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/EIN News/ -- LONDON, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the home healthcare equipment market forecasts the rise in the ageing population to propel the growth of the home healthcare equipment market going forward. Ageing population refers to an increase in the proportion of elderly people due to changes in the age structure of a population. This demographic shift has resulted in an increase in the number and proportion of people over the age of 60. Home healthcare equipment helps the ageing population gain control over their bodies, enhance their strength, prevent injuries, and treat common illnesses and disorders without having to visit the doctor on a regular basis. For instance, in September 2020, according to World Population Ageing 2020 Highlights, a US-based intergovernmental organization, 2020, there were 727 million people over the age of 65 in the world. Also, globally, it is anticipated that the percentage of people aged 65 and over will rise from 9.3% in 2020 to almost 16% in 2050. Therefore, the rise in the ageing population is driving the home healthcare equipment market growth going forward.
The global home healthcare equipment market size is expected to grow from $31.99 billion in 2022 to $34.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The home healthcare equipment market share is expected to grow to $45.8 billion in 2027 at a CAGR of 7.4%.
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Technological advancements are a key trend gaining popularity in the home healthcare equipment industry. Companies operating in the home healthcare equipment market are adopting new technologies to sustain their position in the market. For instance, in October 2022, CommScope, a US-based network infrastructure provider, launched the HomeSight system for healthcare and homecare. This system integrates a TV-connected smart camera with an edge computer, a robust cloud service for data transfer and device administration, environmental sensors, and an LTE connectivity module for households without broadband access or as a backup connection. This enhanced end-user experience improves patient availability, engagement, and uptake of care services, while minimising the need for in-person appointments or visits.
North America was the largest region in the home health care equipment market in 2022. The regions covered in the home healthcare equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major players in the home healthcare equipment market are LifeScan Inc., Microlife Corporation, A&D Company Limited, Abbott Laboratories, Roche Healthcare, Panasonic, Yuwell, SANNUO, Osim International, Siemens AG, Insulet Corporation, Phonak, William Demant, Invacare, 3M Company, and ARKRAY Inc.
The global home healthcare equipment market is segmented by product into blood glucose monitor, blood pressure monitor, rehabilitation equipment, other product; by service into rehabilitation, infusion therapy, unskilled care, respiratory therapy, pregnancy care, skilled nursing, hospice and palliative care; by application into diagnostics and monitoring, therapeutics, care and rehabilitation, other application; by end user into hospitals or clinics or diagnostic lab, research and development centre, home care settings
Home Healthcare Equipment Market Global Report 2023 by The Business Research Company provides insights on the home healthcare equipment market size, home healthcare equipment market segments, home healthcare equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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