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Obesity, smoking, an aging population and COVID-related illnesses are reportedly contributing to a rise in the need for home therapeutic respiratory devices.
From the onset of chronic obstructive pulmonary disease (COPD) to the demand for continuous positive airway pressure (CPAP) machines, the prevalence of respiratory disorders has pushed the device market to a valuation of $47 billion and projections to reach more than $68 billion by 2032, according to a study by Future Market Insights.
COPD affects 10% of adults ages 75 and older in the United States, according to the Journal of Italian Society of Gerontology and Geriatrics. The Global Initiative for Asthma statistics found that an estimated 100 million people will be diagnosed with asthma by 2025. Numbers like those have contributed to an increase in the need for home humidifiers, nebulizers and oxygen concentrators.
Companies such as General Electric Inc. GE subsidiary GE Healthcare, Mindray Medical International Ltd. (SHE: 300760), ICU Medical Inc.’s ICUI Smith Medical, Fisher & Paykel Healthcare Corp. Ltd. FSPKF, Chart Industries Inc. GTLS and Koninklijke Philips NV’s PHG Phillips Healthcare have entered the respiratory care market in recent years.
Kentucky-based Quipt Home Medical Corp. QIPT, a U.S. player in the home medical equipment industry focused on end-to-end respiratory care, also says it is reaping the benefits of the growing market with innovation and ordering technology. The company serves 170,000 patients with the goal of becoming a national provider.
With a growing network of more than 19,000 referring physicians across the country and abroad, Quipt has delivered nearly 350,000 pieces of medical equipment with a subscription-based model that leverages the company’s technology. That performance has resulted in an increase in revenue in 2021 to $102.4 million, a 41% increase in revenue year-over-year. The momentum has continued in 2022, with Quipt reporting a 30% increase in revenue compared to the first quarter last year.
Quipt’s near-term goal is to rapidly expand its offerings to focus on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions.
“The demand continues to remain at robust levels surpassing historical run rates for respiratory equipment and services, evidenced by our strength in oxygen and ventilation therapy service lines,” Quipt Chairman and CEO Greg Crawford said. “We continue to operate in an extremely bullish regulatory environment, providing us the ability to aggressively approach our acquisition strategy with the goal of being a leader in clinical respiratory care throughout the United States.”
The post-pandemic future also means that patients have developed at-home habits while looking for additional telehealth and home-care options.
Quipt has developed home options from mobility assistance to airway management equipment using an in-demand service option. The company’s ordering platform is designed to integrate all facets of its ordering process, focusing on patient satisfaction.
Quipt believes its understanding and use of effective workflow processes have contributed to its reaching goals of exceptional operational efficiencies. Its Sleepwell resupply program has been rolled out to significantly reduce fulfillment errors and increase overall volume.
For more information on Quipt Home Medical, visit www.quipthomemedical.com.
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