New York, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Increasing number of lifestyle disorders and chronic diseases across the world, along with high levels of medical development across the globe will drive the market at a high CAGR during the forecast period.
According to the current analysis of Reports and Data, the global home healthcare market was valued at USD 260.95 Billion in 2018 and is expected to reach USD 482.97 Billion by year 2026, 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 very wide, and so is the scope and need for specializations.
Increasing pediatric healthcare need and a growing geriatric population worldwide are the very key industry drivers. Worldwide population older than 60 years is estimated 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 rise in demand. Home healthcare is more cost effective than establishing hospitals. It has a ready and growing demand today. North American region is the industry leader today, due to advanced technologies in healthcare such as AI in healthcare IT, diagnostic apps such as mHealth application, high level of healthcare spending and policies for backing up the costly therapies or treatment; while Asia Pacific is expected to witness the highest CAGR in the coming years.
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Further key findings from the report suggest
- Increasing number of trauma and drug abuse cases are multiplying the need of rehabilitation services, both in the general and home healthcare market. These services accounted for almost 50% of all home healthcare services in 2018.
- North America has the leading share in the home healthcare industry chiefly because of the converging trends of their ageing 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, rise in the numbers of the ailing population and an increased need of delivery-based healthcare. 10% of healthcare investment in R&D is expected by 2019
- China and India are expected to witness a huge surge in this market, as the market value is expected to double itself in India shortly. As more number of elderly population is expected to be residing in China and Asia Pacific region by 2050 along with that 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 2026. As in Latin America the healthcare cost is considerably low
- More competitive home healthcare workforce payment, improved trainings, better delivery systems and a broader use of telehealth are some pointers recommended to establish a firm in this industry.
- A rise in the disposable income, increasing awareness about home healthcare, improved sources of funding and greater technological and scientific innovations boost the industry.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/home-healthcare-market
Segments covered in the report:
For the purpose of this study, Reports and Data have 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
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Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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