In 2016, diabetes caused 1.6 million deaths.
Now, the people suffering from diabetes, cancer, and other chronic ailments such as cardiovascular and respiratory diseases generally lack energy and ability to perform daily tasks and therefore, prefer in-home care, which is creating a myriad of opportunities in the home healthcare market.On the back of incrementing population of geriatrics, who are estimated to reach 1.4 billion by 2030 by the United Nations, the burden on hospital organizations is increasing as well as causing economies a substantial chunk of yearly expenses.
According to a fresh market research report by IndustryARC, the demand in the global home healthcare market will escalate at a healthy rate of 6% to 8% over the course of the next five years, attaining a value of $345 billion by the year 2020.This information is based on a business intelligence report by IndustryARC that includes market growth analysis, competitive landscape, market size and market share with a detailed analysis of products and services associated with the home healthcare market.
The report is titled, “Home Healthcare Market: By Products (Dialysis, Diabetes, Drug Delivery, Essential, Mobility, Respiratory & Others); Services (Rehabilitation, Skilled, Unskilled, Virtual, Hospice, Companion, Social & Others) Forecast (2018-2023).”View Full Table of Contents of Home Healthcare Market:https://www.industryarc.com/Report/102/home-healthcare-products-services-equipment-market.htmlReport Price: US $5250Home Healthcare Market Stroking Demand for In-home Care Products and Services –• Upsurge in Home Healthcare Driving Healthcare Equipment Market Growth –Similar to hospitals, in-home care requires infrastructure and paraphernalia needed to treat a particular condition.
This is especially because unlike in hospital healthcare services, nurses working in home health care communicate less with their superior physicians.
So, nurses in home healthcare services do more paperwork and are more competent and proactive which is also leading to demand of Registered Nurses (RNs), Licensed Practical Nurses (LPN's), and Home Health Aides (HHAs).This happens to be a major factor associated with the competition in this niche, and the healthcare organizations that provide better services will have more market share.It is also a major factor responsible for the overall cost of home healthcare services, which is being detrimental to the home healthcare market growth in countries with poor economies like the ones in Africa.• The Growing Population of Aged People Influencing Home Healthcare Market –United Nations predicts that the population of people beyond 60 years of age will be double from 2015 to 2050, and the population was already 962 million globally in 2017.