EMERGENCE OF HOME-BASED POINT OF CARE MARKET BY THE ACCEPTANCE OF SKILLED HEALTHCARE WORKERS. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
The Global Home-Based Point of Care Market is expected to reach the market valuation of US$ 779 billion by 2027 expanding at a significant CAGR of 13.9% during the forecast period (2021-2027) from US$ 296 in 2020. Home-Based Point of Care aims to provide patient care from a caregiving perspective. The role of home-based point of care services is to provide a comprehensive platform where the patients obtain an enhanced quality of care, resource utilization, and care efficiency.
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The various factors driving the Home-Based Point of Care market include the rising geriatric population and growing incidents of chronic & infectious diseases. Furthermore, higher patient satisfaction rates and better care efficiencies are also anticipated to drive the market. According to the World Health Organization (WHO) in 2019, there were 703 million people aged 65 years or above, in the world and this number is expected to be doubled which is about 1.5 billion by 2050. The aging population demands more patient-centric healthcare services, which in return increases the demand for healthcare workers and agencies and is anticipated to drive the growth of the home-based point of care market.
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The COVID-19 outbreak disturbed the whole world forming a new normal for home-based point of Care with increasing concern of people towards senior citizens and people with some disabilities as they won’t care at their homes. In response to acute care facility challenges, the U.S. Centers for Medicare & Medicaid Services (CMS) launched a new hospital-at-home waiver in late 2020, granting hospitals “unprecedented” flexibility to care for patients in the home setting. As of 13th January 2021, there were at least 80 hospital participants in the initiative. To work on, hospital-at-home programs need hands-on care and other services, including remote patient monitoring and telehealth. These home-based programs and services upsurge the home-based point of care market. The rising number of geriatric populations and the spread of infectious diseases during Covid-19 is also a major concern that could also be solved by home-based point of care services only.
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Based on the Products, the market is fragmented Therapeutic, Diagnostic, and Mobility Assist. The diagnostic segment is anticipated to observe lucrative growth. One of the major reasons driving the diagnostic segment is the increasing diabetes population across the globe which increases the demand for hand-held glucose meters, for home-based point of care.
Based on the Services, the market is bifurcated into Physician/Primary Care, Nursing Care, Physical/Occupational/ Speech Therapy, Nutritional Support, Hospice & Palliative Care, Other Skilled Home Care Services, and Unskilled Home-Based Care. The nursing care Segment grabbed the major market due to the increase in chronic diseases and geriatric population worldwide. An estimate suggests that between 16-57% of adults in developed countries suffer from more than one chronic condition.
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Based on the purpose, the market is bifurcated into Chronic Diseases, Infectious Diseases, Psychological Diseases, Geriatric Diseases, Paediatric Diseases, Fertility Treatments & Pregnancy, Intensive & Critical Care, Injuries & Accidental Deformity, Nutrition & General Consultancy, and Others. The chronic diseases segment grabbed the major market due to the growing number of patients suffering from chronic or acute diseases like urinary incontinence or end-stage renal disease (ESRD) which demand advanced devices for their treatment. For instance: nearly 10% of the population worldwide is affected by chronic kidney disease (CKD), and millions die each year because they do not have access to affordable treatments.
Based on the types, the market is bifurcated into Home-Based Healthcare Monitoring, Home-Based Healthcare Services, and Home-Based Healthcare Software Solutions. The Home-based Software Solutions grabbed the major market as it offers a solution to reorganize operations, thereby helping companies keep well-informed of regulatory and guideline changes and improve patient care.
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Additionally, the report provides detailed initiatives that are being taken in the field of Home-Based Point of Care. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has. North America constitutes a major market for the Home-Based Point of Care sector and generated the maximum revenue in 2020 owing to the presence of key companies and robust healthcare infrastructure with the highest spending.
Some of the major players operating in the market include Siemens Healthineers, Abbott Laboratories, Danaher Corporation, Johnson & Johnson, Nova Biomedical, F. Hoffmann-La Roche AG, Trinity Biotech, Qiagen, Becton Dickinson (BD), Biomerieux SA. Several M&As along with partnerships have been undertaken by these players to improve Home-Based Point of Care products/services and expand their business reach globally.
Global Home-Based Point of Care Market Segmentation
Market Insight, by Products
- Mobility Assist
Market Insight, by Services
- Physician/Primary Care
- Nursing Care
- Physical/Occupational/ Speech Therapy
- Nutritional Support
- Hospice & Palliative Care
- Other Skilled Home Care Services
- Unskilled Home-Based Care
Market Insight, by Purpose
- Chronic Diseases
- Infectious Diseases
- Psychological Diseases
- Geriatric Diseases
- Pediatric Diseases
- Fertility Treatments & Pregnancy
- Intensive & Critical Care
- Injuries & Accidental Deformity
- Nutrition & General Consultancy
Market Insight, by Types
- Home-Based Healthcare Monitoring
- Home-Based Healthcare Services
- Home-Based Healthcare Software Solutions
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Siemens Healthineers
- Abbott Laboratories
- Danaher Corporation
- Johnson & Johnson
- Nova Biomedical
- F. Hoffmann-La Roche AG
- Trinity Biotech
- Becton Dickinson (BD)
- Biomerieux SA