Global Home Healthcare Market Overview
The global home healthcare market is likely to register a CAGR of 8.1% during the forecast period, as conferred by the report published by Market Research Future (MRFR). Home healthcare is a progressively viable option that is preferred over other types of healthcare. A high preference on the end of the patient can be attributed to the rising healthcare costs and the booming geriatric population across the globe. Home healthcare also provides a range of services that include physiotherapy, speech therapy, skilled nursing, and occupational therapy. Further, the digitization of data has made contact between physicians and patients easier, along with an accurate recording of diagnosis from the comfort of their home.
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Furthermore, technological advances in the healthcare sector and diagnosis equipment are encouraging the adoption of home healthcare in the foreseeable future. Supportive government initiatives are also pushing positive growth to the global home healthcare market during the assessment period. Moreover, home healthcare solutions are estimated to collect information from several records of patients to get a comprehensive picture of health, including genetic, medical, biological, lifestyle, and sentimental data. With a growing prevalence of chronic diseases and a growing need for treatment options is fueling market growth for home healthcare in the forthcoming years.
The new report published by Market Research Future (MRFR) has been studied for market segmentation based on product, service, and software. On the basis of product, the global Home Healthcare Market is segmented into testing, screening & monitoring products, and therapeutic products. The testing, screening and monitoring segment is anticipated to spearhead the global market owing to the rising demand for home healthcare solutions. The testing, screening, and monitoring segment is estimated to register an 8.5% CAGR during the forecast period 2017-2023. The testing, screening and monitoring products segment has been further sub-segmented into blood pressure monitors, pulse oximeters and heart rate monitors, sleep apnea monitors, blood glucose monitors, cholesterol monitoring devices, and Holter & event monitors. Therapeutic products are segmented into respiratory therapy equipment, IV equipment, insulin delivery devices, wound care products, and dialysis equipment.
On the basis of services, the global home healthcare market is segmented into skilled nursing services, unskilled care services, rehabilitation therapy services, respiratory therapy services, infusion therapy services, and pregnancy care services. Among these segments, the skilled nursing segment is anticipated to be at the forefront during the forecast period. The skilled nursing segment is estimated to garner a revenue valuation of USD 134166.3 million by the end of the forecast period. Alternatively, the infusion therapy segment is projected to expand at 8.50% CAGR during the assessment period.
On the basis of software, the global home healthcare market is segmented into clinical management systems, agency software, telehealth solutions, and hospice solutions. The clinical management systems market is projected to dominate the global market and is expected to record a CAGR of 8.3% during the conjectured period.
Detailed Regional Analysis
The global home healthcare market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas are further segmented into North America and South America. North America is expected to be the largest market for home healthcare owing to the increasing prevalence of chronic diseases and rising government expenditure for the said sector.
Europe is expected to follow North America and garner the second largest market share owing to governmental support coupled with the private sector support for the research and development activities and well-developed technologies. Asia Pacific is observed to attain the fastest market growth, expanding at an 8.7% CAGR by the end of the approximation period. This growth is attributable to the mounting geriatric population and a massive patient population in the region. The Middle East & Africa is expected to hold the least market share owing to the presence of poor economic conditions.
Some of the prominent home healthcare market players include Abbott Laboratories (US), GE Healthcare (US), Becton Dickinson Company (US), Omron Corporation (Japan), Apple (US), Medtronic Plc (Ireland), Koninklijke Philips N.V. (Netherlands), LG Electronics (South Korea), Fresenius SE & Co KGaA (Germany), McKesson Corporation (US), F. Hoffmann-La Roche AG (Switzerland), B. Braun Melsungen AG (Germany), 3M (US), A&D Company (US), and Kinnser Software (US).
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May 2019: Androscoggin Home Healthcare and Hospice, based in Lewiston, has recently announced the expansion of services in the Augusta region. This depicts the rising demand for home healthcare and the numerous regional players coming forward to satiate the demand.
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