Market Trends of Home Medical Equipment Industry
Respiratory Therapy Equipment Segment is Expected to Witness Significant Growth Over the Forecast Period
The respiratory therapy equipment segment is expected to witness significant growth in the home medical equipment market over the forecast period owing to the factors such as the increasing prevalence of respiratory disorders, emerging advanced technology, and rising company activities.
The prevalence of respiratory disorders, such as COPD, tuberculosis, asthma, and sleep apnea is increasing globally which is expected to fuel the demand for respiratory equipment. For instance, as per the data published by CDC in December 2022, about 4.6% of individuals had received a COPD, emphysema, or chronic bronchitis diagnosis at some point in 2021. Similarly, according to a study published in PLOS One, in January 2021, about 2.6 million people were suffering from COPD, in 2021, and the number is expected to rise to 2.8 million by 2025.
Additionally, the rising introduction of technologically advanced products in the market is also anticipated to fuel the segment's growth. For instance, as per an article published in Respiratory Care, in October 2021, portable oxygen concentrators (POCs) are efficient at supplying necessary oxygen in several patient settings. Also, from the same source, it has been observed that the maximum oxygen reading was obtained at 30 breaths per minute (27.89%) by the CAIRE FreeStyle Comfort with AutoSat, and the highest readings at 15 and 40 breaths per minute, (31.56% and 26.13%) respectively, by the CAIRE FreeStyle Comfort without AutoSat. Thus, the high performance of POCs is expected to increase its demand, which in turn is anticipated to accelerate the segment growth.
Furthermore, the increasing focus of the companies on developing technologically advanced products increases the availability of novel respiratory equipment in the market, thereby contributing to segment growth. For instance, in May 2022, Max ventilator launched multifunctional noninvasive ventilators with inbuild oxygen therapy and humidifier, in India. Also, in February 2022, Vitalograph received United States FDA approval for an Alpha spirometer, a next-generation lightweight and durable tool with an integrated printer used for accurate respiratory diagnosis of both adults and pediatrics.
Therefore, owing to the aforementioned factors, such as the high burden of respiratory diseases, rising new product launches, and growing adoption of technologically advanced products, the studied segment is anticipated to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to hold a significant share of the market owing to the factors such as the rising burden of chronic diseases and their associated risk factors, the presence of well-established healthcare infrastructure along with high healthcare spending, as well as the increasing company activities in the region.
The increasing incidence and prevalence of chronic diseases among the population is the key factor driving the market growth. For instance, as per data updated by the government of Canada in July 2021, an overall 6.3 million population of aged 65 or more were living with chronic conditions in 2021 in Canada. This raises the demand for medical equipment, such as monitoring devices, telemedicine patient monitoring, and others, which helps in regular monitoring of the patients, which in turn is anticipated to fuel market growth.
Additionally, the rising government initiatives to promote self-management programs in the region are also expected to fuel market growth. For instance, in November 2022, the government of Canada funded over USD 5 million to enhance support for people living with chronic pain and to expand the Pain Canada Network. With this network, the people experiencing pain, mental health issues, substance use harm, and other forms of social and economic marginalization gain access to a ten-week in-person self-management program. Also, in January 2022, the Lupus Foundation of America (LFA) launched Strategies to Embrace Living with Lupus Fearlessly (SELF), a new online self-management program designed to aid lupus sufferers in developing and improving their skills in the four areas of managing symptoms, stress, drugs, and working with their healthcare team. Hence, this is likely to contribute to the market growth over the forecast period.
Moreover, the increasing number of new product launches in the region is also expected to fuel market growth. For instance, in August 2022, CardiAI Inc., launched a new 24-hour Ambulatory Blood Pressure monitoring system, BPAro, a compact, portable, self-monitoring blood pressure device that uses Bluetooth for wireless data collection. Also, in March 2022, Nipro Medical Corporation (Nipro) launched SURDIAL DX Hemodialysis System in the United States. Also, in December 2021, Medtronic Canada signed an exclusive corporate agreement with Cloud DX to offer virtual and remote patient monitoring (RPM) solutions across Canada.
Therefore, owing to the aforementioned factors, such as the high burden of chronic diseases, growing government initiatives, and new product launches, the studied market is expected to grow over the forecast period.
