The Home Healthcare Market is growing at the rapid pace; primarily due to the rising demand for affordable healthcare solutions, Technological advancements & emerging treatments. Considering the rapid expansion of the market, Market Research Future (MRFR) in its recently published study report asserts that the exponentially growing Home Healthcare market will be valued at USD 414681.2 Mn. by 2023, with a CAGR of 8.1% during the forecast period 2017-2023.
Home health-care services provide a range of medical benefits for the patients suffering from injury or illness at the comfort of home. It is proving to be the most practical option for the families with low income, residing in the remote or rural areas, and for elderly and ailing patients and for those who might not have the means to travel to receive the care. Home healthcare services are usually less expensive, more helpful and much effective as a doctor or skilled nursing facility can offer.
Increased prices of medicines, medical devices, and hospital services are skyrocketing, especially in developed countries like the US and UK. In such a scenario, Home healthcare provides the best affordable care ever. Resultantly, reasonable healthcare is the key factor driving the market growth of Home Healthcare Market, allowing the market to expand on the global platform.
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Rising geriatric populace, increasing awareness among populace towards the benefits of the Home Healthcare and growing prevalence of chronic diseases are some of the factors predominantly driving the market growth. Additionally, attempts to suffice the growing demand for affordable healthcare solutions fosters the market growth.
The intervention of advanced technologies, like AI (Artificial intelligence) is significantly supporting home healthcare market growth. AI is helpful to the organization of caregivers. For instance, any additional medicines or equipment that are required by a client can be determined in real-time. Simultaneously, rising treatment cost and hospital stay, together with rising approvals from regulatory bodies, is also fueling the market growth.
Key Players for Global Home Healthcare Market
The Global Home Healthcare Market is driven by some of the leading players operating in the market including GE Healthcare, Abbott, Becton Dickinson Company, Apple, Omron Corporation, Medtronic PLC, LG Electronics, Koninklijke Philips N.V., Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, McKesson Corporation, B. Braun Melsungen AG, A&D Company, 3M, and Kinnser Software. Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.
Home Healthcare Market – Competitive Analysis
The Home Healthcare Industry is transforming rapidly with the technological solutions supported by AI and automation. Home healthcare companies are keeping with the pace by adopting an increasingly digitalized world to remain competitive. With the right technology, home healthcare companies are enhancing their efficiency of processes, in turn improving client and caregiver satisfaction while reducing costs.
Home Healthcare Industry/ Innovation/ Related News
June 05, 2018 – Zoctr Health Pvt. Ltd. (India), a start-up allowing users to buy health-related services and home-based wellness packages online, announced that it has raised yet another funding round from Dubai-based NB Ventures Ltd. and Udaipur Angel Network (a host of angel investors). With this round, the total funds raised by Zoctr has crossed US$ 2 Mn.
Regional Analysis for Global Home Healthcare Market
Globally, the North America market dominates the Home Healthcare market. Factors such as rising geriatric population coupled with the increasing healthcare expenditures, and the growing awareness among people towards the advantages of Home Healthcare drives the market growth in the region.
The Europe market accounts for the second-largest market for Home Healthcare owing to the proliferation of healthcare sector, presence of well-established players and growing healthcare expenditures in the region. Certainly, the resurging economy is the main driving force increasing the market value in the region.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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