MRFR Offers a Thorough Analysis of “Home Healthcare Market 2019 “The primary objective of the report is to analyze the current market landscape and its future potential. The report also includes a discussion on the growth opportunities, estimated future size with respect to value and volume drivers and Restraints. All the relevant parameters have been considered for market analysis.
“Large Geriatric Populace Offer Growth Opportunity to Global Home Healthcare Market”
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Home Healthcare Market Synopsis
The healthcare sector has been expanding in all directions owing to the advances in information technology. Home healthcare has been a sector which is gaining traction due to patients unable to travel long distances for visiting hospitals. Home healthcare service providers are bringing their solutions to the doorsteps of patients replete with all the necessary equipment according to the condition. Market Research Future (MRFR) has unveiled predictions on the global home healthcare report for the period of 2017 to 2023 (forecast period).
The global home healthcare market size can touch USD 414,681.2 million by 2023, as per MRFR. The increasing numbers of the geriatric populace is one of the biggest growth opportunities for the market. According to the World Health Organization (WHO), the global sexagenarian population can nearly double by 2050.
The expensive costs of staying at hospitals is expected to influence the preference of patients to home care. Economic costs of home health and hospice care are predicted to garner more visits in the coming years. Large number of startups offering services for home health ranging from equipment and medicines to hospices are being funded by venture capital firms signaling its large potential.
Fresenius SE & Co KGaA, 3M, GE Healthcare, Medtronic Plc, Kinnser Software, B. Braun Melsungen AG, A&D Company, Koninklijke Philips N.V., Becton Dickinson Company, Omron Corporation, Abbott Laboratories, Apple, McKesson Corporation, F. Hoffmann-La Roche AG, LG Electronics, and others are prominent providers in the home healthcare market.
Segmentation Analysis : Home Healthcare Market
The global home healthcare market is segmented on the basis of product, service, and software.
By product, the market is segmented into testing, screening, and monitoring products and therapeutic products. The testing, screening, and monitoring products are further segmented into blood pressure monitors, pulse oximeters and heart rate monitors, blood glucose monitors, sleep apnea monitors, cholesterol monitoring devices, Holter and event monitors, and others. Therapeutic products encompass IV equipment, respiratory therapy equipment, dialysis equipment, insulin delivery devices, wound care products, and others.
The testing, screening, and monitoring segment is expected to continue to lead the global market owing to the increasing demand for home healthcare solutions. This segment is anticipated to register a CAGR of 8.5% during the forecast period, 2017 to 2023. Sleep apnea is one of the biggest segments contributin to this segment. On the other hand, therapeutic products can command a large market share till the end of the forecast period on account of the elderly populace suffering from chronic ailments.
Services offered in the market by players are segmented into pregnancy care services, rehabilitation therapy services, respiratory therapy services, infusion therapy services, unskilled care services, and skilled nursing services. Among these, the skilled nursing segment is touted to reach the value of USD 134166.3 million by the end of 2023. The coverage of the service under major insurance programs can boost the segment growth. On the other hand, the infusion therapy services segment is predicted to enjoy a CAGR of 8.50% during the assessment period.
By software, the market is segmented into hospice solutions, agency software, clinical management systems, and telehealth solutions. Among these segments, the clinical management systems market is projected to lead the global market and is estimated to register a CAGR of 8.3% during the review period.
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The global home healthcare market is spread across four regions which are the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa.
The Americas are touted to dominate the global market with North America contributing to the regional demand. The presence of various home care solution providers as well as the large healthcare budget allocated for the welfare of patients can drive the global home healthcare market.
Europe is the second-largest region in the market owing to an efficient healthcare framework till 2023, while APAC is pegged to display a strong CAGR of 8.7% due to a large patient pool and prevalence of various diseases.
Addus HomeCare Corporation, one of the biggest home care service providers in the U.S., has decided to acquire Hospice Partners of America, LLC in 2019. The large client list of the latter will help the former in serving a larger volume of patients and extend their offerings considerably in the personal care services sector.
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