Wilmington, Delaware, United States, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The last decade has witnessed an increased prevalence of different diseases among patients. This has led to increased focus on healthcare services offered to assist in faster recovery and ensure reduced possibility of any relapse.
Traditionally, patients have preferred healthcare services offered at various healthcare infrastructure facilities but the last few years has witnessed increased demand for home healthcare services. Key reason behind the rising demand for home healthcare services is the outbreak of the COVID-19 pandemic, which led to restrictions and lockdowns and led to consumers preferring home treatment.
The global home healthcare market is expected to expand at CAGR of 10.5% between 2021 and 2028.
Prominent market players are offering new healthcare services to patients, which is helping generate revenue streams and gain a competitive edge over other players.
Lincare, a subsidiary of Linde, launched a new home-based respiratory service in the U.S. in 2020 post the outbreak of the COVID-19 pandemic.
Leading market players are making huge investments in research and development activities in a bid to offer improved healthcare services to patients suffering from different diseases.
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Key Findings of Home Healthcare Market Study
- Rising Adoption of Telehealth Practices Boosting Growth in Overall Home Healthcare Market: Telehealth technology is witnessing increasing adoption in the healthcare industry globally as hospitals and clinics are trying to offer services to patients from remote locations. Leading players in home healthcare market are offering products such as smart bedding systems and Tele-ICUs for patients to monitor their health conditions, remotely. Increasing penetration of telehealth technology is augmenting the growth in global home healthcare market
- Rising Patient Preference for Home Treatment Propelling Home Healthcare Market: Costs of products such as beds offered at hospitals and clinics have risen, in the last few years. Hence, patients are looking to avail home healthcare services which offer increased cost-effectiveness and comfort. The last few years have witnessed increased demand for nebulizers and ventilators among patients who are deploying these products to diagnose and treat different respiratory disorders in their residences. Increasing consumer preference toward home treatment is triggering the growth in overall market
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Home Healthcare Market: Key Drivers
- Rising patient pool suffering from chronic diseases such as cancer and diabetes is a key growth driver of global home healthcare market
- Advancements to existing healthcare services which is helping offer improve efficiency and long-lasting effects are stimulating the growth in overall home healthcare market
- Government initiatives and measures such as spreading awareness about telehealth services is stimulating the market growth
Home Healthcare Market: Regional Market Insights
- Globally, North America is the most lucrative market. Increased investments in healthcare industry, and rising adoption of home healthcare services in countries such as the U.S and Canada have helped the region witness significant growth in overall home healthcare market
- Latin America is expected to witness substantial growth in home healthcare market during the forecast period because of increase in geriatric population in countries such as Brazil and Mexico
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Home Healthcare Market: Key Players
Presence of numerous leading players has ensured that the competition landscape in global home healthcare market is fragmented.
Growth strategies such as signing of collaborative agreements with smaller players is assisting prominent players in expanding their market presence and increasing their revenue shares.
Some of the well-established players in home healthcare market include Johnson and Johnson, 3M Healthcare, Bayer AG, GE Healthcare, and Medtronic Inc.
The global home healthcare market is segmented as follows:
- By Device Type
- Diagnostic & Monitoring Home Devices
- Blood Glucose Monitors
- Blood Pressure Monitors
- Heart Rate Monitors
- Temperature Monitors
- Sleep Apnea Monitors
- Coagulation Monitors
- Pregnancy Test Kits
- Pulse Oximeters
- Pedometers
- Therapeutics Home Healthcare Devices
- Insulin Delivery Devices
- Nebulizers
- Others
- By Service
- Telehealth and Telemedicine Services
- Respiratory Therapy Services
- Unskilled Home Healthcare Services
- Regions Covered
- North America
- Asia Pacific
- Europe
- Rest of the World
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