Market Size of Outpatient Home Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Outpatient Home Therapy Market Analysis
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.
