Outpatient Home Therapy Market - Growth, Trends, and Forecasts (2023-2028)

The Outpatient Home Therapy Market is projected to register a CAGR of 8% during the forecast period.

The COVID-19 pandemic is expected to have positively impacted the market due to the increasing acceptance of outpatient home therapy treatment to minimize hospitalization. For instance, in January 2021, according to Multidisciplinary Respiratory Medicine, the treatment scheme could reduce the risk of hospitalization as only four patients needed to be admitted to the hospital and only two in the sub-intensive department. Similarly, in June 2021, an article published by eClinical Medicine stated that effective home treatment algorithms implemented on a pathophysiologic and pharmacologic rationale accelerate recovery and prevent hospitalization of patients with COVID-19 diseases. In addition, the market growth is stabilizing in the current scenario after COVID-19 as the worldwide restrictions have eased down and the disease screening services have been resumed.

The rising incidence of chronic diseases and the growing geriatric population who prefer home-based therapy such as physical therapy and speech therapy are the major drivers contributing to the market's growth. For instance, in April 2021, an article published by Frontiers in Human Neuroscience mentioned that developmental disorders of speech and language were identified in 61.2% of males and 38.8% of females. Such an increase in the various types of speech-related disorders led to the increasing demand for outpatient home-based therapy, propelling the market's growth.

Moreover, the growing geriatric population who are prone to disease to chronic disorders such as orthopedic complications and neurological complications are also expected to increase the demand for outpatient home therapy. For instance, as per World Population Prospects 2022, the share of the global population aged 65 years or above was projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. Since the older population is prone to the disease, it is expected to generate the need for outpatient home-based therapy, thereby driving the market's growth during the forecast period.

Moreover, in May 2021, Expressable launched speech therapy, raising a new USD 4.5 million for telehealth services to support its patients.

Thus, owing to the abovementioned factors, the market is expected to show growth over the forecast period. However, an insufficient number of healthcare professionals for physical therapy and a lack of standardized tools for treatment significantly hinder the market's growth.

Outpatient Home Therapy Market Trends

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.

Outpatient Home Therapy Market Competitor Analysis

The Outpatient Home Therapy Market is fragmented and competitive and consists of several major players. In terms of market share, a few major players dominate the market. Some companies currently dominating the market include Olean Physical Therapy, Graceville Physiotherapy, AmeriCare Physical Therapy, Athletic Physical Therapy, Full-motion Physical Therapy, PIVOT Physical Therapy, SPI ProHealth Limited Hongkong, Central and Stanley Wellness, and Therapy Solutions.

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