Home Healthcare Market Outlook 2028

• The global home healthcare market was valued at US$ 238.1 Bn in 2020
• It is estimated to expand at a CAGR of 10.5% from 2021 to 2028
• The global home healthcare market is expected to reach the value of US$ 499.6 Bn by the end of 2028

Analysts’ Viewpoint on Home Healthcare Market Scenario

Companies in the global home healthcare market should accelerate their product development and unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain competitive edge. Increasing incidences of cardiovascular disorders, diabetes, and respiratory issues boost the demand for home healthcare services. Market contributors in the global home healthcare market should focus on effective and cost-efficient treatments for the patients. The awareness for home healthcare services increased since a past few years, as these services are safer and cost-effective alternatives than the hospital services. Moreover, service providers are expanding their product portfolio by offering at-home services after the threatening spread of COVID-19.

 

Read Report Overview - https://www.transparencymarketresearch.com/home-healthcare-market.html 

Impact of Coronavirus Pandemic on Global Home Healthcare Market

The home healthcare system is found to be effective for the rapidly growing geriatric population across the globe. Disease diagnosis and treatment provided at home for the patients suffering from severe chronic illnesses, dementia and Alzheimer, diabetes, etc. is driving the demand for such services in developing countries. The coronavirus pandemic has put intense pressure on healthcare systems across the globe. Healthcare practitioners are giving priority to critical patients suffering from severe health complications.

However, the global home healthcare market is booming after the significant efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to the pandemic. The increasing popularity of home healthcare products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors positively influenced the growth of the market. Increasing geriatric population suffering from chronic diseases, rising telehealth practices, and rapidly improving home healthcare services, and availability of home nursing care system are some of the factors responsible for the global home healthcare market growth.

To know the scope of our report Get a Sample on Home Healthcare Market

Increasing Popularity of Telehealth Practices Driving Global Market

The global home healthcare market is driven by increasing adoption of the telehealth technology in healthcare system in order to provide high quality medical services to the patients, remotely. The penetration of advanced technology, along with increasing research and development activities in the telehealth field is positively contributes to market expansion. Companies operating in the global home healthcare market are focusing on expanding their service offerings to stay financially afloat. Advancements in technology and implementation of telehealth systems are supporting the growth of home-based healthcare services.

Market providers are offering innovative products such as smart bedding systems, Tele-ICUs, remote or centralized control systems, advanced monitoring sensors for tracking your health, etc. is the fast growing segment in market.

Get a glimpse of the in-depth analysis through our Report Brochure

Increase in Demand for Home Care Therapeutic Devices

Rising cost of hospital beds and other hospital services has led to increase in patient opting for comfortable, reliable, efficient, and cost-effective home-based services. There is a continuous demand for products such as ventilators, nebulizers, and continuous positive airway pressure (CPAP) devices, etc. These devices are used by patients to treat, diagnose, and monitor various respiratory diseases in home care settings. Factors such as increasing awareness of availability of home healthcare services in developing regions, rapid adoption of advanced technology in home-based healthcare services, and rising number of geriatric population suffering from various health diseases such as, Alzheimer and Dementia, creating tremendous opportunities for market players. The growing prevalence of diabetes, orthopedic diseases, cardiovascular diseases, asthma, and increasing rate of novel pandemics globally are also escalating the demand for home healthcare services.

Expanding operations in future? To get the perfect launch ask for a custom report

Advancements in Home-based Disease Diagnosis and Therapeutic Treatments

The global home healthcare market players in the healthcare industry are collaborating for exploring newest technologies and trends for disease diagnosis and treatments for severe health complications. The market is projected to witness lucrative growth opportunities during the forecast period, owing to the increasing geriatric population, rapid technological advancements, and favorable government policies. This has been found that the number of deaths caused due to severe chronic diseases such as cancer, diabetes, heart strokes, etc. Such a high prevalence of chronic diseases demands home-based healthcare facilities by reducing unnecessary visits to the hospitals and to minimize the time required for admission procedures in the hospitals. This factor accelerates the growth of the global home healthcare market.

