Home Healthcare Market Research Report, by Product (Therapeutic products, Other), Service (Skilled Nursing Services, Respiratory Therapy Service, Other), Software (Clinical Management System, Telehealth Solution, Other) – Global Forecast Till 2023
Market Highlights
In the coming years, the global economy will witness a sharp increase in the home health industry. The increased competition among existing and new market players to develop a device with higher accuracy and more advanced features will ultimately results in the growth of the market. Diabetes is one of the serious complications. So, most of the market players are focused to develop an efficient, and affordable blood glucose monitor, especially, for low income population. For instance, Abbott brought a flash glucose monitoring (FGM) system to the market i.e., Freestyle Libre. In contrast to the available CGM systems, the Freestyle Libre does not require calibration.
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Rise in aging population, technological advancements, rising treatment cost and hospital stay, and rising approval from regulatory bodies are propelling the growth of the market. However, patient safety concerns may hinder the growth of market to an extent. Various issues have been found in home healthcare settings such as unsanitary conditions, medication errors, and others.
It is estimated that home healthcare market is expected to grow at a CAGR of 8.1% during the forecast period 2017-2023.
Major Key Players in Global Home Healthcare Market
Some of key the players in the market are Abbott, GE Healthcare, Becton Dickinson Company, Omron Corporation, Apple, Medtronic PLC, Koninklijke Philips N.V., LG Electronics, Fresenius SE & Co KGaA, McKesson Corporation, F. Hoffmann-La Roche AG, B. Braun Melsungen AG, 3M, A&D Company, Kinnser Software, and others.
The global home healthcare market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominate the home healthcare market owing to the presence of geriatric population, presence of the leading players, and high healthcare expenditure. According to the WHO, world’s population aged over 60 years will nearly double from 12% to 22% by 2050, and in the United States over 20% of the total population will be aged 65 years or over by 2030.
Europe holds the second position in the home healthcare market. It is expected that the support provided by the private, and government bodies for research & development, along with a well-developed technology drives the home healthcare market in European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Rising treatment cost and hospital stay, and the presence of huge patient pool drive the Asia Pacific market. According to the National Heart Foundation of Australia, the cardiovascular disease is one of the most costly disease group, which costs around USD 7.7 billion a year or 10.4% of the direct healthcare expenditure. The direct healthcare expenditure for this disease includes USD 4.5 billion in hospital admissions and USD 1.65 billion in pharmaceuticals.
The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in African region.
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Segmentation
The global home healthcare market is segmented on the basis of product, services, and software.
On the basis of product, the market is segmented into testing, screening, & monitoring products, and therapeutic products. The testing, screening, & monitoring products are further segmented into blood glucose monitors, blood pressure monitors, sleep apnea monitors, pulse oximeters & heart rate monitors, cholesterol monitoring devices, holter and event monitors, and others. The therapeutic products are further segmented into respiratory therapy equipment, insulin delivery devices, IV equipment, wound care products, dialysis equipment, others.
On the basis of services, the market is classified into skilled nursing services, rehabilitation therapy services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services.
On the basis of software, the market is classified into clinical management systems, agency software, telehealth solution, and hospice solutions.
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