New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- Home Healthcare Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Home Healthcare Market Information By Product, By Service, By Indication – Forecast by 2030, the market size was valued at USD 216.0 Billion in 2021 and is projected to grow from USD 246.1 Billion in 2022 to USD 661.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.14% during the forecast period (2022 - 2030)
The older population is expanding quickly, and the prevalence of chronic illnesses has been growing, according to market trends. It is an irrefutable reality that the availability of home care equipment due to technology improvements and rising healthcare prices is increasing the need for cost-effective healthcare delivery. Due to the growing elderly population and the tendency toward nuclear houses, the home healthcare industry is anticipated to increase dramatically.
The elderly are increasingly opting to stay in their own houses as they get older rather than relocating into nursing homes or assisted living facilities. This is mostly because people want to keep their freedom and autonomy and because long-term care is expensive. Nuclear houses, or homes with no children and all adults in paid employment, are also on the rise. These families are more prone to use professional home healthcare services because they frequently lack the time to care for elderly or handicapped family members.
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|Market Size in 2030||USD 661.12 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Service and Indication|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising aging population and the trend toward nuclear homes|
|Technological advancements regarding the availability of home care devices|
Home Healthcare Market Competitive Outlook
Leading market companies are investing a significant amount of money in R&D to expand their product portfolios, which will spur further market expansion. With significant market developments like the introduction of new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic initiatives to expand their global footprint. Due to the existence of several global and local market competitors, the market is extremely fragmented. The competition between new and local market competitors is also predicted to intensify as a result of the consolidation efforts made by multinational corporations. In order to grow and thrive in an environment where competition is fierce and the market is growing, competitors in the home healthcare sector must provide affordable products.
One of the primary business strategies used by manufacturers in the home healthcare sector to assist clients and grow the market sector is local manufacturing to reduce operational expenses. Presently, service providers prioritize regional growth above expanding their service portfolio. Furthermore, there are little regulations on the market, which might result in unfair competition and aggressive takeovers. Recently, the market has provided medicine some of its most significant benefits.
Key Companies in the home healthcare market include
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche AG
- A&D Company
- Fresenius SE & Co KGaA
- GE Healthcare
- CVS Pharmacy
- Becton Dickinson Company
- Omron Corporation
- Medtronic PLC
- LG Electronics
- Kinnser Software
Home Healthcare Market Trends:
In emerging nations, noncommunicable diseases have replaced communicable diseases as a result of medical advancements. Increased alcohol use and a sedentary lifestyle are the main causes of the rise in the prevalence of lifestyle illnesses. Increasing prevalence of long-term care-requiring target illnesses, such as dementia and Alzheimer's disease, is anticipated to fuel the market throughout the projection period.
Also, knowledge of these disorders' home care options and equipment is growing. The effectiveness and efficiency of home care for lifestyle illnesses has increased because to the accessibility of portable technologies including blood glucose monitors, breathing assistance, and heart rate monitors. A significant market-influencing aspect is value-based healthcare. The majority of industrialized and developing countries provide either full or partial coverage for in-home care through the central government. Medicare reimbursements in the US are very advantageous in delivering value-based healthcare for better patient outcomes at a cheap cost. As a result, in-home care has emerged as a popular kind of therapy.
Despite the fact that choosing home healthcare services has several benefits, patients are less likely to use them due to growing concerns about fraud. The types of fraud in home healthcare vary, but the majority include invoicing for services that were either not rendered or were not medically required.
Due to altered standards about the COVID-19 pandemic, the healthcare sector saw a shift in tendencies towards home healthcare as opposed to inpatient treatment. The trend toward home healthcare services in the upcoming years is expected to increase demand for home healthcare equipment. Opportunities for local and international medical device producers are anticipated to grow as a result. As safer and more affordable alternatives to hospital treatments, home healthcare services became increasingly popular in 2020. Moreover, service providers are diversifying their offerings by include solutions like at-home COVID-19 testing. As the COVID-19 Pandemic has made it clear that many nations lack appropriate healthcare personnel for home settings, several solutions are being implemented by the providers, such as a specialized hotline for C0VID-19 emergency inquiries.
Browse In-depth Market Research Report (85 Pages) on Home Healthcare: www.marketresearchfuture.com/reports/home-healthcare-market-2030
Home Healthcare Market Segmentation:
The majority of the income for home healthcare was generated by the Blood Pressure Monitors sector. This can be linked to customers becoming more aware of the value of keeping track of their blood pressure at home. Furthermore, the segment's expansion has been aided by the availability of high-tech blood pressure monitors at reasonable rates.
Home Healthcare Service Insights
Throughout the projection period, 2022-2030, it is expected that the sector for skilled nursing services would increase more quickly. The need for skilled nursing services is rising as a result of the aging population and the rising incidence of chronic diseases, which is what is fueling the growth of this market segment.
Healthcare at Home Indicator Insights
In 2021, the market was largely controlled by the cardiovascular diseases and Hypertension category. The rising incidence of cardiovascular disorders and greater understanding of the advantages of home healthcare are the main factors driving the segment's rise.
Home Healthcare Market Regional Outlook:
Due to a growing need for home healthcare and a growth in the number of hospitals and clinics that provide care for home healthcare, the North American region is anticipated to keep the top spot in the market. Due to the existence of the major market participants who offer both products and tools for home healthcare, the North American market in America is the largest market.
The second-largest market share for home healthcare is held by the Europe area. This is so because European countries often have large populations that are aging rapidly. This is having an impact on the market's demand for home healthcare goods and services.
Due to the rising prevalence of chronic diseases, rising need for efficient healthcare solutions, technical advancements in the healthcare sector, and geographic development of the home healthcare market, Asia-Pacific is anticipated to grow at the market's quickest CAGR.
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