PUNE, INDIA: (GLOBE NEWSWIRE) — Global Home Healthcare Market is estimated to garner a valuation of USD 4,14,681.2 million during the forecast period (2017-2023), Market Research Future reveals in its latest report.
The market is anticipated to scale at a healthy CAGR of 8.1% over the assessment period (2017-2023).
A viable option highly preferred by the patients, home healthcare, is gradually acquiring new heights due to the surging geriatric population and increased healthcare costs across the globe. Home healthcare offers a wide range of services comprising speech therapy, physical therapy, skilled nursing, and occupational therapy. The era of digitization has enabled the patients to contact the clinicians and physicians with ease to gain an accurate diagnosis from the comfort of their home.
Presently, a number of market players are contributing to the home healthcare market growth. Kinnser Software (U.S.), A&D Company (Japan), Fresenius SE & Co KGaA (Germany), GE Healthcare (U.S.), Apple (U.S.), Abbott (U.S.), McKesson Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), Koninklijke Philips N.V. (The Netherlands), 3M (U.S.), B. Braun Melsungen AG (Germany), Medtronic PLC (U.S.), LG Electronics (South Korea), Becton Dickinson Company (U.S.), Omron Corporation (Japan), and others are among them.
Screening, testing, and monitoring and therapeutic products are products in the global home healthcare market. The screening, testing, and monitoring segment is predicted to lead the market, grabbing a CAGR of 8.5%. The growth of the segment can be ascribed to the surging demand for home healthcare solutions.
By service, the market constitutes of rehabilitation therapy services, skilled nursing services, respiratory therapy services, unskilled care services, pregnancy care services, and infusion therapy services. The skilled nursing segment is touted to be a major segment. The segment is likely to garner USD 134166.3 million by 2023. Meanwhile, the infusion therapy services segment is presumed to expand at a CAGR of 8.50%.
The software segment comprises telehealth solution, clinical management system, and others. The clinical management systems segment is presumed to lead the home healthcare market globally, grabbing a CAGR of 8.3% by the end of 2023.
There have been extensive technological advancements in the healthcare and diagnosis equipment in the past few years, which in turn has ensured a burgeoning market for the home healthcare. Taking a cue from the demands of the patients, market players like Philips have launched wireless solutions. The advent of CarePoint 5.0 which is an easy-to-use nurse call system dedicatedly designed for senior citizens in bedridden patients and assisted living facilities have transformed the market worldwide. The market is expanding at a breakneck speed owing to the vulnerability of elderlies to several ailments, increased prevalence of chronic diseases, initiatives undertaken by the government to promote home healthcare, and increased need for affordable treatment options due to surging healthcare cost. The geriatric population is highly susceptible to chronic diseases like cardiovascular diseases and diabetes, prefer in-home care, which is considered to encourage the market growth.
The cost-effective alternative solution to expensive hospital stays has further triggered the demand for the home healthcare marketglobally. The gradual shift towards healthcare delivery from traditional clinical settings, affordable healthcare delivery systems, and surging adoption of telecommunication services are enabling the market to reach out to a wider spectrum of audiences.
Meanwhile, factors such as a change in the reimbursement policies, limited insurance coverage, and concerns regarding patient safety are likely to slow down the home healthcare market growth across the globe.
The regions discussed in the report spans across Europe, America, Asia Pacific, and the Middle East & Africa. Considering the global scenario, the American region is estimated to command the largest share with the presence of North America and South America. North America is considered the largest economy due to the surging incidence of chronic diseases in this region. Also, the increased government expenditure for the home healthcare sector is highly encouraging the market. The high concentration of key manufacturers and service providers makes the region more dominant compared to other regions.
The European region is presumed to occupy the second spot in the global home healthcare market owing to the increased support from private and government sectors for R&D activities and advanced technologies.
The Asia Pacific region is anticipated to emerge as the fastest expanding regional home healthcare market predicted to display a CAGR of 8.7% during the forecast period. The massive patient population and surge in the elderly population in this region has intensified its growth across the globe. High availability of skilled labor is also likely to work in favor of the market.[the_ad id=”31605″]