Market Analysis
The Global Home Healthcare Market size is anticipated to touch USD 4,14,681.2 million at a 8.1% CAGR between 2017-2023, states the new Market Research Future (MRFR) report. Home healthcare, as the term suggests, is the medical care that is offered in the home of the patient. It can comprise broad care provided by skilled medical experts, including speech therapy, occupational therapy, physical therapy, and skilled nursing care. This can also include non-medical, skilled care such as assistance with day to day living or medical social services from highly qualified home health caregivers. The caregivers are highly trained to use the various home healthcare devices appropriately, effectively, and safely. Home healthcare services are more convenient, less expensive, and equally effective as that of the care a patient gets in a good nursing facility or a hospital. This form of healthcare helps patients to maintain their current level of function or condition, become self-sufficient, regain their independence, and get better.
Numerous factors are pushing the growth of the home healthcare market. Such factors, according to the new Market Research Future report, include increasing government initiatives to promote home healthcare services, intervention of advanced technologies such as artificial intelligence, rising powerful technical capabilities, proliferation of connected and smart devices especially smartphones, rising awareness about the advantages of home healthcare, and high levels of medical development. Additional factors propelling the growth of the home healthcare market include the increasing number of chronic diseases and lifestyle disorders, growing demand for cost-effective healthcare delivery systems, and the growing geriatric population.
On the contrary, lack of skilled medical experts, unfavorable healthcare reimbursement policies, patient safety concerns, and limited insurance coverage are factors that may limit the home healthcare market growth during the forecast period.
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Market Segmentation
The Market Research Future report offers a complete segmental analysis of the global home healthcare market based on product, services, and software.
By product, the global home healthcare market is segmented into testing, screening, & monitoring products, and therapeutic products. The testing, screening, and monitoring products are again segmented into blood glucose monitors, blood pressure monitors, Holter and event monitors, cholesterol monitoring devices, pulse oximeters, and heart rate monitors, sleep apnea monitors, and others. The therapeutic products are again segmented into IV equipment, insulin delivery devices, respiratory therapy equipment, wound care product, dialysis equipment, and others. Of these, testing, screening, and monitoring products will lead the market during the forecast period.
By services, the home healthcare market is segmented into infusion therapy services, pregnancy care services, respiratory therapy services, rehabilitation therapy services, and skilled nursing services. Of these, infusion therapy services will dominate the market during the forecast period.
By software, the home healthcare market is segmented into hospice solutions, telehealth solution, agency software, and clinical management systems. Of these, clinical management systems will have the largest share during the forecast period.
Regional Analysis
By region, the home healthcare market report covers the latest trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will have the lion’s share in the market during the forecast period. Numerous factors are propelling the growth of the home healthcare market in the region, such as the presence of many leading players, growing awareness about the benefits of home healthcare services, increasing healthcare expenditures, and rising geriatric population.
The global home healthcare market in Europe will have the second-largest share in the market over the forecast period. Numerous factors are propelling the growth of the home healthcare market in the region, such as the presence of some leading players and a well-established healthcare sector, increasing healthcare expenditures, the resurging economy, advanced technologies, and funding support for research and development activities.
The global home healthcare market in the Asia Pacific region will grow at the fastest pace during the forecast period. Numerous factors are propelling the growth of the home healthcare market in the region, such as increasing awareness about the benefits of home healthcare services, increasing geriatric populace, and the rapid growth of the healthcare sector in China as well as India.
Key Players
Notable players profiled in the home healthcare market report include 3M (US), Apple (US), Kinnser Software (US), LG Electronics (South Korea), Medtronic PLC (US), Omron Corporation (Japan), Becton Dickinson Company (US), B. Braun Melsungen AG (Germany), McKesson Corporation (US), GE Healthcare (US), Abbott (US), Fresenius SE & Co KGaA (Germany), A&D Company (Japan), F. Hoffmann-La Roche AG (Switzerland), and Koninklijke Philips N.V. (The Netherlands).
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