Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 300 billion in 2022 global home healthcare market will reach USD 710.20 billion in 2032. It is estimated that there are around 50 million Alzheimer's patients worldwide. As the world population ages, the incidence and prevalence of Alzheimer's and other dementias are expected to rise. These patients require round-the-clock care, given the debilitating effects the conditions have on the patients. Furthermore, the increasing incidence of accidents and trauma cases has increased the demand for physiotherapy, which is undertaken to recover cognitive abilities. Home healthcare services are the ideal option for long-term care, given the comfort, familiarity and convenience it offers to the patients by getting treated in their homes. It is also a cheaper alternative to nursing homes or hospital care.
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Key Insight of the Global Home Healthcare Market
North America is expected to dominate the market during the forecast period.
The population's rising prevalence of neurological diseases and other chronic ailments will fuel market expansion. The need for round-the-clock home nursing or healthcare services will rise as the number of older people rises. The availability of home healthcare service providers with competent and trained home nurses will aid the market's expansion. The population's high disposable income makes it possible for patients to use professional services. In addition, the region's social or familial structure normalises nursing services for elderly parents and seriously ill patients.
In 2022, the services segment dominated the market with the largest market share of 54% and market revenue of 162 billion.
The component type segment is divided into equipment, software and services. In 2022, the services segment dominated the market with the largest market share of 54% and market revenue of 162 billion.
In 2022, the neurological and mental disorders segment dominated the market with the largest market share of 37% and revenue of 111 billion.
The indication segment is divided into cardiovascular disorders and hypertension, neurological and mental disorders, maternal disorders, cancer, diabetes and kidney disorders, respiratory disease and COPD, mobility disorders, wound care, and others. In 2022, the neurological and mental disorders segment dominated the market with the largest market share of 37% and revenue of 111 billion.
Advancement in market
May 2023 - Portea and Columbia Pacific Communities (CPC) have partnered strategically. As a result of the collaboration between two service providers, senior residents of CPC will be able to receive specialised medical care and attention in the convenience of their homes. In addition to giving CPC residents priority access to Portea's home healthcare services at reduced costs, the agreement will enable Portea to reach a larger group of older people. The collaboration will enable both brands to better serve seniors by utilising one another's strengths.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Base Year | 2022 |
| Market Size in 2022 | $300 billion |
| Market Size in 2032 | $710.20 billion |
| CAGR | 9% |
| No. of Pages in Report | 236 |
| Segments Covered | Component Type and Indication |
| Drivers | The increasing geriatric population |
| Opportunities | The growing integration of technology in home healthcare services |
| Restraints | The lack of qualified and trained professionals |
Market Dynamics
Driver: the growing elderly population.
The demand for home healthcare will rise as neurological illnesses like Alzheimer's and dementia become more common. These ailments are widespread among the elderly, and as the geriatric population grows, so will the prevalence of neurological illnesses. Early-onset dementia can be controlled by the patient with the assistance of family members or by taking frequent drugs. However, when these illnesses worsen, patients become less aware of everyday dangers in their homes and are more likely to have accidents that could harm them, their loved ones, or nearby property. Costly in nursing homes or hospitals. Home healthcare provides an affordable, practical, and individualised solution for patients with neurological and mental illnesses. To treat these disorders, preserve the patient's health, and improve the quality of their life, patients need individualised medicine, dietary advice, and stress-reduction techniques in their homes' privacy and safety. The rising elderly population will thus fuel the expansion of the global home healthcare market.
Restraints: the lack of skilled and qualified professionals.
Long shifts are a part of home healthcare services. The caregiver's job is challenging because it involves organising the patient's daily activities, food, exercise, and medications. Dealing with the patients might be challenging. Psychological variables may also impact the caregiver's mental health. Having less time for themselves might be draining. Given the compassion, understanding, emotional intelligence, and medical expertise the profession requires, there are few applicants despite the gratifying nature of the work. As a result, the market's expansion will be hampered by a need for more skilled and trained personnel.
Opportunities: technology's increasing use in home healthcare services.
The advent of telehealth facilitates carers' work by enabling remote, round-the-clock patient health monitoring. It assists in keeping track of appointments, routine check-ups, and patient vitals. Additionally, telehealth permits the digitisation of information, which may then be collated and analysed to track progress and allow the carer to adjust the course of therapy as necessary. By allowing the patient to request them as needed, telehealth also reduces the long, exhausting shifts of the carer. Therefore, the market's future growth would be aided by the increasing integration of technology into home healthcare services.
Challenges: The lack of insurance coverage.
Home healthcare services are personalised, and there is no standard way to determine an insurance policy catered to home healthcare services. Given the personalised nature of home healthcare, it is difficult to deduce the premium and coverage amounts. Market players do not offer home healthcare insurance coverage. The aggregate demand for insurance coverage offering home healthcare covers is also low compared to other benefits. Therefore, the lack of insurance coverage will challenge the market’s growth.
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Some of the major players operating in the global home healthcare market are:
• Abbott
• Amedisys, Inc
• Baxter International Inc.
• F. Hoffmann-La Roche AG
• Fresenius Medical Care
• GE Healthcare
• Linde PLC
• Omron
• Portea Medical
• Trinity Health
Key Segments cover in the market:
By Component Type
• Equipment
• Software
• Service
By Indication
• Cardiovascular Disorders and Hypertension
• Neurological and Mental Disorders
• Maternal Disorders
• Cancer
• Diabetes and Kidney Disorders
• Respiratory Disease and COPD
• Mobility Disorders
• Wound Care
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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