Home Healthcare Global Market – Overview
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 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2023).
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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.
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.
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.
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
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.
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