Home Healthcare Market to Reach US $499.6 Bn by 2028: TMR Study
Transparency Market Research
6 min read
Transparency Market Research
Rising prevalence of chronic diseases such as cancer and diabetes propelling overall market
Wilmington, Delaware, United States, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The last decade has witnessed an increased prevalence of different diseases among patients. This has led to increased focus on healthcare services offered to assist in faster recovery and ensure reduced possibility of any relapse.
Traditionally, patients have preferred healthcare services offered at various healthcare infrastructure facilities but the last few years has witnessed increased demand for home healthcare services. Key reason behind the rising demand for home healthcare services is the outbreak of the COVID-19 pandemic, which led to restrictions and lockdowns and led to consumers preferring home treatment.
The global home healthcare market is expected to expand at CAGR of 10.5% between 2021 and 2028.
Prominent market players are offering new healthcare services to patients, which is helping generate revenue streams and gain a competitive edge over other players.
Lincare, a subsidiary of Linde, launched a new home-based respiratory service in the U.S. in 2020 post the outbreak of the COVID-19 pandemic.
Leading market players are making huge investments in research and development activities in a bid to offer improved healthcare services to patients suffering from different diseases.
Rising Adoption of Telehealth Practices Boosting Growth in Overall Home Healthcare Market: Telehealth technology is witnessing increasing adoption in the healthcare industry globally as hospitals and clinics are trying to offer services to patients from remote locations. Leading players in home healthcare market are offering products such as smart bedding systems and Tele-ICUs for patients to monitor their health conditions, remotely. Increasing penetration of telehealth technology is augmenting the growth in global home healthcare market
Rising Patient Preference for Home Treatment Propelling Home Healthcare Market: Costs of products such as beds offered at hospitals and clinics have risen, in the last few years. Hence, patients are looking to avail home healthcare services which offer increased cost-effectiveness and comfort. The last few years have witnessed increased demand for nebulizers and ventilators among patients who are deploying these products to diagnose and treat different respiratory disorders in their residences. Increasing consumer preference toward home treatment is triggering the growth in overall market
Rising patient pool suffering from chronic diseases such as cancer and diabetes is a key growth driver of global home healthcare market
Advancements to existing healthcare services which is helping offer improve efficiency and long-lasting effects are stimulating the growth in overall home healthcare market
Government initiatives and measures such as spreading awareness about telehealth services is stimulating the market growth
Home Healthcare Market: Regional Market Insights
Globally, North America is the most lucrative market. Increased investments in healthcare industry, and rising adoption of home healthcare services in countries such as the U.S and Canada have helped the region witness significant growth in overall home healthcare market
Latin America is expected to witness substantial growth in home healthcare market during the forecast period because of increase in geriatric population in countries such as Brazil and Mexico
Presence of numerous leading players has ensured that the competition landscape in global home healthcare market is fragmented.
Growth strategies such as signing of collaborative agreements with smaller players is assisting prominent players in expanding their market presence and increasing their revenue shares.
Some of the well-established players in home healthcare market include Johnson and Johnson, 3M Healthcare, Bayer AG, GE Healthcare, and Medtronic Inc.
The global home healthcare market is segmented as follows:
By Device Type
Diagnostic & Monitoring Home Devices
Blood Glucose Monitors
Blood Pressure Monitors
Heart Rate Monitors
Temperature Monitors
Sleep Apnea Monitors
Coagulation Monitors
Pregnancy Test Kits
Pulse Oximeters
Pedometers
Therapeutics Home Healthcare Devices
Insulin Delivery Devices
Nebulizers
Others
By Service
Telehealth and Telemedicine Services
Respiratory Therapy Services
Unskilled Home Healthcare Services
Regions Covered
North America
Asia Pacific
Europe
Rest of the World
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated withLatest Healthcare Research Reportsby Transparency Market Research:
Hemophilia Treatment Drugs Market: The global hemophilia treatment drugs market was valued at US$ 9,500 Mn in 2017 and is anticipated to reach US$ 15,000 Mn by 2026, expanding at a CAGR of 5% from 2018 to 2026.
Wearable Medical Devices Market: The global wearable medical devices market is anticipated to reach more than US$ 183.8 Bn by the end of 2031 and is projected to advance at a CAGR of 19.1% from 2022 to 2031.
Fetal Bovine Serum Market: The global fetal bovine serum market is expected to surpass the value of US$ 1.6 Bn by the end of 2031 with a CAGR of 6.4% from 2021 to 2031.
Cell Culture Market: The global cell culture market is expected to reach the value of US$ 27.6 Bn by the end of 2031 with a CAGR of 9% from 2021 to 2031.
Urinary Incontinence Treatment Devices Market: The global urinary incontinence treatment devices market is expected to reach more than US$ 5.5 Bn by the end of 2031 with a CAGR of 7.7% from 2022 to 2031
Molecular Diagnostics Market: The global molecular diagnostics market is expected to reach the value of US$ 37.19 Bn by the end of 2028 with a CAGR of 11.1% from 2021 to 2028.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