North America Home Healthcare Services Offering Lucrative Growth Opportunities

North America shows lucrative growth opportunities in the global home healthcare market due to growing geriatric population, advancement in healthcare industry, and increasing adoption of home healthcare facilities. In addition, rising investment in healthcare, advanced healthcare technologies, and awareness and promotional activities by governments to introduce telehealth practices to patients also contribute to the market expansion. Favorable reimbursement policies, availability of the telehealth services, and rise in the number of skilled professionals to serve home-based patients are some of the key contributable factors for the growth of the global home healthcare market. There is an increasing adoption of home screening using self-diagnosis kits in North America, owing to its cost-effectiveness.

Home Healthcare Market: Overview

• According to Transparency Market Research’s latest report on the global home healthcare market for the historical period 2017–2019 and forecast period 2021–2028, increase in the geriatric population and surge in incidence of target diseases, such as dementia and Alzheimer’s, and orthopedic diseases are projected to fuel the growth of the global market

Rise in Prevalence of Chronic Diseases to Drive Uptake of Home-based Medical Devices and Services: Key Driver

• Chronic conditions such as diabetes, asthma, blood pressure, and other respiratory and cardiovascular diseases require continuous and regular monitoring. Increase in the number of people diagnosed with these diseases drives the demand for home healthcare medical devices and services. According to the World Health Organization, asthma affected an estimated 262 million people in 2019 and caused 461,000 deaths.
• Additionally, the organization stated that cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for an estimated 17.9 million deaths each year. Moreover, the number of deaths due to cardiovascular diseases is projected to reach 23.3 million by 2030. Furthermore, the American Diabetes Association estimated that one in three adults in the U.S. would have diabetes by 2050. Hence, rise in number of people diagnosed with chronic diseases increases the uptake of home medical devices.
• The Annals of Internal Medicine stated in 2019 that continuous monitoring of diseases with home medical devices provides more accurate picture of chronic diseases rather than relying on repetitive hospital visits. Hence, these facts and studies support the uptake of home healthcare devices and services, which is expected to boost the growth of the global home healthcare market.

Investment in Emerging Economies Provides Platform to Companies to Record High Revenue in Home Healthcare Business

• Emerging economies in Asia Pacific and Latin America offer significant opportunities in the home healthcare market. India, China, Brazil, and South Africa have a large number of under-served patients. High patient population in regions such as Latin America, India, and China coupled with aging population presents significant opportunities in the home healthcare market. According to the World Health Organization (WHO), the risk of type II diabetes and hypertension is steadily increasing in emerging economies such as China, Latin America, and the Caribbean.
• The Centre for Strategic & International Studies (CSIS) also stated that the geriatric population in Latin America would triple as a percentage of the population by 2050. The organization has estimated that the geriatric population in countries such as Brazil, Mexico, and Chile will increase from 13% in 2025 to 22% in 2050 of the total population. Hence, rise in patient pool and increase in the geriatric population are projected to boost the demand for home healthcare during the forecast period, which would provide a healthy platform for key companies.

Home Medical Devices Could Lead to Fatal Health Disorders and Misguide Treatment Therapy: Key Restraint

• Accuracy in the value of measurement is important during the diagnosis of a disease, as a deviation could lead to unnecessary treatment. Rise in uptake of home healthcare devices in Latin America is anticipated to increase in the number of people preferring self-diagnosis. Instead of visiting physicians or clinics, patients participate in self-diagnosis. Therefore, rise in self-monitoring increases the risk of incorrect use of home medical devices. For instance, a patient can rarely notice a symptom of hypertension unless it is measured at a physician’s clinic, as hypertension could lead to complications such as heart attack, and kidney and heart failure. Accurate diagnosis of these diseases is quite important.
• Incorrect readings could change the treatment therapy required for a particular disease condition and lead to serious health complications. There is a high chance of inaccurate results by home medical devices, which could lead to fatal health disorders or misguide the treatment therapies to the patients. This factor is projected to hamper the growth of the home healthcare market in Latin America during the forecast period, as people would refrain from using such devices at home.

Home Healthcare Market: Competition Landscape

• This report profiles major players in the global home healthcare market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global home healthcare market is highly fragmented, with the presence of a number of international as well as regional players
• Leading players operating in the global home healthcare market are
  • 3M Health Care
  • Bayer AG
  • Abbott Laboratories
  • Cardinal Health, Inc.
  • GE Healthcare
  • Johnson & Johnson Services, Inc.
  • Gentiva Health Services, Inc.
  • Invacare Corporation
  • F. Hoffmann-La Roche Ltd.
  • Phillips Healthcare
  • Medtronic, Inc.
  • Omron Healthcare, Inc.