The Global "Home Healthcare Industry Market" is expected to grow at a high CAGR of 7.90% during the forecasting period (2022-2029).
Home Healthcare Industry offers a wide range of healthcare services provided to the home for the treatment of disease or injury.
increasing technological advancements, increasing adoption of telecommunication services, and the growing demand for affordable healthcare delivery systems are the primary factors driving the growth of the market.
The other factors fuelling the demand for Home healthcare solutions include a rise in geriatric population, increasing incidences of chronic diseases, and favorable government policies.
As the cost of healthcare is increasing the demand for affordable systems is growing worldwide, and particularly in the developing regions. Home healthcare solutions are cost-effective alternatives to expensive hospitals. The adoption of home healthcare help in saving the treatment costs significantly.
So, a significant share of the middle-class is preferring home healthcare treatment, which is boosting the market.
Low awareness about home healthcare, changing reimbursement policies, and patient safety concerns are some of the factors which can hinder the growth of the market.
The Global Home Healthcare Industry Market report segments the market by type, service, and end-user. Type segment includes Medication and Devices.
The device segment accounted for the largest market share in 2017, and it is expected to continue its domination in the market in the forecast period as well.
The Device segment can be further sub-segmented as Diagnostics and monitoring devices, Mobility assist devices, Therapeutic Home Healthcare Industry devices, and Medical Supplies. Diagnosis and monitoring devices occupy the majority of the market share in the Device segment.
However, the demand for mobility assist devices is increasing rapidly, and it is expected to register the highest growth during the forecast period.
The growth in the geriatric population, easy usability, and rising demand for personal independence is the primary factors boosting the demand for Mobility assist devices. Also, these devices offer personal safety and security, which is further contributing to the market growth.
Further, the market has been segmented on the basis of service which includes Skilled Nursing Services, Rehabilitation Therapy Services, Hospice, and Palliative Care Services, Un-skilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care, and Others. Based on End-user, the market can be classified as Pediatrics, Adults, and Geriatrics.
The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others. In 2017, North America dominated the Home Healthcare Industry Market and had the largest market share followed by Europe.
The presence of sophisticated medical infrastructure & high patient awareness along with high health expenditure in the region is the primary reason for the large market share of North America. Also, the factors such as converging trends of the aging population, technological advancements, and the prevalence of chronic diseases are further adding to the growth of the market.
Asia-Pacific was the fastest-growing region in 2017 and is expected to register the highest growth during the forecast period. The Home Healthcare Industry market in APAC is estimated to grow rapidly in developing countries such as China and India.
The market in these countries is primarily boosted by the factors like increasing geriatric population, rising awareness for home healthcare solutions, rising disposable income, and increasing demand for affordable healthcare systems.
The Global Home Healthcare Industry market report profiles the following companies-
Invacare Corporation, Abbott Laboratories, Cardinal Health Inc., Phillips Healthcare, Gentiva Health Services Inc., Medtronic, Omron Healthcare, Roche, McKesson Corporation, and Linde Group, Almost Family Inc., A&D, Fresenius, BAYADA Home Healthcare, Kinnser Software, Inc., Kindred Healthcare.
These players are involved in various strategic initiatives such as collaborations, expansions, product launches, and mergers & acquisitions. For instance, In August 2017, Invacare announced the global launch of the Invacare TDX SP2 Power Wheelchair with LiNX Technology and Motion Concepts Ultra Low Maxx Positioning System.
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