Home Care Therapeutic Devices

Home Care Therapeutic Devices

The home care therapeutic devices market is expected to register a CAGR of approx. 8% over the period of 2022-2030. The home care therapeutic devices market refers to the industry that focuses on the development, manufacturing, and sale of medical devices designed for use in home care settings to provide therapeutic benefits. These devices are specifically designed to enable individuals to receive necessary medical treatments and therapies in the comfort of their own homes, rather than in a hospital or clinical setting. The growing demand for home care therapeutic devices can be attributed to the increase in the aging population around the globe. For instance, according to WHO, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. Owing to the glaring statistics growing geriatric population across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the home care therapeutic devices market is anticipated to grow on account of technological advancements that have led to the development of more sophisticated and user-friendly home care therapeutic devices. These devices are becoming smaller, more portable, and easier to use, enhancing patient comfort and compliance. Moreover, Home care therapeutic devices offer cost advantages compared to hospital-based care has led to a growing demand for home care therapeutic devices. However, some of the restraints in the market including regulatory compliance and reimbursement limitations are impeding the growth of this market all over the world.

• Based on product, the market is segmented into oxygen transfer equipment, therapy mat, nebulizers, and others. Among them, the oxygen transfer equipment segment captured a significant share of the market in 2021. Respiratory conditions, such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea, are becoming more prevalent worldwide. These conditions often require supplemental oxygen therapy to improve oxygenation and manage symptoms. The rising incidence of respiratory conditions has created a growing demand for oxygen transfer equipment in home care settings.
• Based on the application, the market is bifurcated into cardiovascular disease, insomnia, diabetes, asthma, and others. Among them, the cardiovascular disease segment is expected to grow at a higher CAGR in the market. Cardiovascular disease, including conditions such as coronary artery disease, heart failure, and hypertension, remains one of the leading causes of morbidity and mortality worldwide. The prevalence of CVD is increasing, primarily due to factors like aging populations, sedentary lifestyles, unhealthy diets, and rising obesity rates. The growing number of individuals with cardiovascular conditions fuels the demand for home care therapeutic devices.
• Based on the end-user, the market is bifurcated into online and offline. Among them, the online segment is expected to grow at a higher CAGR in the market. Online platforms provide convenience and accessibility for patients and caregivers to browse, research, and purchase home care therapeutic devices from the comfort of their own homes. Online shopping eliminates the need to visit physical stores, saving time and effort for individuals who may have limited mobility or busy schedules.
• For a better understanding of the market adoption of home care therapeutic devices, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America, particularly the United States, is a hub for biotechnology and pharmaceutical research. The aging population in North America is a significant driver of the home care therapeutic devices market. The elderly population is more prone to chronic diseases and requires home-based care and therapeutic devices for managing their health conditions. For instance, in 2021, Philips announced the launch of its "Ageless" campaign in North America. The campaign focuses on raising awareness about the challenges faced by the aging population and highlights the role of home care therapeutic devices in enabling older adults to age gracefully and maintain their independence. Moreover, there is a growing preference among patients in North America for receiving healthcare services in the comfort and familiarity of their own homes. Home care therapeutic devices enable patients to access necessary treatments and therapies without the need for hospital visits, promoting convenience and personalized care. For instance, in 2021, Medline, a global healthcare company, expanded its home care offerings in North America. The company introduced a range of home care therapeutic devices, including mobility aids, respiratory therapy equipment, and wound care products, to cater to the increasing demand for home-based care options. Furthermore, technological advancements in home care therapeutic devices have played a vital role in driving the market in North America. Innovations such as remote monitoring capabilities, wireless connectivity, and user-friendly interfaces have improved the effectiveness and ease of use of these devices.
• Some of the major players operating in Koninklijke Philips N.V., GE HealthCare, Omron Corporation, Allied Healthcare, Teleflex Incorporated, Trudell Medical International, Briggs Healthcare, Inc., Beurer GmbH, Devilbiss Healthcare LLC, Vyaire Medical, Inc among others. Several M&A’s along with partnerships have been undertaken.