New York, U.S., Oct. 31, 2022 (GLOBE NEWSWIRE) — Home Healthcare Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “home healthcare market Insights by Product, Service, Software and Region – Forecast to 2030“, the market is expected to reach USD 568 billion by 2030 at a CAGR of 6.3% during the forecast period 2022-2030
To gain a competitive advantage, companies in the global home healthcare market need to accelerate the creation of new products and seize revenue opportunities. To gain a competitive edge, market players are expanding their service offerings. The need for home care services increases as cases of cardiovascular disease, diabetes and respiratory problems increase. Industry players in the global market are expected to focus on providing patients with high quality and low cost care. Since these services provide safer and more affordable alternatives to hospital services, there has been an increase in public awareness of home health care services in recent years. The home healthcare market includes products that therapeutically treat disease and devices necessary to track and identify any indication of disease.
The home healthcare market also includes service providers, such as those offering elder care and prenatal care, among other services. The global home healthcare market is estimated to grow as more and more patients seek home healthcare. The expansion of the global home healthcare industry is also aided by the increasing number of products launched by major companies. In home care settings, patients use these devices to treat, identify and track various respiratory conditions. Factors such as the increase in the elderly population suffering from various ailments, the rapid use of technological improvements in home health services and the growing awareness of the accessibility of home health services in emerging countries .
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|Market size in 2030||$568 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By product, type, application and disease indication|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Technological advancement in healthcare and diagnostic equipment|
|Degree of rapid growth in the elderly population and increasing incidence of chronic diseases.|
Market Competitive Landscape:
Notable companies in the home healthcare market are:
- Koninklijke Philips NV
- Medtronic APIs
- LG Electronics
- Kinner software
- F. Hoffmann-La Roche SA
- McKesson Corporation
- B. Braun Melsungen AG
- Becton Dickinson Company
- Omron Company
- A&D Company
- Fresenius SE & Co KGaA
- GE Healthcare
Following major measures taken by governments, healthcare professionals and industry players to recover from the losses caused by the pandemic, the global home healthcare sector is booming. The market has grown due to the growing demand for home healthcare products such as blood glucose, blood pressure, pulse oximeters and temperature monitors. Some of the reasons influencing the growth of the global home healthcare market include increasing elderly population living with chronic diseases, booming telehealth practices, rapid improvement in home healthcare services and the availability of home nursing systems. In emerging countries, non-communicable diseases have replaced communicable diseases thanks to medical progress. Increased alcohol consumption and a sedentary lifestyle are the main causes for the increased incidence of lifestyle-related diseases.
The increasing prevalence of target diseases requiring long-term care, such as dementia and Alzheimer’s disease, is expected to fuel the market throughout the projection period. In addition, knowledge of home care options and equipment for these disorders is increasing. The effectiveness and efficiency of home care for lifestyle-related illnesses has increased with the accessibility of wearable technologies, including glucometers, respiratory support, and heart rate monitors. The market can expand the accessibility and global reach of healthcare services, equipment and supplies. In addition, the use of these goods and services will reduce the number of unnecessary visits, hospital admissions and readmissions. In the context of the global market, there will also be a reduction in the time and money spent traveling to meet with healthcare professionals.
The nurse is responsible for performing assessments and reporting results for the patient’s home care, and the nurse-doctor relationships used include less face-to-face interaction. Patient safety level and outcomes are likely to be impacted by this factor, especially during the current forecast period.
Browse the in-depth market research report (85 pages) on home healthcare: https://www.marketresearchfuture.com/reports/home-healthcare-market-2030
COVID 19 analysis
The home healthcare system is effective for the growing population of seniors around the world. The need for such services in developing countries is driven by home-based diagnosis and treatment of patients with dementia, serious chronic illnesses, Alzheimer’s disease and diabetes. Health systems around the world are under great pressure due to the coronavirus pandemic. Healthcare professionals prioritize critical patients with serious health complications. Additionally, service providers are increasing their product lines in response to the COVID-19 threat and the expansion of home services. As the COVID-19 pandemic has made it clear that many countries lack sufficient health personnel for home-based care, providers are implementing several strategies, such as a dedicated helpline for related issues. to COVID-19 emergencies.
By service, the market includes skilled nursing services and respiratory therapy services.
By product, the market includes therapeutic and other products.
By software, the market includes telehealth solutions and clinical management systems.
The home healthcare market is expected to dominate North America and Europe. These regions are expected to benefit from technological developments and new products due to strong consumer demand for home care items. Owing to increasing elderly population, advancements in healthcare industry and increasing utilization of home care services, North America has potential growth prospects in the global home care market. home health. The market is also being expanded by increasing investment in healthcare, advanced medical technology, and government awareness and promotion initiatives to offer telehealth techniques to patients.
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Growing geriatric population and large number of patients suffering from chronic diseases is expected to drive the growth of the global home healthcare market in developing countries in Asia and the Pacific. The expansion of healthcare systems in Latin America, the Middle East and Africa is expected to accelerate the expansion of the global home healthcare market. Due to the increasing prevalence of diabetes, orthopedic problems, heart disease, asthma and new pandemics around the world, there is an increased demand for home care services.
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