Dublin, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The "Home Healthcare Market by Product (Dialysis Equipment, IV Equipment, Ventilators, Coagulation Monitors, Peak Flow Meters), Service (Infusion Therapy, Skilled Nursing, Hospice), Indication (Cancer, Wound Care, Diabetes), & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global home healthcare market size is projected to reach USD 298.2 billion by 2026 from USD 198.9 billion in 2021, at a CAGR of 8.4% during the forecast period.
The market growth is mainly driven by factors such as the rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements in-home care devices. On the other hand, changing reimbursement policies, limited insurance coverage, and concerns regarding patient safety are factors limiting the growth of the market to a certain extent. The growing popularity of telehealth and untapped developing regions present significant growth opportunities for players in the home healthcare market.
Market Dynamics
Drivers
- Rapid Growth in the Elderly Population and the Rising Incidence of Chronic Diseases
- Rising R&D Investments Resulting in Technologically Advanced Devices
- Growing Need for Cost-Effective Healthcare Delivery due to the Increasing Healthcare Costs
- Outbreak of the COVID-19 Pandemic
Restraints
- Changing Reimbursement Policies
- Limited Insurance Coverage
- Patient Safety Concerns
Opportunities
- Rising Focus on Telehealth
- Untapped Developing Regions
- Growing Demand for Home Care Therapeutic Devices
- Demand for Home Sleep Apnea Tests (HSATs)
- Growing Preference for Home Hemodialysis Treatment
Challenges
- Shortage of Homecare Workers
The cancer segment is expected to dominate the market during the forecast period.
Based on indication, the global home healthcare market is segmented into cancer, respiratory diseases, mobility disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. The cancer segment accounted for the largest share of the home healthcare market in 2020. The large share of this segment can primarily be attributed to the high prevalence of cancer cases across the globe and the transforming healthcare system, which allows the management of cancer at home.
Testing, screening & monitoring segment will witness the highest growth in the home healthcare products market.
Based on products, the home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. The testing, screening, and monitoring products are expected to witness the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to factors such as the rising emphasis on preventive medicine and an increasing number of patients with chronic diseases. The potential to reduce healthcare complications and ensure the portability of devices with high accuracy is also expected to create a significant demand for monitoring and testing devices in the coming year.
North America will dominate the market during the forecast period.
Geographically, the home healthcare market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the home healthcare market. The large share of this region in the global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, the increasing overall geriatric population, high disposable income, and the presence of superior healthcare infrastructure.
Premium Insights
- Growing Target Patient Population to Drive Market Growth During the Forecast Period
- Inhalers Segment to Register the Highest CAGR During the Forecast Period
- Wheelchairs Dominated the Asia-Pacific Home Healthcare Market in 2020
- Infusion Therapy Services Segment to Witness the Highest Growth During the Forecast Period (2021-2026)
- Japan is the Fastest-Growing Market for Home Healthcare
Companies Mentioned
- Fresenius Se & Co. KGaA
- Linde plc
- F. Hoffmann-La Roche Ltd.
- A&D Company, Limited
- Bayada Home Health Care
- Invacare Corporation
- Abbott
- Amedisys
- Resmed
- Lhc Group, Inc.
- Omron Corporation
- Koninklijke Philips N.V.
- GE Healthcare (Subsidiary of General Electric Company)
- Drive Devilbiss Healthcare
- Hamilton Medical
- Sunrise Medical
- Roma Medical
- Caremax Rehabilitation Equipment Co., Ltd.
- Vitalograph
- Advita Pflegedienst GmbH
- Renafan GmbH
- ADMR
- Apex Medical Corp.
- Contec Medical Systems Co., Ltd.
- Lowenstein Medical Technology GmbH + Co. Kg.
For more information about this report visit https://www.researchandmarkets.com/r/1zgzrm
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