Fact.MR – A Market Research and Competitive Intelligence Provider: Between 2020 and 2030, the global home respiratory therapy market is expected to increase at a stable rate.
North America to Lead the Home Respiratory Therapy Market Share with Rising Geriatric Population
Home respiratory therapy market study by Fact.MR, a leading market research and competitive intelligence provider, offers insights into chief growth drivers and restraints impacting the overall expansion of the market. The report also divulges insights into home respiratory therapy demand outlook in terms of product, application and age group.
Fact.MR – A Market Research and Competitive Intelligence Provider: Between 2020 and 2030, the global home respiratory therapy market is expected to increase at a stable rate. The demand for respiratory devices is projected to boost the market. A major growth driver will continue to be a focus on making enhanced home care options more accessible.
As part of respiratory treatment, patients who experience breathing difficulties and have disorders connected to lung function and breathing seek out respiratory therapy. Respiratory therapy done in the comfort of a patient’s own home is known as home respiratory treatment.
According to the World Health Organization (WHO), asthma affected about 235 million people in 2017. It also is a common disease affecting children from around the world. Hence, healthcare systems are focusing on critical care suitable for patients who are more inclined to avoid hospitalization.
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The U.S. Food and Drug Administration (FDA) approved home treatment for patients with moderate to severe asthma to provide personal care to every individual in the country. Such developments are expected to bode well for home respiratory therapy market.
Chronic obstructive pulmonary disease (COPD) is the third-leading cause of death worldwide, according to the Forum of International Respiratory Societies. This condition is most common in the elderly population and causes breathing difficulties. As a result, individuals with this disease are encouraged to seek treatment for respiratory problems at home.
The global industry is projected to continue dominated by North America. The presence of a big segment of the population over the age of 65, as well as a well-established healthcare infrastructure, are primary drivers driving growth in the region, according to Fact.MR.
Europe is likely to overtake the United States as the second-largest market, owing to advantageous reimbursement rules and rising awareness of advanced healthcare facilities.
The COVID-19 pandemic has positively impacted the home respiratory solutions demand. Breathing problems and difficulty in lung functioning are among the common symptoms of the novel coronavirus. Considering this, the demand for home respiratory therapies skyrocketed as the number of COVID-19 patients soared.
In the coming years the market is expected to gain from increasing healthcare spending and higher focus on making home healthcare more advanced.
“Alliances between governments and leading players in the home respiratory therapy market will increase, especially as the former seeks for advanced technologies to tackle COVID-19 and other infections causing respiratory illnesses,” said a Fact.MR analyst.
Key Takeaways from Home Respiratory Therapy Market
- According to the application, a high prevalence of chronic obstructive pulmonary disease (COPD) is expected to boost market sales.
- North America is expected to have the largest market share in the home respiratory treatment market.
- Europe is expected to have the second largest market share in the home respiratory treatment market due to increased awareness about respiratory illnesses in this area.
- South and East Asia are expected to be the most promising regions, with rapid growth predicted during the forecast period. Growth in these areas will be fueled by investments in making healthcare more accessible.
Growth Drivers:
- Market growth is being driven by an ageing population and rising per capita healthcare spending.
- Growth will be fueled by key businesses increasing their investments in innovative home healthcare facilities.
Key Restraints:
- Home respiratory therapy is more expensive than hospital respiratory therapy, which will limit market expansion.
- The lack of skilled specialists in developing nations is impeding the expansion of the home respiratory therapy industry.
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Competitive Landscape
Key players are adopting strategies such as collaborations, mergers, and acquisitions to develop treatments and increase market revenue.
Some of the players identified in the home respiratory therapy market include:
- 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 Home Respiratory Therapy Market:
Fact.MR provides an unbiased analysis of home respiratory treatment market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the home respiratory therapy with a detailed segmentation as follows:
Based on product type
- Respiratory care devices
- Therapeutic devices
- Monitoring devices
- Consumables and accessories
- Respiratory care services
- Oxygen therapy
- Aerosol therapy
- Mechanical ventilation
- Others
- Respiratory care drugs
Based on application
- Chronic obstructive pulmonary disease (COPD)
- Asthma
- Cystic fibrosis
- Others
Based on age group
- Pediatrics
- Adults
- Geriatrics
Key Questions Covered in the Home Respiratory Therapy Market Report
- The report offers insight into the home respiratory treatment demand outlook for 2020-2030
- The market study also highlights projected sales growth for home respiratory therapy market between 2020 and 2030
- Home respiratory sales 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 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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