Pune, India, August, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Home Healthcare Market Research Report.
The latest study of Market Research Future (MRFR) reveals that the global home healthcare market is set to surpass a valuation of USD 4,14,681.2 million by 2023. Home healthcare solutions collect information from various records of patients to conjure a complete picture of health including biological, genetic, medical, lifestyle, and sentiment data. The market is on a significant growth path on the back of increasing geriatric population, growing prevalence of chronic diseases, technological advancements, rising need for affordable treatment options due to growing healthcare cost, and government initiatives to promote home healthcare.
Home Healthcare Market – Segmental Analysis
MRFR’s report states that the global market is segmented on the basis of product, service, and software.
By product, the market is segmented into testing, screening and monitoring products and therapeutic products. The testing, screening, and monitoring segment is expected to continue to lead the global market owing to the increasing demand for home healthcare solutions. This segment is anticipated to register a CAGR of 8.5% during the forecast period, 2017 to 2023.
The testing, screening, and monitoring products are further segmented into blood glucose monitors, blood pressure monitors, sleep apnea monitors, pulse oximeters and heart rate monitors, cholesterol monitoring devices, Holter and event monitors, and others.
Therapeutic products are segmented into respiratory therapy equipment, insulin delivery devices, IV equipment, wound care products, dialysis equipment, and others.
Service-wise, the market is segmented into skilled nursing services, rehabilitation therapy services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Among these, the skilled nursing segment is touted to be a major services segment, projected to reach the value of USD 134166.3 million by the end of 2023. On the other hand, the segment of infusion therapy services is predicted to surge at a CAGR of 8.50% during the assessment period.
By software, the market is segmented into clinical management systems, agency software, telehealth solutions, and hospice solutions. Among these segments, the clinical management systems market is projected to lead the global market and is estimated to register a CAGR of 8.3% during the review period.
The global home healthcare market is spread across four regions which are the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas holds the largest share of the global market comprising two regions, namely, North America and South America. Among these, North America is the largest market owing to the growing prevalence of chronic diseases and increasing government expenditure for the home healthcare sector.
Europe captured the second largest market share owing to the support from government along with private sectors for research and development activities and well-developed technologies.
Among all regions, Asia Pacific is presumed to be the fastest growing region in the global market at the CAGR of 8.7% on account of the growing geriatric population and massive patient population. Also, availability of skilled labor force has been observed to work in favor of the market growth as well.
The Middle East and Africa holds the least market share globally due to the presence of low economic conditions, particularly in the African region.
Abbott Laboratories (US), GE Healthcare (US), Becton Dickinson Company (US), Omron Corporation (Japan), Apple (US), Medtronic Plc (Ireland), Koninklijke Philips N.V. (Netherlands), LG Electronics (South Korea), Fresenius SE & Co KGaA (Germany), McKesson Corporation (US), F. Hoffmann-La Roche AG (Switzerland), B. Braun Melsungen AG (Germany), 3M (US), A&D Company (US), Kinnser Software (US), and others are some of the key companies operating in the market.