Home Healthcare Market Highlight
Home healthcare includes a vast number of healthcare services that are provided to the patient in their home in case of illness or injuries. Home healthcare is typically less expensive, convenient, and just as effective as a hospital or a nursing facility.
It includes speech therapy, skilled nursing, and occupational and physical therapy. It helps older adults with various mundane activities like dressing, bathing, and eating. It can also include assistance with cleaning, monitoring one’s medication regimen, housekeeping, and cooking. Home healthcare is an increasingly viable option that is being preferred by more and more patients due to the increasing healthcare costs and the expanding geriatric population.
Moreover, the digitization of data has made it simpler for individuals to contact clinicians and physicians and gain precise and accurate diagnosis from the comforts of their home. According to the in-depth report published by the Market Research Future (MRFR), the global home healthcare market is projected to expand at an impressive CAGR of 8.1% during the forecast period, i.e. 2017 to 2023.
Technological advancements in healthcare and diagnosis equipment and changing government initiatives encouraging the adoption of home healthcare are most likely to boost the market demand. The patient demand has prompted prominent market players to take notice. However, concerns related to patient safety can impede the growth of the market.
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Home Healthcare Market Segmentation
The global Home Healthcare market includes the following segmentation: product, software, and service.
Based on Product, the market includes screening and monitoring and therapeutic and testing, products. The former is further segmented into pulse oximeters & heart rate monitors, blood glucose monitors, holter and event monitors, cholesterol monitoring devices, sleep apnea monitors, blood glucose monitors, and others. The latter is further sub-segmented into respiratory therapy equipment, insulin delivery devices, dialysis equipment, IV equipment, wound care products, and others.
Based on software, the home healthcare market includes clinical management systems, hospice solutions, agency software, and telehealth solution.
Based on services, the market segmentation comprises unskilled care services, rehabilitation therapy services, skilled nursing services, infusion therapy services, respiratory therapy services, and pregnancy care services.
Home Healthcare Market Regional Analysis
The home healthcare market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas holds the major share of the global market and is poised to retain its pole position towards the end of the assessment period. The factors that are favoring the proliferation of the home healthcare market in the region include the consolidation of key players, increasing healthcare expenditure, the large-scale prevalence of chronic diseases, growing government initiatives, etc. The regional market encompasses North America and South America, out of which, North America’s home healthcare market is likely to exhibit a relatively higher growth rate over the next couple of years.
Europe has secured the second spot in the global home healthcare market. It is expected to grow substantially in the forthcoming years due to the presence of well-developed technologies and increasing support from government and private organizations for research & development.
Asia Pacific is projected to strike the highest CAGR over the assessment period. The growth-inducing factors supporting the regional home healthcare market include growing geriatric population, huge patient pool, and availability of skilled labor force. Meanwhile, the Middle East & Africa is prognosticated to account for the least share of the home healthcare market owing to the prevailing poor economic conditions, especially in the African region.
Home Healthcare Market Analyzed By Competitive Analysis
The report identifies various key market players including Fresenius SE & Co KGaA (Germany), GE Healthcare (U.S.), F. Hoffmann-La Roche AG (Switzerland), Abbott (U.S.), B. Braun Melsungen AG (Germany), Koninklijke Philips N.V. (The Netherlands), 3M (U.S.), Medtronic PLC (U.S.), A&D Company (Japan), McKesson Corporation (U.S.), Kinnser Software (U.S.), Becton Dickinson Company (U.S.), Apple (U.S.), Omron Corporation (Japan), LG Electronics (South Korea), and others.
On Feb 2019, Air Liquide continued on its pursuit of developing its home healthcare activity in Europe with a big acquisition of Megamed AG and Sleep & Health SA, two historic market players who are based in Switzerland. This will help patients and healthcare professional’s needs to be addressed in a better manner.
Get More Information on Home Healthcare Market Research Report- Global Forecast to 2023 @ https://www.marketresearchfuture.com/reports/home-Healthcare-market-2030
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