The Global Home Healthcare Market is growing with the rapid pace; mainly due to the growing demand for affordable healthcare solutions, advent innovative treatments & Technological advancements. According to a recent study report published by the Market Research Future, The global market of Home Healthcare is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The Home Healthcare Market is mainly driven by the rising geriatric populace, increasing awareness of populace towards the Home Healthcare and growing prevalence of chronic diseases. Additionally, increasing demand for affordable healthcare solutions and attempts to suffice that demand foster the market growth. Moreover, factors such as technological innovations, government initiative and support to promote home healthcare and increasing adoption and preference of home healthcare as a cost effective alternative solution over traditional treatments are providing impetus to the market of Home Healthcare. Also, availability of numerous Home Healthcare Solutions and service providers in the market propel the market growth up to large extent. In addition to the above mentioned factors, connected healthcare segment is also extensively supporting the market growth.
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Home healthcare services provides extensive variety of healthcare benefits that can be given in a patient for an injury or illness that the patient is suffering from at the comfort of home. Home healthcare services are a good option of medical treatments for the Families with low earning, rural, elderly, or for the ailing patients that might not have the means to travel to receive care. Home healthcare services are usually less expensive, more helpful and effective as you will get by a doctor or at a skilled nursing facility. Increased prices of medicines, medical devices, and hospital services are sky rocketing around the world especially in developed countries like US or UK.
Artificial intelligence is supporting home healthcare a big time, AI can assist in terms of the organisation of caregivers. For instance any additional medicines or equipment that are required by a client can be determined in real-time.
Home Healthcare Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Home Healthcare appears to be highly competitive. Players operating in the global Home Healthcare markets are focusing upon optimized situational awareness for customers and ensure their mission success. Well established players increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development of innovative treatments. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. While collaborating these players ensure to look for a technology partner whose product aligns with their goals to empower caregivers, optimize their time, and enable them to fulfil their inherent desire to make a difference. Some of the Home Health Care companies provide in-home personal, nursing and respite care for elderly and disabled patients including providing housekeeping, meal prep and dietary needs. Well established players strive to provide exceptional support and develop mobile solution with electronic documentation and automated workflows that can support a faster documentation completion while delivering care with the highest professional, ethical, and safety standards to the patients.
The industry is transforming rapidly with Technology solutions supported by artificial intelligence (AI) and automation are transforming home healthcare completely. Home healthcare companies are keeping with the pace by adapting an increasingly digitalised 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
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Industry News:
September 2017 – CellTrak Technologies, provider of the industry’s top Care Delivery Management solution and BAYADA Home Health Care, announced the launch of a new partnership. Caregivers in BAYADA’s Assistive Care State Programs practice offices will use CellTrak’s Care Delivery Management solution to efficiently deliver personal care and household support services, electronically verify visits, and document visit data at the point of care—their patients’ homes.
October 2017 – Researchers from Kyoto University’s Center of Innovation and Panasonic Corporation together have developed a radar-based device that could instantaneously and accurately measure the body’s vital signals. The device was actually developed in 2016 and now they’ve made it even better with the sensor combined a radar with signal analysis algorithms to measure how the body moves as the heart beats. Body movements vary considerably, so the software filters isolate just the heart’s minute motions. Measuring respiration and heart rate — without attaching cumbersome wires to the body — will greatly benefit modern medicine and home healthcare
Home Healthcare Market – Segmentation
The Home Healthcare Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Products, Services, Solutions and other.
Segmentation By Application : Comprises Wound Care, Patient Education, Nutrition Therapy, Monitoring, and other.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Services segment holds the largest share the market.
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Home Healthcare Global Market – Regional Analysis
Globally North America is the largest market for home healthcare. In North America, U.S. holds the largest market share of home healthcare market and is expected to reach to astronomical amounts by the end of forecast period (2016 – 2022).
Globally, Europe is the fastest growing region and expected to grow at a considerable CAGR during the forecast period. Europe is expected to be the second largest market for home healthcare
Whereas Asia Pacific is expected to be the fastest growing market for home healthcare.
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