Home Healthcare – Industry Snippets
Affordable healthcare services are a primary concern in the modern era. Efforts have been undertaken to provide the same and as an after effect of all these initiatives many new markets have emerged. The global market for home healthcare is the best example of this fact. The research report by Market Research Future suggests that throughout the forecast period of 2017-2022, this market will observe expansion at an astonishing pace.
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Home healthcare is a special kind of healthcare service that can be delivered to a patient in the convenience of their homes. Common injuries or illnesses can be treated through these services. There does not necessarily have to be a professional around, the medication can be administered by the near and dear ones of the affected.
At present, money is tighter than ever and every individual out there is looking to save a few bucks. And home healthcare lets people do exactly that which is why it is being speculated that this market will attain unfathomable success in the forthcoming years. The worldwide market for home healthcare is estimated generate a revenue of around 414681.2 million by the end of the projection period. On the other hand the CAGR for the said term will be around 8.1%.
The rapid development of the technology sector and rise in the geriatric population are two pillars that support the growth graph of this market. Additional factors that further fuel the market’s progression are higher cost of treatment and hospital stays and increased approval from various government regulated bodies.
The market may have to face certain hindrances like patient safety concerns. As the procedure are carried out at home there may be a possibility of certain risks like medication faults, contraction of nosocomial infections and development of resistant organisms. Efforts are underway to mitigate these issues.
Home Healthcare Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Home Healthcare appears to be highly competitive. Players operating in the global Home Healthcare markets are focusing upon optimized situational awareness for customers and ensure their mission success. Well established players increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development of innovative treatments. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. While collaborating these players ensure to look for a technology partner whose product aligns with their goals to empower caregivers, optimize their time, and enable them to fulfil their inherent desire to make a difference. Some of the Home Health Care companies provide in-home personal, nursing and respite care for elderly and disabled patients including providing housekeeping, meal prep and dietary needs. Well established players strive to provide exceptional support and develop mobile solution with electronic documentation and automated workflows that can support a faster documentation completion while delivering care with the highest professional, ethical, and safety standards to the patients.
The industry is transforming rapidly with Technology solutions supported by artificial intelligence (AI) and automation are transforming home healthcare completely. Home healthcare companies are keeping with the pace by adapting an increasingly digitalised world to remain competitive.
With the right technology, home healthcare companies are enhancing their efficiency of processes, in turn improving client and caregiver satisfaction while reducing costs
Home Healthcare Global Market - Regional Analysis
Globally North America is the largest market for home healthcare. In North America, U.S. holds the largest market share of home healthcare market and is expected to reach to astronomical amounts by the end of forecast period (2016 – 2022).
Globally, Europe is the fastest growing region and expected to grow at a considerable CAGR during the forecast period. Europe is expected to be the second largest market for home healthcare Whereas Asia Pacific is expected to be the fastest growing market for home healthcare.
Home Healthcare Market - Segmentation
The Home Healthcare Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Products, Services, Solutions and other.
Segmentation By Application : Comprises Wound Care, Patient Education, Nutrition Therapy, Monitoring, and other.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Industry News:
September 2017 - CellTrak Technologies, provider of the industry’s top Care Delivery Management solution and BAYADA Home Health Care, announced the launch of a new partnership. Caregivers in BAYADA’s Assistive Care State Programs practice offices will use CellTrak’s Care Delivery Management solution to efficiently deliver personal care and household support services, electronically verify visits, and document visit data at the point of care—their patients’ homes.
October 2017 –
Researchers from Kyoto University's Center of Innovation and Panasonic Corporation together have developed a radar-based device that could instantaneously and accurately measure the body's vital signals. The device was actually developed in 2016 and now they've made it even better with the sensor combined a radar with signal analysis algorithms to measure how the body moves as the heart beats. Body movements vary considerably, so the software filters isolate just the heart's minute motions. Measuring respiration and heart rate -- without attaching cumbersome wires to the body -- will greatly benefit modern medicine and home healthcare
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