Global Home Healthcare Market Size was Valued at 205.38 Billion USD in 2018 and is Expected to Grow at a CAGR of 14.57% by 2025 - Valuates Reports™

Global Home Healthcare Market Analysis

BANGALORE, India, Dec. 9, 2019 /PRNewswire/ -- In recent years, infections have been replaced by chronic diseases that require long-term treatment as the primary cause of age-related death, and this shift is not limited to the developed world. It has become a major concern to treat and control chronic diseases. Nearly 50% of all patients in home health care have at least one chronic disease, and it is expected that this number will continue to increase in the future.

Home healthcare is an alternative to hospital stays and is cost-effective. For example, according to the results of a study conducted at Brigham and Women's Hospital (BWH) and Faulkner Hospital, the cost of home care healthcare for patient care was nearly 52 percent lower than the cost of hospital stay. Therefore, home healthcare's cost-effectiveness is expected to fuel market growth.

With increased health awareness among people, increased demand for the home healthcare market is expected to increase in the near future in a number of people diagnosed with chronic diseases such as diabetes, cardiac disorders and respiratory diseases.

TRENDS INFLUENCING THE HOME HEALTHCARE MARKET SHARE

• Increasing geriatric population.
• Rising healthcare costs.
• Technological advancements in healthcare devices.

REGION WISE HOME HEALTHCARE MARKET ANALYSIS

• Due to the presence of sophisticated medical infrastructure and high patient awareness levels coupled with relatively higher health spending in the region, North America holds the largest revenue share in 2018. Supporting initiatives by Medicare & Medicaid Services Centers are expected to further boost market growth.
• Over the forecast period, Asia Pacific is expected to witness the maximum CAGR. Progressive economy, large geriatric population base, the availability of skilled labor at economic cost, and the high prevalence of chronic diseases are the main factors that increase this region's growth.

HOME HEALTHCARE MARKET SEGMENT BY KEY COMPANIES

• Abbott
• Johnson & Johnson
• Omron Healthcare
• A&D Medical
• Apria Healthcare Group
• Briggs Healthcare
• Others

 HOME HEALTHCARE MARKET SEGMENT BY REGIONS

• North America
• Europe
• China
• Japan
• Others

HOME HEALTHCARE MARKET SEGMENT BY TYPE

• Diagnostics and Monitoring Home Devices
• Therapeutics Home Healthcare Devices
• Medical Supplies
• Home Mobility Assists Devices
• Others

HOME HEALTHCARE MARKET SEGMENT BY APPLICATION

• Medical Treatment
• Preventive Healthcare

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REPORTS COVERING SPECIFIC SUBSETS OF HOME HEALTHCARE MARKET:

1.  HOME MEDICAL EQUIPMENT MARKET ANALYSIS

Home medical devices are medical devices that provide patients inside their home with a secure, comfortable, cost-effective and acceptable environment. Due to the increase in the prevalence of multiple chronic diseases, the home medical equipment market has transformed over the past few years.

The global homecare medical equipment market was valued at USD 21,912 million in 2016, and is estimated to reach USD 35,183 million by 2023, registering a CAGR of 7.1% from 2017 to 2023.

Increased prevalence of chronic conditions, particularly respiratory disorders, kidney failure and cancer, will increase global demand for home therapy equipment New technologies such as needle-free diabetic care, medication equipment and long-lasting medical equipment such as medical beds and lift chairs are driving growth in the market.

TRENDS INFLUENCING THE HOME MEDICAL EQUIPMENT MARKET SHARE

• Increase in incidence of chronic diseases.
• Rise in geriatric population.

REGION WISE GLOBAL HOME MEDICAL EQUIPMENT MARKET ANALYSIS

• The US will remain the world's largest market based on its extensive network of home health care providers, high tax intensity on health care, widespread insurance coverage for chronic disease treatment and management, and shifting patient care strategies toward home settings.
• The BRIC countries (Brazil, Russia, India, and China) will be among the world's fastest-growing home medical equipment markets as greater economic growth increases the rate of third-party and direct consumer health care transactions. Due to cost-saving benefits and ongoing shortages in the availability and accessibility of professional medical providers, home health care activity will rise rapidly in these countries.

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2.  SMART HOME MEDICAL SYSTEM MARKET ANALYSIS

Due to advanced IoT applications, the increasing demand for personalized healthcare technologies has spurred the demand for smart home healthcare systems. IoT healthcare's popularity is increasing as its healthcare applications are growing dramatically.

The global market for Smart Home Medical System was US$ xx million in 2018 and is expected to grow at a CAGR xx% between 2019 and 2025 to US$ xx million by the end of 2025.

As a result of improving the quality of care and decreasing the cost of treatment, demand for personalized healthcare is increasing.

Geographically, this report is divided into several main regions, covering sales, income, market share and growth rate of the Smart Home Medical System in these regions between 2014 and 2025

TRENDS INFLUENCING THE GLOBAL SMART HOME MEDICAL SYSTEM MARKET SHARE

• Growing geriatric population.
• Increasing demand for personalized healthcare.
• Growing demand for mHealth technologies.
• Rise in demand of advanced smart home healthcare technologies.

REGION WISE GLOBAL SMART HOME MEDICAL SYSTEM MARKET ANALYSIS

• Owing to the rising geriatric population and increasing awareness of creative and advanced applications of smart home-based wireless sensors, the smart home healthcare industry is expected to see the fastest growth in Asia-Pacific (APAC).
• In addition, the increased patient base and life expectancy are likely to increase IT investment in the region's healthcare industry.

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3.  HOME DIAGNOSTICS MARKET ANALYSIS

Home diagnostics, also known as self-diagnostic tests, are the tests performed on human body samples. Home diagnosis among patients is popular as these tests are fast, cost-effective and confidential. Rapid technological advances in detection technology to develop quick, easy-to-use, safe and sensitive devices stimulate the growth of the global home diagnostics market.         

The global market size of Home Diagnostics was xx million US$ in 2017 and is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% in 2018-2025.

Developed countries are witnessing the increasing adoption of advanced technologies to develop highly efficient home diagnostics. With a growing focus on R&D, consumers are becoming more aware of the availability of home diagnostics that can enable them to perform in vitro diagnostic tests at home without the need for professional support. In developing nations, however, lower health knowledge, especially in Asia and the Middle East & Africa, restricts the adoption of home diagnostics.

TRENDS INFLUENCING THE GLOBAL HOME DIAGNOSTICS MARKET

• Rapid advancement of technology in the medical detection field.
• Increasing awareness about the importance of self-monitoring and self-diagnosis of diseases.

REGION WISE HOME DIAGNOSTICS MARKET ANALYSIS

• North America and Europe hold a large market share combined. These regions growth is driven by increased awareness of personal health and hygiene, rapidly growing geriatric population, and socio-economic conditions. In addition, the advent of innovative and accurate test kits increases the market growth in this region.
• Asia Pacific is likely to show a remarkable CAGR over the forecast period. The expanding patient base coupled with the increasing prevalence of lifestyle-associated and infectious diseases is translating into the greater uptake of home diagnostics systems in the region. The region's growth is also complemented by increasing government and private organizations investments as well as cheap procurement and production facilities.

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