Home Healthcare Market To Reach USD 680.35 Billion By 2027 With CAGR of 11.6% | Reports and Data
September 14, 2021
Reports And Data
An upsurge in demand for telehealth systems, coupled with a rapid adoption rate of endless numbers of home healthcare systemsNEW YORK , NEW YORK, UNITED STATES, September 14, 2021 /EINPresswire.com/ -- The Global Home Healthcare Market is forecast to reach USD 680.35 Billion by 2027. The global Home Healthcare market is currently observing a tremendous pace owing to the growing prevalence of the telehealth system, the rising cost of the hospital beds, unavailability of the ambulance service in rural or remote areas, availability of the skilled nursing care at home, and overall affection for the home healthcare systems compared to hospital admissions coupled with growing geriatric population, pediatric deformity, the proliferation of chronic diseases, and the rising rate of novel pandemics globally.
Tele-ICU has been one of the most trendy technology in the ICU management or critical care patient monitoring market, due to its cost-effective solutions against conventional 24/7 critical care team monitoring for a particular patient. Tele-ICU provides incessant technological advancements in centralized and remote patient monitoring through a number of hardware and software deployed in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems and reduce the burden of undergoing huge expenses of the critical care units, having treated the critical care patients right from their home.
The Asia Pacific held a market share of 21.8% in 2019 due to increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, extremely low amount of critical care beds, and isolation per capita. The Asia Pacific region is expected to showcase a tremendous pace in the market amidst the coronavirus epidemic situation.
Top Companies Profiled in the Report Include:
McKesson Medical-Surgical Inc., Medline Industries, Inc., 3M Healthcare, Brookdale Senior Living, Inc., Home Health Services Ltd., Genesis Healthcare Corp., Home Instead Senior Care, Inc., Care UK Limited, Becton, Dickinson And Company, ConvaTec Group PLC, and Extendicare, Inc. among many others.
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The COVID-19 Impact:
The COVID-19 global pandemic has created an endless requirement of the intensive care units and isolation wards in almost all the countries around the world. Even the top tier countries in healthcare facilities have observed shortage in the critical care units and sufficient isolation wards for contagious infections due to a record number of severe patient counts of coronavirus. Even after so many initiations by newly setting up and renovating the general wards to isolation & intensive care units, many countries are desperately in need of a preponderant number of such wards in order to cater to a huge count of coronavirus patients. In this scenario, many countries have emphasized on incorporating the practice of home healthcare system for both the isolation purpose of the COVID-19 positive patients and other non-severe diseases and ailments.
Software & service providers of home healthcare system have been focusing on many innovative solutions that specially focuses on the COVID-19 patients. Many products providing companies that manufacture and supply the home healthcare facilities have already heightened their production capacity in order to meet huge demands from their customers. However, due to the coronavirus preventive lockdown situation, the manufacturing and the supply chains of home healthcare products have been critically affected. Although, during the third quarter of the current fiscal year, the production units is likely to take up a record peak to accumulate the target number of required order for delivery.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Home Healthcare market in these key regions.
Further key findings from the report suggest
• The increasing popularity of the ambulatory care hospitals, which releases the patients right after the surgery and let the patients take necessary medication and treatments at home, are widely being preferred especially for its considerably low expenses.
• China and India are expected to witness a huge surge in this market, as the market value is expected to double itself in India shortly. As more number of elderly population is expected to be residing in China and Asia Pacific region by 2050 along with that increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025.
• Infectious Diseases sub-segment is observing the highest demand now owing to the COVID-19 cases diagnosed worldwide. This sub-segment is projected to grow at a CAGR of 19.4% throughout the forecast period.
• In February 2019, Philips partners with DispatchHealth to provide seniors in Arizona U.S. with on-demand care at home, expanding its geographical reach home health care solutions.
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For the purpose of this study, Reports and Data have segmented the Home Healthcare Market on the basis of product, software, services, purposes, types, and region:
Product Outlook (Revenue, USD Million; 2019-2027)
• Homecare Diagnostic
• Mobility Care
Software Outlook (Revenue, USD Million; 2019-2027)
• Agency Software
• Clinical Management Systems
• Hospice Solutions
Services Outlook (Revenue, USD Million; 2019-2027)
• Infusion Therapy
• Unskilled Care
• Respiratory Therapy
• Pregnancy Care
• Skilled Nursing
• Hospice & Palliative Care
Purposes Outlook (Revenue, USD Million; 2019-2027)
• Chronic Diseases
• Infectious Diseases
• Psychological Diseases
• Geriatric Diseases
• Pediatric Diseases
• Fertility Treatments & Pregnancy
• Intensive & Critical Care
• Injuries & Accidental Deformity
• Nutrition & General Consultancy
Types Outlook (Revenue, USD Million; 2019-2027)
• Home Healthcare Monitoring
• Home Healthcare Services
• Home Healthcare Software Solutions
Regional Outlook (Volume, Million Units; 2019-2027 and Revenue, USD Million; 2019-2027)
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
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