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.
One such instance is the temporary FDA approval for home administration omalizumab for pateints with moderate to severe asthma.
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Home Respiratory Therapy Market: Drivers and Restraints
The rise in respiratory disorders in developed countries is the major factor driving the growth of the home respiratory therapy market. According to the WHO, in 2017, About 235 million people suffered from asthma, a common disease among children.
Another factor that is expected to propel the growth of the home respiratory therapy market is rising geriatric population as aging declines the effective functioning of the lungs. This makes the geriatric population more vulnerable of developing respiratory diseases.
The rising preference of individuals to avoid hospitalization and get treatment within the home care setting is majorly contributing towards the growth of the home respiratory therapy market.
The convenience and comfort in the home care setting is attributed towards the growth of the home respiratory therapy market. Furthermore, the rising awareness about the respiratory diseases in developing countries will boost the growth of the home respiratory therapy market.
The high cost of respiratory therapy in the home care setting as compared to therapy cost in hospitals will restrain the growth of the market. The limited availability of skilled professionals to operate in developing countries may also hamper the growth of the home respiratory therapy market.
Home Respiratory Therapy Market: Overview
Based on application, the chronic obstructive pulmonary disease (COPD) is expected to hold the largest market share due to its high prevalence. According to forum of International respiratory societies, chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide
In the age group segment, the geriatrics will account for the highest revenue share. This can be attributed towards the rising respiratory cases among geriatric population. The geriatric and pediatric population is also more prone to infections. Thus, this will result in opting for respiratory therapy in the home care setting to avoid hospital acquired infections.
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Home Respiratory Therapy Market: Regional-Wise Outlook
Geographically, the Home Respiratory Therapy Market is segmented into seven regions viz. South Asia, East Asia, Europe, Latin America, North America, Oceania and Middle East and Africa.
The largest market share is expected to be held by North America owing to rise in geriatric population along with increase in the incidence rate of respiratory disorders in this region. Europe is expected to have 2nd largest market share in the home respiratory therapy market as a result of growing awareness about respiratory diseases in this region.
However, South Asia and East Asia is expected to be the most lucrative markets and will experience fastest growth during the forecast period. The rise in per capita income, increasing geriatric population, and the presence of high growth markets in this region is attributing fastest growth in this region.
In addition, huge investments by the key market players in the healthcare sector in this region is expected to boost the growth of the home respiratory therapy market.
Home Respiratory Therapy Market: Key players
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.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
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Home Respiratory Therapy Market: Segmentation
Tentatively, the global Home Respiratory Therapy Market has been segmented on the basis of product type, application and age group.
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