Home Healthcare Market Sets the Table for Continued Growth – at a CAGR of 8.3% by Emergen Research
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Rising incidence of chronic diseases and increasing technological advancement in-home healthcare products are key factors driving revenue growth
VANCOUVER, BC, CANADA, January 31, 2023 /EINPresswire.com/ -- The Global Home Healthcare Market size was USD 198.78 Billion in 2021 and is expected to register a revenue CAGR of 8.3%, during the forecast period, according to the latest analysis by Emergen Research. Home healthcare market revenue growth is primarily driven by factors such as rising incidence of chronic diseases such as diabetes, cardiovascular disease, and hypertension and increasing technological advancements in-home healthcare products.
Moreover, rising demand for telehealth care services and virtual consultancy services for advice from healthcare experts without visiting clinics physically are some other factors driving revenue growth of the market.
However, home healthcare market growth is expected to be hampered by a lack of comprehensive government reimbursement policy for home healthcare services in underdeveloped and some developing countries. Besides, lack of awareness about advanced technologies to monitor health and shortage of skilled workforce is expected to hamper market growth.
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Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Home Healthcare market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Competitive Outlook: The leading companies operating in the Home Healthcare market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Home Healthcare market.
Competitive Terrain: The global Home Healthcare industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Some Key Highlights in the Report
The respiratory equipment segment revenue is expected to register a substantially rapid revenue CAGR during the forecast period. This is due to increasing prevalence of respiratory diseases globally that can be attributed to growth in air pollution and surge in consumption of cigarettes. In addition, a rise in cost of conventional healthcare services has led to growing popularity of home healthcare services.
The hospice & palliative care services segment is expected to register a robust revenue growth rate over the forecast period due to rise in aging population and incidences of life-threatening diseases among aging population.
The North America market is expected to account for largest revenue share over the forecast period. Increasing number of long-term diseases including Parkinson's disease and dementia as well as neurological conditions, such as hypertension, diabetes, and cardiovascular disease, is expected to contribute to revenue growth of the market. In addition, there is a robust presence of major market players, such as Amedisys Inc., Kindred Healthcare, LLC., Medline Industries, Inc., and AccentCare, Inc., in countries in this region.
Some of the major companies operating in this market include McKesson Medical-Surgical, Inc., Fresenius Medical Care AG, and Co., Medline Industries, Inc., AccentCare Inc., Kindred Healthcare, LLC. (LifePoint Health, Inc.), Amedisys Inc., LHC Group Inc., The 3M Company, Arkray, Inc., and Baxter International Inc.
In September 2021, Baxter International Inc. announced to acquire Hill-Rom Services Inc. by 2022 to increase its product portfolio and facilitate digital innovation. This will enable patients to access professional medical care and assistance from the convenience of their own homes.
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Emergen Research has segmented the global home healthcare market based on product, services, ailments, and region:
Product Outlook (Revenue, USD Billion, 2019–2030)
Diagnostic Devices
Vital Sign Monitoring Devices
Weight Monitoring Devices
Glucose Monitoring Devices
Health Maintenance Device
Geriatric Assistance Devices
Nutrition Management Devices
Air Quality Devices
Locomotive Assistance Devices
Automated Wheelchair
Walking Assist Devices
Home pregnancy & Fertility Kits
Drug Delivery Devices
Pumps
Syringes
Dialysis Products
Continuous
Automated
Respiratory Equipment
Ventilators
Nebulizers
Oxygen Therapy Equipment
Service Outlook (Revenue, USD Billion, 2019–2030)
Rehabilitation Services
Infusion Therapy Services
Unskilled Care Services
Respiratory Therapy Services
Pregnancy Care Services
Skilled Nursing Services
Hospice & Palliative Care Services
Ailments Outlook (Revenue, USD Billion, 2019–2030)
Chronic Obstructive Pulmonary Disorder
Diabetes
Hypertension
Asthma
Depression
Cardiovascular Diseases
Dementia
Parkinson’s Disease
Bone & Joint Diseases
Regional Outlook (Revenue, USD Billion, 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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