New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Home Healthcare Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Home Healthcare Market Information By Product, Service, Software and Region - Forecast till 2030", the market is projected to reach USD 568 billion by 2030 at CAGR of 6.3% during the forecast period 2022-2030
Market Synopsis
To get a competitive edge, businesses in the global home healthcare market should quicken the creation of new products and seize revenue opportunities. To obtain a competitive edge, market participants are expanding their service offerings. The need for home healthcare services is growing as cases of cardiovascular disease, diabetes, and respiratory problems rise. Industry participants in the global market should concentrate on providing patients with high-quality, low-cost care. Since these services offer safer and more affordable alternatives to hospital services, there has been an increase in public awareness of home healthcare services in recent years. The home healthcare market consists of products that therapeutically treat an illness and devices that are necessary to track and identify any disease indication.
The market for home healthcare also comprises service providers, such as those offering elder and prenatal care, among other services. According to estimates, the global home healthcare market will grow as more patients demand at-home care. The expansion of the global home healthcare industry is also aided by the rising number of products that leading companies are launching. In-home care settings, patients utilize these devices to treat, identify, and track various respiratory disorders. Factors like increased senior population suffering from various ailments, quick use of technological improvements in home-based healthcare services, and growing awareness of the accessibility to home healthcare services in emerging countries.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 568 Billion |
| CAGR | 6.3% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Type, Application and Disease Indication |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technological advancement in healthcare and diagnosis equipment |
| Rapid degree of growth in the elderly population and the increasing incidence of chronic diseases. |
Market Competitive Landscape:
The illustrious companies in the home healthcare market are:
- Koninklijke Philips N.V.
- Medtronic PLC
- LG Electronics
- Kinnser Software
- F. Hoffmann-La Roche AG
- McKesson Corporation
- B. Braun Melsungen AG
- Becton Dickinson Company
- Omron Corporation
- A&D Company
- Fresenius SE & Co KGaA
- Abbott
- GE Healthcare
- Apple
- 3M
Market Dynamics:
Market Drivers:
Following the major measures taken by governments, healthcare professionals, and industry participants to recover from losses caused by the pandemic, the worldwide home healthcare business is booming. The market has grown due to the rising demand for home healthcare goods such as blood glucose, blood pressure, pulse oximeters, and temperature monitors. Some reasons influencing the growth of the global home healthcare market include the expanding elderly population living with chronic conditions, the rise of telehealth practices, the rapid improvement of home healthcare services, and the availability of home nursing care systems. In emerging nations, noncommunicable diseases have replaced communicable diseases due to medical advancements. Increased alcohol use and a sedentary lifestyle are the main causes of increased incidence of lifestyle diseases.
The increasing prevalence of long-term care-requiring target diseases, such as dementia and Alzheimer's disease, is anticipated to fuel the market throughout the projection period. Additionally, knowledge of these disorders' home care options and equipment is growing. The effectiveness and efficiency of home care for lifestyle illnesses have increased thanks to the accessibility of portable technologies, including blood glucose monitors, breathing assistance, and heart rate monitors. The market can expand healthcare services, equipment, and supplies accessibility and worldwide reach. Additionally, utilizing these goods and services will lower the number of unneeded visits, hospital hospitalizations, and readmissions. In the context of the global market, there will also be a drop in the amount of time and money spent traveling to meet healthcare professionals.
Market Restraints:
The nurse is in charge of conducting assessments and conveying findings for the patient's in-home care, and the nurse-physician relationships used include less face-to-face interaction. The level of patient safety and the results are likely to be impacted by this factor, particularly during the current forecast period.
Browse In-depth Market Research Report (85 Pages) on Home Healthcare: https://www.marketresearchfuture.com/reports/home-healthcare-market-2030
COVID 19 Analysis
The home healthcare system is efficient for the world's constantly expanding senior population. The necessity for such services in developing nations is driven by the diagnosis and treatment offered at home for patients suffering from dementia, severe chronic illnesses, Alzheimer's, and diabetes. Healthcare systems all over the world are under a great deal of strain as a result of the coronavirus pandemic. Healthcare professionals give critical patients with serious health complications priority. Additionally, service providers are increasing their product lines in response to the COVID-19 threat and the expansion of at-home services. Since the COVID-19 pandemic has made it clear that many countries lack sufficient healthcare personnel for home settings, providers are implementing several strategies, such as a specialized hotline for COVID-19 emergency-related questions.
Market Segmentation
By service, the market includes skilled nursing services and respiratory therapy services.
By product, the market includes therapeutic products and others.
By software, the market includes telehealth solutions and clinical management systems.
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Regional Insights
The home healthcare market is expected to dominate North America and Europe. These regions are expected to benefit from technology developments and new goods due to the high consumer demand for home healthcare items. Due to the rising senior population, advancements in the healthcare sector, and rising use of home healthcare services, North America has potential growth prospects in the global home healthcare market. The market is also being expanded by increased healthcare investment, cutting-edge medical technology, and government awareness- and promotion-raising initiatives to offer telehealth techniques to patients.
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The rising geriatric population and large patient pool suffering from chronic diseases are predicted to boost the growth of the global home healthcare market in the developing nations of Asia and the Pacific. The expanding healthcare systems in Latin America, the Middle East, and Africa are anticipated to accelerate the expansion of the worldwide home healthcare market. Due to the increasing prevalence of diabetes, orthopedic problems, heart disease, asthma, and new pandemics worldwide, there is an increased demand for home healthcare services.
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Respiratory Therapeutic Devices Market Research Report, By Product (Nebulizers, Humidifiers) By Technology (Electrostatic Filtration, HEPA) By Application (Asthma, COPD, Cystic Fibrosis) By End Users (Hospitals, Home Care) - Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
