Home Healthcare Market Overview
Home healthcare refers to healthcare services provided to patients within the confines of their home. These services include skilled nursing, occupational therapy, speech therapy, physical therapy among others. It is also known as in-home care, domiciliary care, and social care. The global home healthcare market report by Market Research Future (MRFR) enlightens readers on the latest trends, new technologies, and drivers engulfing the market.
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The global home healthcare market is estimated to reach a value of significance by exhibiting a CAGR of 8.1% from 2017 to 2023 (forecast period). The expanding numbers of the geriatric populace and exorbitant healthcare costs are factors expected to drive the demand for home healthcare in the coming years. According to the World Health Organization (WHO), the sexagenarian populace can expand by 22% till 2050. Integration of medical connected technologies which can provide bed-ridden patients can provide the market a much-needed impetus. The seamless connectivity with which patients can attain doctor appointments and diagnosis via telemedicine can fuel the home healthcare market growth till 2023.
Technological advances in the healthcare sector as well as stringent regulations by federal agencies have sparked innovation among home healthcare providers. For instance, the launch of wireless solutions by Philips for senior citizens to call on nurses for assistance is a forward step in assisted living care. Introduction of novel payment models such as the Patient-Driven Groupings Model (PGDM) will lead to home healthcare service providers being flexible in their offerings to cater to patient needs.
However, concerns pertaining to patient safety due to a paucity of skilled nursing personnel and others can pose a challenge to the market growth.
Home Healthcare Market Segmentation
The global Home Healthcare Market is segmented by product, service, and software.
By product, it is segmented into therapeutic products and testing, screening, & monitoring products. IV equipment, respiratory therapy equipment, dialysis equipment, insulin delivery devices, wound care products, and others are segments within the therapeutic products segment. Whereas, the testing, screening, & monitoring products segment is sub-segmented into blood glucose monitors, blood pressure monitors, Holter and event monitors, pulse oximeters & heart rate monitors, cholesterol monitoring devices, sleep apnea monitors and others.
By service, it is segmented into infusion therapy services, pregnancy care services, rehabilitation therapy services, respiratory therapy services, unskilled care services, and skilled nursing services.
By software, it is segmented into hospice solutions, telehealth solution, agency software, and clinical management systems.
Home Healthcare Market Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are the main regions of focus in the global home healthcare market report.
The Americas are expected to be the dominant region within the market till 2023, with North America facilitating maximum growth. Large number of service providers and the immense healthcare expenditure allocated by countries for the welfare of citizens are drivers of the market in the region. Healthcare providers are assisting patients via telemedicine and remote patient technology to improve patient outcomes.
Europe has the second rank among the regions due to government support and private funding into research and development activities. The APAC region can display a strong CAGR of 8.7% due to the large patient pool and the expanding aging populace. Lastly, the MEA region has the lowest market share due to the presence of nations with low economic conditions.
Home Healthcare Market Competition Outlook
Apple, Koninklijke Philips N.V., 3M, Omron Corporation, Becton Dickinson Company, Kinnser Software, F. Hoffmann-La Roche AG, LG Electronics, Medtronic PLC, Abbott, McKesson Corporation, A&D Company, Fresenius SE & Co KGaA, B. Braun Melsungen AG, GE Healthcare, and others are prominent names in the global home healthcare market.
Industry News
Dignity Health, a U.S. based healthcare provider firm, have made arrangements for their customers for tackling energy issues during public safety power shutoffs. The company is being proactive in its efforts by providing additional equipment or ensuring the existing stock does not affect the daily life of patients during blackouts.
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