The market for Home Healthcare Market is expected to reach US$ XX Bn by 2022.
Older adults greatly benefit from home healthcare as it helps them stay independent for as long as possible in an injury or illness. Home healthcare covers a broad range of services and can possess the capability of delaying the need for long-term nursing home care. According to market experts, in the U.S., 12 million patients and more than 428 million patients visit annually, out of which 70% are using home healthcare services aged 65 and older. The age group beyond 65 years affects by the most common conditions such as heart disease, diabetes, and cerebral vascular diseases. Based on device type, the home healthcare market is segmented as therapeutic devices, diagnostic and screening devices, home mobility assistance devices, and medical supplies/ consumables.
Furthermore, the diagnostic and screening devices segment comprises heart rate monitors, blood pressure monitors, temperature monitors, pregnancy test kits, pedometers, coagulation monitors, pulse oximeters, sleep apnea monitors, and blood glucose monitors. The therapeutic devices segment is further segmented into ventilators, insulin delivery devices, nebulizers, CPAP devices, IV equipment, and dialysis equipment. The home mobility assistance devices segment is sub-segmented as cranes, wheelchairs, crutches, and other mobility assist devices. Based on services, the home healthcare market is segmented as telehealth services, respiratory therapy services, rehabilitation services, infusion therapy services, and unskilled home healthcare services.
The home healthcare market is driven by an aging population, rising incidences of chronic diseases, and increasing healthcare costs are fueling the demand for affordable healthcare delivery systems, technological advancements, and government support measures to ensure the promotion of home healthcare. Moreover, patient safety concerns, altering reimbursement policies, and partial insurance coverage are major factors restricting the growth of this market. North America is anticipated to dominate the global home healthcare market due to encouraging reimbursement policies and a large number of small and large-scale healthcare service providers in the region, stimulating the growth of the home healthcare market. Europe was observed as the second largest home healthcare market after North America. The key factors responsible for the growth of the Europe home healthcare market are the high prevalence of lifestyle diseases such as cardiovascular diseases and diabetes and rising healthcare investments by the government to support the growth of the home healthcare market. The Asia-Pacific home healthcare market is expected to grow at the highest CAGR during the forecast period from 2016 to 2022. Rising healthcare expenditure, developing healthcare infrastructure, increasing public awareness associated with the diagnosis of lifestyle diseases, and disposable income.
Hoffmann-La Roche Ltd, Bayer Healthcare, ResMed, Inc., Omron Healthcare, Inc., Cardinal Health, Teleflex Corporation, Johnson & Johnson, Abbott Laboratories, Gentiva Health Services, Inc., Phillips Healthcare, Medtronic, Inc, Praxair Technologies, Inc., GE Healthcare, Invacare Corporation, and others.
The market for Home Healthcare Market is expected to reach US$ XX Bn by 2022.
The Home Healthcare Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2020.
The base year of this report is 2021.