Market Trends of Outpatient Home Therapy Industry
This section covers the major market trends shaping the Outpatient Home Therapy Market according to our research experts:
Physical therapy Segment Expected to Hold Significant Share in the Outpatient Home Therapy Market
The sudden outbreak of COVID-19 had a positive impact on the market growth due to the sudden restriction of movements, thereby increasing the adoption of home-based therapies by patients to reduce the infection rate.
The physical therapy segment is expected to dominate the studied market segment during the forecast period. It is mainly due to the increasing patient awareness and the focus on preventive and personalized health care. Physical therapy consists of orthopedic physical therapy, geriatric physical therapy, neurological physical therapy, and cardiopulmonary and pulmonary physical therapy, among others. The increasing prevalence of the abovementioned conditions is expected to drive the market's growth. According to the WHO, in 2021, approximately 1.71 billion people were expected to have musculoskeletal conditions. While the prevalence of musculoskeletal conditions varies by age and diagnosis, people of all ages worldwide are affected.
Similarly, the senior population prone to chronic conditions such as cardiopulmonary disorders is expected to increase the growth of the studied segment. For instance, the MDPI Journal research article titled 'Prevalence of Peripheral Arterial Disease and Associated Vascular Risk Factors in 65-Years-Old People of Northern Barcelona' published in September 2021, reported that the worldwide prevalence of peripheral arterial disease (PAD) was estimated to be 3-12%, affecting nearly 27 million people in America and Europe. The same source also reported that in Europe, the prevalence of PAD was estimated at around 17.8% between the ages of 45 and 55. These studies show the high burden of peripheral vascular diseases. Such a high prevalence of muscular skeletal issues among the geriatric population globally is fueling the market's growth. Thus, due to the abovementioned factors, the studied segment is expected to grow during the forecast period.
North America Holds Significant Share in the Market and Expected to do Same in the Forecast Period
The United States is likely to command the global market owing to the increasing adoption of outpatient home therapy and the rising geriatric population in this region. The robust growth of outpatient home therapy can be attributed to the increasing chronic disorders in this region. For instance, in the article published in 2021 by visual.ly, speech disorders are common impairment that plagues many Americans. The increasing geriatric population prone to diseases is also expected to drive the market's growth. For instance, the CDC article updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have peripheral arterial disease.
The increasing population with peripheral arterial disease increased the demand for physical therapy as the disease leads to severe leg pains. Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. For instance, in August 2022, Great Speech announced a new program, including individual and group therapy, to effectively help the estimated 7.7 million to 23 million people in the United States suffering from long COVID conditions. Additionally, an increase in R&D activities and favorable healthcare infrastructure are fueling the growth of the overall regional market to a large extent.
