group. It also studies key strategies adopted by vendors to increase sales in home respiratory therapy market.
Fact.MR – A Market Research and Competitive Intelligence Provider: In its upcoming report, Fact.MR projects steady demand for global home respiratory therapy. It has forecast the market to expand at a healthy CAGR during the assessment period, from 2020 to 2030. Rising prevalence of respiratory diseases across the globe has propelled the demand for home respiratory therapy services.
Unprecedented outbreak of COVID-19 impacted the global home therapy market positively. The demand for home respiratory care services burgeoned even amidst the pandemic-induced lockdown. With lack of oxygen cylinders and ventilators in the hospitals, consumers opted for oxygen therapy and ventilators at their homecare setting.
Spurt in demand during FQ-20 encouraged key players to improve their production operations. However, due to lockdown across several parts of the world, the need for oxygen therapy and monitoring devices were unmet. This created a demand and supply gap, which hampered the growth of the home respiratory therapy market to an extent.
Nonetheless, government initiatives and favorable policies have pushed the production to meet the surging demand for home respiratory therapies, especially across India and China. Alongside this, growing geriatric population with high prevalence of chronic obstructive pulmonary disease and asthma will spur sales in the forthcoming years.
Besides the incidence of various respiratory illnesses, unprecedented COVID-19 outbreak has compelled an increasing number of people to willingly spend on home respiratory devices. Sales particularly soared during pandemic as people focused on avoiding hospitalization and risk of getting infected.
“Rising demand for oxygen therapy and monitoring devices is expected to improve growth opportunities for market players. However, lack of skilled professionals to operate in developing economies might create a challenge for the market," said a Fact MR analyst.
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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
Growth Drivers:
- 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.
Key Restraints:
- 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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Competitive Landscape
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.
- Others
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:
Product:
- Respiratory Care Devices
- Therapeutic devices
- Monitoring devices
- Consumables and accessories
- Respiratory Care Services
- Oxygen therapy
- Aerosol therapy
- Mechanical ventilation
- Others
- Respiratory Care Drugs
Application:
- Chronic obstructive pulmonary disease (COPD)
- Asthma
- Cystic Fibrosis
- Others
Age Group:
- Pediatrics
- Adults
- Geriatrics
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- 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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Source: Fact.MR