According to the current analysis of Reports and Data, the global home healthcare market was valued at USD 281.56 Billion in 2019 and is expected to reach USD 521.92 Billion by the year 2027, at a CAGR of 7.9%. The market for home healthcare is growing out of critical customer needs. Not common a few years back and still unheard in many small towns of the world, this is an industry that has grown from its nascent to the advanced stages very rapidly. Home healthcare as a market can be divided into several segments and sub-segments today. It includes services ranging from unskilled care to skilled nursing. The product range is also extensive, and so is the scope and need for specializations.
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Increasing pediatric healthcare needs and a growing geriatric population worldwide are the very key industry drivers. Worldwide population older than 60 years is estimated to be around 2 Billion, which might lead to increasing chronic diseases being diagnosed, which evolve the demand for diagnostics such as imaging diagnostics as well as mobility care products will show a rise in demand. Home healthcare is more cost-effective than establishing hospitals. It has a ready and growing demand today. The North American region is the industry leader today, due to advanced technologies in healthcare like AI in healthcare IT, diagnostic apps such as mHealth application, high level of healthcare expenditure, and policies for backing up costly therapies or treatment; while Asia Pacific is expected to witness the highest CAGR in the coming years.
Further key findings from the report suggest-
- The increasing number of trauma and drug abuse cases are multiplying the need for rehabilitation services, both in the general and home healthcare market. These services accounted for almost 50% of all home healthcare services in 2019.
- North America has the leading share in the home healthcare industry chiefly because of the converging trends of their aging population, rise in the number and cases of chronic diseases and technological advancements
- Asia Pacific region will witness the highest CAGR during the forecast period on account of cost advantages, a rise in the numbers of the ailing population, and an increased need for delivery-based healthcare. 10% of healthcare investment in R&D was expected by 2019.
- China and India are expected to witness a massive surge in this market, as the market value is expected to double itself in India shortly. As more number of the geriatric population is expected to be residing in China and Asia Pacific region by 2050, along with increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025.
- By product type, Diagnostics occupies the largest market share and is also expected to grow at the highest CAGR of 8.4% during the forecast period.
- Latin America and Middle East and Africa will also be showing an average growth of around 6.9% till 2027. As in Latin America, the healthcare cost is considerably low
- More competitive home healthcare workforce payment, improved training, better delivery systems, and broader use of telehealth are some pointers recommended to establish a firm in this industry.
- A rise in disposable income, increasing awareness about home healthcare, improved sources of funding, and greater technological and scientific innovations boost the industry.
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For the purpose of this study, Reports and Data has segmented the Home Healthcare market by Type, by Services, by Product, by Software, and by Region:
Type
- Home Telehealth Monitoring
- Home Telehealth Services
- Telehealth Software Solutions
Services
- Rehabilitation
- Infusion Therapy
- Unskilled Care
- Respiratory Therapy
- Pregnancy Care
- Skilled Nursing
- Telemetry
- Hospice and Palliative Care
Product
- Diagnostic
- Blood Glucose Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Peak Flow Meters
- Heart Rate Monitors
- Fetal Monitoring Devices
- HIV Test Kits
- Sleep Apnea Monitors
- Coagulation Monitors
- Ovulation and Pregnancy Test Kits
- Holter and Event Monitors
- Cholesterol Monitoring Devices
- Colon Cancer Test Kits
- Home Hemoglobin A1c Test Kits
- Drug and Alcohol Test Kits
- ECG/EKG Devices
- EEG Devices
- Temperature Monitors
- Hearing Aids
- Pedometers
- Therapeutic
- Oxygen Delivery Systems
- Nebulizers
- Ventilators
- Sleep Apnea Therapeutic Devices
- Wound Care Products
- IV Equipment
- Dialysis Equipment
- Insulin Delivery Devices
- Inhalers
- Other Therapeutic Products
- Mobility Care
- Canes
- Crutches
- Mobility Scooters
- Walkers & Rollators
- Wheelchairs
Software
- Agency Software
- Clinical Management Systems
- Hospice Solutions
Region
- North America
- S.
- Canada
- Europe
- Germany
- France
- K.
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Middle East and Africa
- Latin America
- Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/home-healthcare-market
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