Home Healthcare Market Analysis
The global home healthcare market is predicted to touch USD 4,14,681.2 million at an 8.1% CAGR over the forecast period (2017-2023), states the latest Market Research Future (MRFR) report. Home healthcare includes various healthcare services which can be offered at home during an injury or for an illness. Usually, it is more convenient and less expensive yet equally effective to the care provided in a skilled nursing facility or a hospital. The various services under home healthcare include skilled nursing, occupational therapy, speech therapy, and physical therapy. The digitization of data has made it much simpler for patients in contacting clinicians and physicians and reaping the benefits of accurate diagnosis right from the comfort of the home.
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Various factors are propelling the home healthcare market growth. Some of these factors, according to the Market Research Future report, include government initiatives for promoting home healthcare, technological advancements, burgeoning demand for cost-effective healthcare delivery systems owing to rising healthcare cost, rising incidences of chronic diseases, and growing geriatric population.
Market Segmentation
The MRFR report offers a wide segmental analysis of the home healthcare market on the basis of software, service, and product.
By product, the global home healthcare market is segmented into therapeutic products and testing, screening & monitoring products. The testing, screening & monitoring products segment is further segmented into holter and event monitors, cholesterol monitoring devices, pulse oximeters, sleep apnea monitors, blood pressure monitors, and blood glucose monitors. The therapeutic products segment is further segmented into dialysis equipment, wound care products, IV equipment, insulin delivery devices, and respiratory therapy equipment. Of these, the testing, screening & monitoring products segment is predicted to have the largest share in the market. It is predicted to grow at a 8.5% CAGR. The key factor attributing market growth in the region include a rising need for home healthcare solutions.
By service, the home healthcare market is segmented into infusion therapy services, pregnancy care services, respiratory therapy services, rehabilitation services, unskilled care services, and skilled nursing services. Of these, the skilled nursing services segment will dominate the market over the forecast period. It is predicted to touch USD 131466.3 million by 2023.
Based on software, the home healthcare market is segmented into hospice solutions, telehealth solutions, agency software, agency, and clinical management systems. Of these, the clinical management systems segment will lead the market over the forecast period. It is predicted to grow at an 8.3 % CAGR.
Regional Analysis
By region, the home healthcare market report covers the latest trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period. This is due to rising government expenditure and rising prevalence of chronic diseases.
The home healthcare market in Europe is predicted to have the second-largest share in the market over the forecast period. This is due to the support from government and private sectors for R&D activities coupled with well-developed technologies.
The home healthcare market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the massive patient population, growing geriatric population, and availability of skilled labor force.
The home healthcare market in the MEA will have the least share over the forecast period. This is owing to low economic conditions, especially in Africa.
Key Players
Key players profiled in the home healthcare market report include Kinnser Software (US), 3M (US), A&D Company (US), McKesson Corporation (US), B. Braun Melsungen AG (Germany), McKesson Corporation (US), F. Hoffmann-La Roche AG (Switzerland), Fresenius SE & Co KGaA (Germany), Koninklijke Philips N.V. (Netherlands),LG Electronics (South Korea), Medtronic Plc (Ireland), Apple (US), Omron Corporation (Japan), Becton Dickinson Company (US), GE Healthcare (US), and Abbott Laboratories (US).
August 2019: Marken has launched clinical home healthcare solutions. This expanded service will comprise of home care/nursing services, central pharmacy, biologic sample collection, direct-to-patient delivery, and clinical drug storage.
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Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
