The home respiratory therapy market is estimated to secure a valuation of US$ 8.5 Billion in 2023 and is estimated to rise to US$ 16.3 Billion by 2033. The market is anticipated to grow at a CAGR of 6.7% during the forecast period. The factors accelerating the demand for home respiratory therapy are as follows-
The majority of anticipated growth in the home respiratory therapy market can be attributed to factors such as the expansion of home respiratory therapy for the diagnosis of respiratory diseases at home, rising chronic disease, improved health consciousness, and rising spending power.
The home respiratory therapy market is growing rapidly as more patients seek to manage their respiratory condition at home rather than in a clinic or hospital setting. The public’s growing awareness of home care testing increases owing to the convenience & comfort of home care settings.
The increased prevalence of chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis is expected to drive the growth of the home respiratory therapy market during the forecast period.
Growing initiatives by government & private organizations like the COPD foundation encouraging awareness regarding respiratory disorder & available therapy, and treatment creates opportunities for the home respiratory therapy market growth.
North America accounts for the highest share of the home respiratory therapy market owing to the increasing geriatric population along with increasing incidences of respiratory disorders in the region. Europe accounts for the second highest share of the market owing to the increased awareness about home respiratory therapy in the region.
Asia Pacific is expected to be the fastest-growing region during the forecast period due to the increased per capita income & growing investment by key market players in the healthcare sector in the region boosting the growth of the home respiratory therapy market in the region.
Some of the players operating in-home respiratory therapy market include Genesis Rehab Services, West River Health Services, Fisher & Paykel Healthcare Limited, Medtronic PLC, Drager Safety AG & Co, KGaA, ResMed Inc, GlaxoSmithKline Plc, AstraZeneca Plch, Merc & Co Inc, and F Hoffman La Roche Ltd., among others
The home respiratory therapy market is highly fragmented in nature, Manufacturer are focusing on technological innovation for speeding up the diagnosis of the home respiratory therapy market. Also, the market players are involved in joint ventures, partnerships, and mergers.
For instance, Fisher & Paykel Healthcare introduced Evaqua 2 Breathing circuits. Evaqua technology allows water vapor to diffuse out through the expiratory limb wall before it condenses into liquid water into the circuit limb or ventilator.
The home respiratory therapy market is expected to continue to grow in the coming years. The launch of new advance products and increasing investment in research & development by market players are anticipated to boost the demand for respiratory products specifically in emerging economies. This led to market growth.
For instance, founded in 2005 US-based startup NorCal Respiratory is the provider of therapy devices for the treatment of respiratory disorders.
The company provides respiratory therapy equipment that includes portable oxygen concentrators, home-fill Oxygen systems, sleep apnea therapy equipment, Nebulizers, and more
Data Point | Key statistics |
---|---|
Expected Market value in 2023 | US$ 8.5 Billion |
Projected Market Value in 2033 | US$ 16.3 Billion |
Growth Rate (2023 to 2033) | CAGR of 6.7% |
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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.
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.
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.
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.
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Some of the players identified in the Home Respiratory Therapy Market include:
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.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Tentatively, the global Home Respiratory Therapy Market has been segmented on the basis of product type, application and age group.
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