Global Home Healthcare Market to See High CAGR Growth of 7.5% by 2026
The Global Home Healthcare Market is expected to reach USD 423,848.95 million by 2025, from USD 241,483.37 million in 2017 growing at a CAGR of 7.5% during the forecast period of 2018 to 2025. Home care market provides medical benefits to patients to avoid the hospital admission or patients who are unable to visit the hospitals again. Home healthcare services include personal care like bathing, washing hair, or getting dressed and homemaking which includes cleaning, yard work and laundry.
Home Health Care is for those individuals who may require assistance during an illness or after surgery. Services are provided in the comfort and privacy of one’s home to those persons who are in need of nursing, therapy services to include: Physical, Occupational, and Speech Therapy. MSW for community resources and HCA for personal care and/or assistance with the activities of daily living.
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Market Segmentation: Global Home Healthcare Market
- Based on services, the market is sub-segmented into unskilled care services, rehabilitation therapy services, short-term nursing services, hospice and palliative care services, infusion therapy services, respiratory therapy services, home health aide services, pregnancy care services and others. Home healthcare services are further sub segmented on the basis of rehabilitation therapy services into physical therapy and occupational therapy and speech language pathology.
- The home healthcare market is segmented into component, services and software.
- Home healthcare market is further sub segmented on the basis of therapeutic products into insulin delivery devices, dialysis equipment; wound care products, inhalers, nebulizers, sleep apnea therapeutic devices, ventilators, oxygen delivery systems and other. Home healthcare mobility products is further sub segmented into canes, crutches, walkers & rollators, wheelchairs, mobility scooters.
- Based on software, the market is sub-segmented into clinical management systems, agency software and hospice solutions.
- Based on component, the market is segmented into products, services, software. The home healthcare segment is further sub-segmented on the basis of product into testing, screening, & monitoring products, therapeutic products and home healthcare mobility care products. Home healthcare market is further sub segmented on the basis of into testing, screening, & monitoring products into blood glucose monitors, blood pressure monitors, cholesterol monitoring devices, pulse oximeters, home hemoglobin a1c test kits, hearing aids, sleep apnea monitors, temperature monitors, ECG/EKG devices, heart rate monitors, peak flow meters, ovulation and pregnancy test kits, coagulation monitors, HIV test kits, pedometers, EEG device and others.
Key Developments in the Market:
- In April, Air Liquide’s completed acquisition of EOVE. This acquisition helps Air Liquide to reinforce its expertise in home ventilation for chronic respiratory failure thanks to cutting-edge technological for home care. Apart from that this acquisition EOVE to accelerate its international development.
- In August, Philips and Qualcomm entered into strategic collaboration. Through this agreement, the company offers healthy living and prevention to chronic care management and home care.
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Global Home Healthcare Market is the most relevant, unique, fair and creditable global market research report which is provided to the valuable customers and clients depending upon their specific business needs. Global Home Healthcare Market report helps uncover the general market conditions and tendencies. Along with competitive analysis of the key players, this Global Home Healthcare Market report also serves with complete and distinct analysis of the market drivers and restraints, detailed analysis of the market segmentation, key developments in the market and details of research methodology. Excellent practice models and method of research applied for this Global Home Healthcare Market report unearths the best opportunities to succeed in the market.
Major Market Drivers and Restraints:
- Insurance coverage
- Increasing demand of telehealth
- Increasing cases of chronic diseases
- Technological advancement
- Increasing geriatric population
- Emerging markets
- Lack of skilled home care service providers
Competitive Analysis: Global Home Healthcare Market
The global home healthcare market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of home healthcare market for global, Europe, North America, Asia Pacific and South America.
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