Home Healthcare Market – Industry Snippets
Affordable healthcare services are a primary concern in the modern era. Efforts have been undertaken to provide the same and as an after effect of all these initiatives many new markets have emerged. The global market for home healthcare is the best example of this fact. The research report by Market Research Future suggests that throughout the forecast period of 2017-2022, this market will observe expansion at an astonishing pace.
Home healthcare is a special kind of healthcare service that can be delivered to a patient in the convenience of their homes. Common injuries or illnesses can be treated through these services. There does not necessarily have to be a professional around, the medication can be administered by the near and dear ones of the affected.
At present, money is tighter than ever and every individual out there is looking to save a few bucks. And home healthcare lets people do exactly that which is why it is being speculated that this market will attain unfathomable success in the forthcoming years. The worldwide market for home healthcare is estimated generate a revenue of around 414681.2 million by the end of the projection period. On the other hand the CAGR for the said term will be around 8.1%.
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The rapid development of the technology sector and rise in the geriatric population are two pillars that support the growth graph of this market. Additional factors that further fuel the market’s progression are higher cost of treatment and hospital stays and increased approval from various government regulated bodies.
The market may have to face certain hindrances like patient safety concerns. As the procedure are carried out at home there may be a possibility of certain risks like medication faults, contraction of nosocomial infections and development of resistant organisms. Efforts are underway to mitigate these issues.
April 16, 2018 – Nova Leap Health Corp a major market player has just been successful in acquiring Massachusetts home care company. Through this acquisition they want to augment the home healthcare services that they have to offer for their clients. The market has high expectations from this merger.
Global Home Healthcare Market Segmentation:
The worldwide market for home healthcare has been segmented into three distinct divisions. They have been listed as below:
Services – Unskilled care services, infusion therapy services, skilled nursing services, infusion therapy services, respiratory therapy services and pregnancy care services.
Products – Therapeutic product and testing, screening & monitoring. Testing, screening & monitoring dominate the market with around 47.7% market share. In the upcoming years this sub-division is all set to tread forward at the CAGR of 8.5%.
Software – Agency software, hospice solutions, clinical management systems, and telehealth solution.
Comprehensive Regional Analysis
The market for home healthcare services has its reach across various regions of the world. Some of the areas where its presence is predominantly felt are America, Asia Pacific, Europe and Rest of the World.
The Americas are in the lead region-wise and have the maximum number of shares to their name. The major reason for this is the prevalence of higher geriatric population and increased expenditure in the medical sector. Europe comes second in line followed by Asia Pacific.
Market Players & Key Strategies
Some of the most well-known players of this market are LG Electronics, Becton Dickinson Company, Hoffman-La, Kinnser Software, Koninklijle Philips N.V., and Omron Corporation.
All of these players have to keep adapting to new technologies and employ various tactics to ensure that they stay ahead of competition. Apart from that they also undertake certain growth strategies like acquisitions, strategic alliances and investment in research and development activities.
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