Fort Collins, Colorado, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the home healthcare market size was valued at USD 234.8 Billion in 2022 and is expected to reach USD 473.8 Billion by 2032 with a CAGR of 7.4%.
The home healthcare market is growing due to the increased integration of technology in the medical sector and a reduction in the number of patients needing hospital treatment. The pandemic accelerated this trend as people opted for online and home-based medical services instead of visiting doctors. This trend is expected to continue post-pandemic as more people prefer the comfort and cost-effectiveness of receiving treatment and care at home.
The home health staff works with doctors to provide short-term and long-term medical services to improve patients' health. Short-term services treat illnesses or injuries, while long-term services treat patients with chronic diseases or disabilities. Nursing services at home are preferred due to high hospital costs, and technology has made it possible to receive treatment at home through telehealth, medical safety devices, and remote monitoring.
The increasing demand for home healthcare services is primarily due to the growing older population, expected to double by 2050 and account for 22 percent of the world's total population. People who live longer require at-home healthcare services for everyday activities, increasing demand for these services. In the United States, the Home Care Services Bureau approves licenses for Home Care Organizations, handles complaints, and protects consumer rights by providing home healthcare services.
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Segmentation Overview:
The global home healthcare market has been segmented into product, service, and region. Diagnostic equipment has the largest market share in home healthcare due to its ability to diagnose symptoms quickly. Companies are developing test kits to provide accurate results in less time. Skilled medical services, such as monitoring health conditions and therapy, also hold a significant market share.
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Home Healthcare Market Report Highlights:
- The global home healthcare market growth is anticipated at a CAGR of 7.4% by 2032.
- The growing geriatric population and rising incidence of target diseases drive growth in the home healthcare market.
- North America, particularly the United States, dominates the market due to the growing number of people with chronic diseases and an aging population. There is a rising demand for home healthcare services in the US as people prefer comfort and care at home rather than in hospitals.
- Some prominent players in the home healthcare market report include Amedisys Inc., Fresenius, Amwell, ResMed, Baxter International Inc., Roche, Dickinson and Company, 3M, B.Braun, Maxim Healthcare Services, and others.
Industry Trends and Insights:
- BD's CTO believes AI will enable health systems to enhance patient experience and reduce clinician burnout.
- B. Braun Medical Inc. has announced its expanded focus on addressing health inequities in vascular access and its continued commitment to improving patients' experiences with peripheral intravenous (IV) therapy. The announcement was made at the Association for Vascular Access (AVA) Scientific Meeting.
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Home Healthcare Market Segmentation:
- By Product: Therapeutic equipment, diagnostic equipment, and mobility assist equipment
- By Service: Skilled medical services and skilled non-medical services
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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