The global home healthcare market is anticipated to expand at 8.1% CAGR from 2019 to 2027 (forecast period), according to the latest report by Market Research Future (MRFR). Home healthcare is an increasing viable option being preferred by patients owing to increasing healthcare costs and the burgeoning geriatric population. Home healthcare provides a range of services including physical therapy, speech therapy, occupational therapy, and skilled nursing. The digitization of data has made it simpler for patients to contact physicians and clinicians and gain an accurate diagnosis from the comforts of their home.
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Technological advances in healthcare and diagnosis equipment and government initiatives encouraging home healthcare are likely to fuel market demand in the forthcoming years. Taking a cue from patient demands, players such as Philips have launched wireless solutions. This is evident by the introduction of CarePoint 5.0, a easy-to-use nurse call system for senior citizens in assisted living facilities and bedridden patients recuperating at home. But concerns regarding patient safety can impede market growth.
Home Healthcare Market Overview
The report covers the latest trends affecting the home healthcare industry to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global home healthcare market segmented by product, service, software, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
The growing geriatric population in the market will support the growth. As per market analysts, the home healthcare market based companies will face certain challenges during the forecast period 2019 to 2027. The market research report provides in-depth analysis of the product, service, software, and region segments. The market research report presents factors such as the rise of IoT that could slow down the market's growth.
Market Segmentation
The home healthcare market has been segmented into product, service, software, and region. Based on the segment which is the product, the home healthcare market is categorized on the basis of therapeutic products and others. The global market for home healthcare is further segmented based on service into respiratory therapy service, skilled nursing services, and others. Furthermore, the market, on the basis of software, is segmented into telehealth solutions, clinical management systems, and others.
The market report offers comprehensive study of the market segments including product, service, software, and region. The analysts have also studied the market's spread across the regional markets across many of the market’s segments at country levels. The product, service, software, and region segments spread across the market along with the subsegments are studied. The global home healthcare market for home healthcare is spread across various product and service based segments. The market research report highlights these key segments and offers forecasts based on primary and secondary data. The global home healthcare market research report presents key company profiles of organizations active across the market.
Regional Overview
Concerns regarding safety and authenticity of treatment may hinder the home healthcare market growth. The market research report suggests that companies in the market could be supported by new revenue sources being utilized by market players as well as the growing investment during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per market analysts, the home healthcare market is set to witness tremendous growth across product, service, software, and region segments. The global market’s North American region covers markets across the United States, Mexico, Canada, and others. Businesses present in the market are also profiled and their strategies have been presented in detail in the market research report.
The home healthcare market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the market research report provides details about the APAC region covering markets from China, India, Australia, Japan, and others. The market is also active across several other parts of the world. The market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global home healthcare market.
Competitive Landscape
Home healthcare has seen tremendous growth, due to growing prevalence of diseases and development of modern technologies. However, lack of infrastructure and high cost associated with products and services would challenge the companies active in the market. Furthermore, companies using growth strategies to stay ahead in the global home healthcare market are expected to help the market during the forecast period 2019 to 2027. As the market report suggests that the market will register a CAGR of 8.1% and reach a US$4,14,681.2 million by 2023, the market report highlights key areas market based companies need to focus on. The home healthcare market research report projects a long term growth till 2027. Based on market’s analysis on the basis of SWOT and Porters’ Five Force Model, the market will rise during the forecast period 2019 to 2027, however the companies need to move ahead with caution. The market research report highlights such key areas.
Industry News
The agency is seeking to develop relationships with clinics and health departments, the organisations have just reported. Bayada Home Health Care will purchase a Visiting Nurse Group Health Care fellow home health provider. The home health, hospice and physician services departments of the Holmdel Association of Visiting Nurses will be incorporated into Bayada's operations, while the community chair of the Bayada Hospice Wellbeing and the hospice Specialties, including all the hospital relationships, is served by Dr Steven Landers, President and CEO of VNAHG.
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