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The home healthcare market size is forecast to increase by USD 395.7 million at a CAGR of 14% between 2023 and 2028. The sector is witnessing a significant transformation driven by various factors. The quality is on the rise, leading to increased patient satisfaction. There's a growing emphasis on preventing infections and ensuring patient safety, particularly in response to the rise in the geriatric population and the increased incidences of life-threatening diseases among this demographic. This wave in demand is further fueled by the convenience and accessibility offered by online platforms, catering to the needs of patients and caregivers alike. Technological advancements play a crucial role in facilitating these trends, with innovations enhancing the efficiency and effectiveness of home healthcare services. However, challenges persist. The lack of professionals poses a significant hurdle, impacting service availability and quality. Additionally, fraud associated with services raises concerns about patient safety and financial integrity. Limited insurance coverage and reimbursements further complicate matters, limiting access to essential services for many individuals. Despite these challenges, the market shows resilience and potential for growth, driven by the increasing demand for personalized care solutions and ongoing advancements in technology and service delivery models.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the products segment will be significant during the forecast period. Due to the wide application and easy availability, products contribute to most of the revenue of the global market. Several products are used in home healthcare, such as patient monitoring devices, POC products, assistive devices, and preventive healthcare products.
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The products segment was valued at USD 131.50 million in 2018. The segment holds the highest market share because products reduce patient dependency on HCPs. For instance, the blood glucose level can be measured by patients using glucometers at their home. Thus, patients can purchase such products from online stores or retail outlets and use them without any aid from HCPs. Due to the increasing demand for products, companies are making significant investments. Recently launched products such as mobility aids, hospital beds, and pressure relief devices are being adopted by end-users. Hospital beds are also used to provide comfort during treatment and recovery. The adoption of pressure-relief mattresses is rising to prevent bedsores and improve comfort, which will drive the growth of the segment during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period.
In North America, the market is driven by the growth of the aging population, rising adoption of long-term healthcare services, and increasing awareness about healthcare. The availability of favourable reimbursements and insurance has also driven the growth of the market in North America. Due to favourable reimbursements provided by Medicare and Medicaid, patient engagement has improved in North America. As a result, an increase in patient engagement has raised the demand in the US. The growing competition among these companies is forcing them to offer their products at competitive prices, improving the availability and accessibility of products through different channel distribution networks and resulting in the introduction of new products and services.
The market is witnessing a significant transformation, driven by a myriad of factors including acute care needs, advancements in antibody treatments, and the rise of chronic conditions like atrial fibrillation and chronic obstructive pulmonary disease. Companies such as Medtronic and Fresenius Medical Care are at the forefront, providing innovative solutions for intravenous therapy and peritoneal dialysis. As the global population ages, there's an increasing demand for elderly care services, supported by occupational therapy and community mental health services. Technological advancements such as mobile apps and wearable sensors are revolutionizing care delivery, ensuring healthcare quality, and improving patient outcomes. Despite challenges like complications and risk factors, the market continues to grow, catering to the diverse needs of individuals worldwide.
Quality of home healthcare and increasing patient satisfaction are the key factors driving the growth of the market share. The high quality of services has improved patient satisfaction, which has enhanced adoption. To improve the satisfaction of patients, caregivers and HCPs address the patient's physical, psychological, and healthcare requirements.
High-quality products, services, and solutions are also offered at reduced prices by suppliers. To improve patient satisfaction, companies are applying quality controls and analyzing their product offerings on several parameters such as privacy and dignity during service, consideration of patient preference during the selection of service, assessment of patient and caregiver needs before finalizing service, design and plan of service delivery based on patient needs, etc. Therefore, service providers are improving their service offerings which will drive the growth of the global market during the forecast period.
Increased incidences of life-threatening diseases are the primary trend shaping the market growth. Significant lifestyle diseases include stroke, heart attack, obesity, diabetes, hypertension, and liver cirrhosis. Chronic diseases such as stroke, heart disease, diabetes, and chronic respiratory diseases were the major causes of death in 2020.
In the last 50 years, the incidences of chronic non-communicable diseases have increased, posing a threat to the young population as well. However, with appropriate treatment and medical care, these chronic diseases can be cured, or their severity can be reduced. The rise in lifestyle diseases causes high admission rates in healthcare facilities. To address the high demand for healthcare facilities, manufacturers and suppliers introduce advanced products and expand market penetration through efficient distribution networks. The rising incidence of lifestyle diseases in APAC and MEA have encouraged companies to increase their market reach and enter emerging markets, which will drive the market during the forecast period. Additionally, innovations in assisted living software are enhancing the management of chronic diseases by facilitating remote monitoring, data management, and personalized care plans, thereby improving patient outcomes and optimizing healthcare resources.
Limited insurance coverage and reimbursements are a major challenge to the market. Different types of healthcare services such as hospital-based diagnostic, medical advice, surgery or treatment and medicines shall be covered by health insurance and reimbursement. For hospital treatment, healthcare costs are partly or fully reimbursed in several countries.
For instance, in the US, Medicare and Medicaid completely reimburse healthcare expenses for hospital-based treatments. However, insurance and reimbursements are not like home healthcare. The policies are not the same in each region. In underdeveloped countries, services are provided by several local companies that do not come under any insurance. Hence, the bills provided by these companies cannot be claimed by patients, which affects reimbursements. Similarly, preventive healthcare products such as nutrients and supplements that people use without prescriptions are also not reimbursed. In several countries, due to limited insurance coverage and reimbursements, healthcare expenses are not reimbursed. This is affecting the adoption, which will challenge the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A and D Holon Holdings Co Ltd.: The company offers home healthcare products such as UA-1200BLE blood pressure monitors and UT-201BLE-A thermometers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing rapid acceleration fueled by factors like the aging population and the prevalence of chronic diseases such as Alzheimer's disease and Parkinson's disease. Companies are contributing to the sector's growth with innovative assistive technology and neurological disorder treatments. Customer satisfaction and customer service play vital roles in ensuring quality care delivery, supported by advancements in health technology and wearable technology that have now become a part of the healthcare equipment industry. Regulatory compliance, including ISO 9000 and General Data Protection Regulation, ensures standards in intensive care medicine and medical specialty services. Despite challenges like risk factors and complications, the market thrives on improving healthcare quality and extending hospice and long-term care services to individuals worldwide.
Moreover, the market is evolving rapidly to meet the diverse needs of patients worldwide, driven by factors such as the rising prevalence of chronic conditions like chronic pain and neurodegenerative diseases. Companies are leading the way with innovative solutions tailored to address individual needs, including orthopedic surgery and physical disability management. Technological advancements, including mobile apps and wearable sensors, are revolutionizing the way healthcare is delivered, enabling better monitoring of vital signs and early detection of signs and symptoms. Despite challenges such as complications and risk factors, the market continues to grow, driven by a commitment to improving healthcare quality and enhancing the overall patient experience. The market is significantly enhanced by home healthcare professionals who utilize advanced product design development services to provide personalized and effective in-home medical care solutions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14% |
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Market growth 2024-2028 |
USD 395.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
12.0 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Germany, UK, China, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A and D Holon Holdings Co Ltd., Abbott Laboratories, Apollo Hospitals Enterprise Ltd, ARKRAY Inc., B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Cardinal Health Inc., Exergen Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, Home Medical Products Inc., Invacare Corp., Johnson and Johnson Services Inc., Medline Industries LP, OMRON Corp., Pulsenmore Ltd., ResMed Inc., Rotech Healthcare Inc., and Stryker Corp. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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