Home Healthcare Market Overview
The home healthcare market will be expanding at a rate of 11.6% between 2020 and 2027 (review period), says Market Research Future (MRFR). Market Research Future adds that the global market size should touch USD 273.9 Billion by 2027, as stated in the research report.
Growth Drivers and Deterrents
The mushrooming geriatric pool worldwide along with the surging cases of target disorders including Alzheimer’s, and dementia ensure relentless market growth in the coming years. The rise in orthopedic diseases also propel the market demand. The home healthcare market will also be favored by the surging treatment costs, which are major concerns among health organizations and governments. As a result, the focus is on reduction of healthcare costs, with home healthcare emerging as a cost-effective and a more viable alternative to prolonged hospital stays.
The total number of smartphone owners crossed the five billion mark by the year 2019 and continues to mount at a rapid pace. Over four billion individuals worldwide, at any given point of time, use the Internet and are increasingly become aware of the benefits that digital healthcare has to offer. Doctors and other healthcare professionals are progressively adopting virtual-reality tools to either boost their medical skills or develop plans for a complicated surgery.
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Another significant trend in the home healthcare market is the soaring popularity of the wearable technology. Seeing the escalating adoption of wearables in view of rising health consciousness among people, companies are proactively developing advanced devices that offer up-to-date tracking of high-risk persons to determine the possibility of any major illness or health issue.
Home Healthcare Market Segmentation
The home healthcare industry has been reviewed extensively in the MRFR review report, with product, service, and software listed as the major segments for better understanding of the growth prospects.
Products covered in the report are screening, monitoring, and therapeutic and testing devices.
Software types listed in the research report include telehealth solution, hospice solutions, clinical management systems, as well as agency software.
Services types are unskilled care services, skilled nursing services, rehabilitation therapy services, respiratory therapy services, pregnancy care services, and infusion therapy services.
Home Healthcare Market Regional Insight
The North American home healthcare market will retain its supremacy all through the given period, primarily due to the large-scale healthcare spending along with the surging adoption of information technology. The US market is slated to perform well in the following years, thanks to the considerable expenditure on healthcare and the mounting need to curtail these expenses. The blossoming elderly population and their high susceptibility for chronic disorders augments the demand for home healthcare devices.
Europe could be the second strongest contender in the global home healthcare market, owing to the rising pressure to bring down the huge healthcare costs coupled with the frequent technological advances in home healthcare devices. Players’ efforts to bolster their solution and service portfolio also have a positive impact on the regional market.
Asia Pacific could attain the fastest CAGR in the coming years, with the rapid development in healthcare infrastructure paired with the rising number of home healthcare products manufacturers in China and India. Increasing funds allocated for research and development activities, rise in reforms that aim to improve the healthcare infrastructure and the financial assistance provided by the government can warrant bright prospects for the home healthcare industry in the region.
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Home Healthcare Market Firms
Apple (U.S.), F. Hoffmann-La Roche AG (Switzerland), A&D Company (Japan), Fresenius SE & Co KGaA (Germany), Koninklijke Philips N.V. (The Netherlands), 3M (U.S.), McKesson Corporation (U.S.), B. Braun Melsungen AG (Germany), Abbott (U.S.), Omron Corporation (Japan), GE Healthcare (U.S.), LG Electronics (South Korea), Becton Dickinson Company (U.S.), Kinnser Software (U.S.), Medtronic PLC (U.S.) are some of the top home healthcare market profiled in the MRFR review study.
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