Global Home Healthcare Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- May 17, 2022
- HEALTHCARE, NEWS
- Home Healthcare Market, Home Healthcare Market News, Home Healthcare Market Report, Home Healthcare Market Share, Home Healthcare Market Size, Home Healthcare Market Trend
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The global home healthcare market is expected to grow significantly by 2027 expanding at a CAGR of ~10% during the forecast period
The significant growth of the home healthcare market can be attributed to factors such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2. Furthermore, the increasing aging population is playing a pivotal role in the growth of the home care market. According to the World Population Ageing 2019 report, published by the United Nations (UN), there were 703 million people aged 65 years or above in 2019, and this number is set to rise to 1.5 billion by 2050. Aging leads to the increasing prevalence of several diseases such as cardiovascular disease and other chronic diseases.
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Growing digitalization coupled with the growing adoption of IoT-enabled medical devices in healthcare is contributing to the growing market for home healthcare. The novel coronavirus outbreak has accelerated digitalization in the healthcare sector as never before. This gradual evolution in the healthcare industry and the increasing penetration of the Internet of the Things (IoT) for remote monitoring and healthcare applications has enabled patients and providers to work together for more effective management of chronic diseases augmenting the growth of home patient monitoring systems all over the world.
The continuous technological advancements in-home healthcare, government support for preventive healthcare, and the increasing IoT device installations are the key driving factors of the global remote patient monitoring system market
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The COVID-19 pandemic positively impacted the home healthcare market. Lack of hospital beds during the peak of the pandemic, as well as reluctance on the part of patients themselves to visit hospitals for fear of contracting COVID-19, coupled with the government’s strict stay-at-home orders and the boom in virtual technology and telemedicine, have shifted the home healthcare sector into a higher gear, making it capable of offering more complex treatment from the comfort of the patient’s home.
Also, the demand for the home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. Furthermore, numerous home healthcare agencies and providers have reported a decline in the business. However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.
Based on the product, the market is fragmented into Diagnostic, Therapeutic, and Mobility Care. The therapeutics segment grabbed XX% market share in 2020 and captured USD XX Mn market in 2020. The high prevalence and incidence of chronic diseases are a major concern for global healthcare systems. However, the diagnostics segment would witness the highest CAGR during the forthcoming years owing to the surging aging population and prevalence of the chronic disease.
Based on the application, the market is fragmented into Skilled Nursing Services, Rehabilitation Services, Pregnancy Care Services, and Others. The skilled nursing services segment captured XX% Market share in 2020 and dominated the market. As per the American Association of Colleges of Nursing, the federal government projects that more than 200,000 new registered nurse positions will be created each year from 2016-to 2026.
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Additionally, the report provides detailed initiatives that are being taken in the field of Home Healthcare. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. North America region grabbed XX% market and captured USD XX Mn market share in 2020. 133 million Americans i.e., 45% of the population have at least one chronic disease. In addition to this, Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year. However, the Asia-Pacific region would witness a considerable CAGR during the forthcoming years.
Global Home Healthcare Market Segmentation
Market Insight, by Product
- Mobility Care
Market Insight, by Service
- Skilled Nursing Services
- Rehabilitation Services
- Pregnancy Care Services
Market Insight, by Indication
- Cardiovascular Disorders & Hypertension
- Respiratory Diseases
- Mobility Disorders
- Hearing Disorders
- Wound Care
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
- McKesson Medical-Surgical Inc.
- Fresenius Medical Care
- Medline Industries, Inc.
- Medtronic PLC
- 3M Healthcare
- Baxter International Inc.
- B. Braun Melsungen AG
- Arkray, Inc.
- F. Hoffmann-La Roche AG