Home Healthcare Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Home Healthcare Market: Snapshot
The global home healthcare market is envisioned to gain prominence due to the rise of positive growth factors, including government initiatives to promote home healthcare, technological developments, and increasing demand for economic healthcare delivery systems because of rising healthcare costs. However, there could be other factors attracting a large demand for home healthcare in the near future, such as frequent occurrences of chronic diseases and rising geriatric population. Mobility care devices offering personal safety and security are anticipated to draw a significant demand in the market because of increasing social connectedness, swelling demand for personal independence, ease of use, and growing geriatric population.
Cost-effectiveness and technological advancements could play a crucial role in the growth of infusion therapy services in the coming years. The demand for home healthcare could grow at a higher rate in emerging regions owing to the growing need for affordable healthcare delivery, increasing awareness, and expansion of major companies. Yet, there could be more factors augmenting the demand in developing countries, viz. rising disposable income, escalating adoption of novel techniques, and rising number of geriatrics.
Companies operating in the global home healthcare market are foreseen to adopt different business strategies to improve their share. Mergers and acquisitions, service portfolio expansion, collaborations, and regional expansion could be at the top of the list of best strategies adopted in the market. Diagnostics equipment could find massive opportunities in the market due to high usage rates of fertility and pregnancy tests and rising prevalence of cardiopulmonary and cardiovascular diseases and diabetes.
Global Home Healthcare Market: Overview
Home healthcare includes a number of healthcare services and devices that can be provided at a patient’s home to treat an illness or an injury. It costs less than the treatment at hospitals and nursing homes and is much more convenient too as it eliminates the need to shift a patient out of his comfort zone. Some of the home healthcare services include wound care for pressure sores or a surgical wound, intravenous or nutrition therapy, monitoring an illness, or administering injections. Owing to so many unique perceived benefits, the global home healthcare market has progressed at a steady pace in the last couple of years.
Global Home Healthcare Market: Key Trends
At the forefront of driving growth in the global market for home healthcare is the increasing instances of chronic maladies that would lead to swift adoption of household medical services and medical devices. With technological progress leading to the emergence of more sophisticated devices, the market in home healthcare is slated to receive further boost in the near future. Besides, patients are more open to treatments at home than in healthcare institutes.
Countering the growth in the global market for home healthcare, on the other hand, is the expensiveness of household medical devices. Eventually, however, the availability of different options will help overcome the cost issue.
Global Home Healthcare Market: Market Potential
Going forward, the global market for home healthcare is slated to expand at a healthy clip on account of strategic acquisitions and mergers by prominent companies. The two broad divisions of the market are services and devices. Some of the devices most commonly used in home healthcare are mobility assist devices, diagnostics and monitoring home healthcare devices, therapeutics home healthcare devices, and medical supplies. At present, even though the diagnostics and monitoring devices segment dominates the market with maximum share, in the near future the therapeutics home healthcare devices segment will likely clock maximum growth.
The services segment, currently, is more popular due to the presence of numerous home healthcare service providers and robust acquisition strategies of savvy players in the field. A noticeable trend in the market is the emergence of home healthcare software which has made it much easier to maintain and access medical documentation. It helps achieve operational efficiency by providing accurate healthcare information and enabling home care agencies and physicians to communicate meaningfully.
Global Home Healthcare Market: Regional Outlook
Based on geography, the global home healthcare market is divided into Europe, North America, Asia Pacific, and the Rest of the World. Among them, North America dominates the market and in the near future too is expected to expand at a good clip owing to the rising occurrence of chronic diseases and numerous healthcare service providers. North America is trailed by Europe whose market has been bolstered by increasing instances of cardiovascular diseases and diabetes. Asia Pacific follows in the third position and is expected to see good growth in the upcoming years.
Global Home Healthcare Market: Competitive Analysis
The global market for home healthcare is characterized by stiff competition among a large number of players trying to outsmart one another through product development, new launches, and better applications of integrated product offerings. They compete in terms of pricing, service, quality, and product differentiation to stay ahead of the curve. Some such prominent and savvy players profiled in the report are Invacare Corporation, Teleflex Corporation, Medtronic, Inc., Johnson & Johnson, F. Hoffman-La Roche Ltd., Omron Healthcare, Inc., Abbott Laboratories, Praxair Technologies, Inc., Cardinal Health, and Gentiva Health Services, Inc.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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