Home Healthcare Market to be dominated by Rehabilitation services segment through 2028
Rising
disease prevalence along with increasing geriatric population is a major factor
driving the growth of Global Home Healthcare Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Global Home Healthcare Market - Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global
Home Healthcare Market is anticipated to grow at an impressive rate during the
forecast period, 2024-2028. This can be ascribed to the rising demand
for personal healthcare among the population and the increasing cases of
chronic diseases among the population across the globe. The Home healthcare
industry is significantly growing with an increasing development and
establishment of remote -mobile patient monitoring devices and the rising demand
for telehealth fostering the market growth in the forecast period.
Besides,
sudden outbreak and spread of pandemic COVID-19 has increased the demand for home
healthcare services. As the COVID-19 pandemic significantly impacted the healthcare
facilities in a negative manner such as shortage of hospital beds, ventilators,
oxygen concentrators, thus, causing the patients to occupy and avail the
healthcare facility requirement at their personal space or homes thereby
creating a huge opportunity for the Global Home healthcare market growth.
Besides, Shortage
of skilled professionals for performing various home healthcare techniques is
supposed to hinder the growth of the Global Home healthcare market in the
forecast period.
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Global Home Healthcare
Market can be segmented by Product Type, by Services, and by region.
Based on the Product
Type, Global Home Healthcare Market can be segmented into, continence care, wound
care, ostomy care, clinical nutrition, respiratory care, equipment &
housekeeping supplies and others. The Equipment & Housekeeping segment
dominated the home healthcare services market and will continue to dominate in
the forecast period. This can be attributed to the growing prevalence of
chronic diseases and rising geriatric population, and thereby increasing demand
of medical assistance devices such as mobility aids, dialysis, oxygen concentrators,
etc.
Additionally,
the growing number of cases for respiratory disorders such as asthma and
Chronic Obstructive Pulmonary Disease (COPD) is anticipated to propel the home
healthcare market demand. According to the data by the British Lung
Foundation, an approximate 1.2 million individuals are diagnosed with COPD in
the United Kingdom. Thus, this increase in prevalence is estimated to boost
the adoption of Inhalers and associated devices thereby driving the global home
healthcare market growth.
Also, the
growing prevalence in the number of people with kidney issues and complications
fueled the development of the home healthcare segment. In the United States
in 2018, among 37 million residents, 1 in 7 of whom had a type of renal
disease, and approximately 2 in 1,000 individuals had an End-stage kidney
disease (ESKD), kidney failure where the solution provided is a transplant or a
dialysis. Also, around the globe, approximately 2 million people suffer
from kidney disorders. Meanwhile, through home healthcare services dialysis
services are made easily available at the patient’s personal space.
Based on type
of services, the global home healthcare market can be segmented into rehabilitation
services, pregnancy home care services, nursing services and others. The
Rehabilitation services segment dominated the market and will be fostering the
market growth in the future. The growing demand of the home rehabilitation
services is experiencing a high demand owing to the increasing prevalence of
chronic disease, surgeries, and rise in the population with disability among
the population worldwide. Also, the government’s complete or partial in-home
services and subsidiaries further helps augment the global home healthcare market
growth.
Based on region,
North America is dominating the Global Home healthcare Market and will continue
to maintain its dominance in during the forecast period. This can be attributed
to the increasing adaptation of home healthcare services in the region along
with the increasing number of devices to be used in home care. Also, growing
number of cases for diseases such as Alzheimer’s disease in the countries such
as United States are further supporting the market growth in future.
Major companies operating in Global Home
Healthcare Market are:
- 3M Company
- Bayer AG
- Abbott Laboratories
- Cardinal Health, Inc.
- GE Healthcare
- Johnson & Johnson Services, Inc.
- Gentiva Health Services, Inc.
- Invacare Corporation
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers AG
Companies operating in the market are
following strategies such as mergers & acquisitions, new product launches,
collaborations, etc. in order to stay competitive and have an edge over other
players operating in the industry. For instance, In February 2019, a company Tandem Diabetes Care, received the U.S Food
and Drug Administration (FDA) approval for their product t: Slim X2 insulin
pump to be used in children and adults suffering type 1 diabetes.
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“Asia-
Pacific region is expected to register the highest growth in the Global Home
healthcare Market during the forecast period on account of the increasing
chronic disease prevalence and growing healthcare awareness among the emerging
countries such as China, India, etc. Besides, increasing healthcare expenditure
and flourishing healthcare industry in the region is further expected to aid
the market growth in the region” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Home Healthcare Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type
(Continence Care, Wound Care, Ostomy Care, Clinical Nutrition, Respiratory
Care, Equipment & Housekeeping Supplies, Others), By Services Type
(Rehabilitation Services, Pregnancy Home Care Services, Nursing Services,
Others), By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of Global Home Healthcare Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Home Healthcare Market.
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