Home Healthcare Market – Synopsis
The 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.
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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.
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.
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.
Global Home Healthcare Market is driven by some of the leading players operating in the market including
Becton Dickinson Company
LG Electronics and more.
Home Healthcare Market – Segmentation
The Home Healthcare Market can be segmented into flour key dynamics for the convenience of the report and enhanced understanding;
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By Product: Testing, Screening & Monitoring(Blood Glucose, Cholesterol & Pressure Monitors, sleep Apnea monitors, Pulse Oxi-meters & Heart rate Monitors, and Holter & Event Monitors, among others.), and Therapeutic Products (Insulin Delivery Devices, Respiratory Therapy Equipment, IV Equipment, Dialysis Equipment, Wound Care Products, among others.)
By Software: Clinical Management Systems, Tele-Health Solution, Agency Software, and Hospice Solutions among others.
By Services: Skilled Nursing Services, Unskilled Care Services, Rehabilitation Therapy Services, Respiratory Therapy Services, Pregnancy Care Services, and Infusion Therapy Services among others.
By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
The Testing, Screening, & Monitoring segment is estimated to acquire 47.7% of the market share, expanding at 8.5% CAGR during the forecast period 2017-2023
Global Home Healthcare Market – Regional Analysis
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.
The Asia Pacific Home Healthcare market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the proliferation of healthcare sector in populous countries such as India and China substantiate the market growth in the region.
Also, factors such as increasing geriatric populace, growing awareness about the healthcare, influence the market growth positively. Asia Pacific is expected to grow at 8.7% CAGR during the assessment period (2018-2023)
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