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Philips launches home healthcare business in India to introduce innovative sleep therapy and respiratory solutions
Philips pioneers entry into the fast-growing field of obstructive sleep apnea management and home respiratory care in India / Introduction of the Philips Respironics product portfolio to significantly drive growth for Philips Healthcare in India both in t
"The Philips Respironics product portfolio will significantly drive our growth in healthcare both in the hospital and in the home", said Mr. Murali Sivaraman, CEO, Philips Electronics India Ltd. "A core part of Philips' healthcare strategy is to take a leadership position in the high-growth sector of home healthcare. Our heritage in understanding how consumers think is combined with our deep clinical knowledge, putting us in a unique position to help address the modern day challenges of healthcare in groundbreaking ways. Today, Philips is present throughout the cycle of care; we are bridging the hospital and home".
India is the first country where the Philips Respironics portfolio has been formally launched post the global acquisition of Respironics in 2008, underlining the company's focus to build market leadership positions in high-growth emerging markets like India and China.The home healthcare market in India is estimated to grow at an annual rate of 15% in the coming years. Philips plans to garner a market share of 40% in this largely untapped market by 2013.
Philips Respironics is a global leader in the treatment of Obstructive Sleep Apnea (OSA), a condition characterized by the repeated cessation of breathing during sleep. The occurrence of OSA is relatively high in certain parts of the population across Asia, partly fuelled by a sedentary lifestyle. It is estimated that in India, for example, close to 4% of the adult population suffer from moderate to severe OSA, with only a fraction being diagnosed.
For these reasons, it is important to properly identify and successfully treat patients with OSA and one of the primary objectives of Philips is to create awareness about this disease not only amidst the patient/ consumer but also within the general practitioner (GP) fraternity.
Philips Respironics also holds a leading position in noninvasive ventilation and home oxygen technologies to serve the needs of respiratory impaired patients in the home; this range is also being introduced into the Indian market.
Growth in the USD 5 billion plus global respiratory markets is expected to be at least 10% per annum going forward and the market for global sleep apnea management in particular is expected to show a mid-teen percentage growth rate annually in the coming years, as rising awareness of this potentially life-threatening condition leads to increasing diagnosis and treatment of OSA. In 2008 the global sleep market was approximately USD 2 Billion of which Philips Respironics was estimated to have 40% share.
The entire range of Philips Respironics solutions will first be rolled out in identified Indian metros and tier II cities with a host of programs planned including road-shows, online promotions, medical institute curriculum participation, and patient to patient interaction.
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