Rising Incidence of Chronic Diseases Coupled with Growing Geriatric Population Globally is Anticipated to Propel the Growth of The Global Home Healthcare Market at A CAGR of 8.0% During the Forecast Period, 2019-2026

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Global Home Healthcare Market accounted for a market value of $285.2 billion in 2019 and is anticipated to grow with a CAGR of 8.0% from 2019 to 2026.

In North America, the U.S. is projected to hold major market share due to the rising trend of in-home healthcare, the presence of well-developed medical infrastructure, the growing incidence of chronic diseases, and rising healthcare expenditure. In addition, the increasing number of home health agencies in the country also contributes to market growth.

Rising Incidence of Chronic Diseases Coupled with Growing Geriatric Population Globally is Anticipated to Propel the Growth of The Global Home Healthcare Market at A CAGR of 8.0% During the Forecast Period, 2019-2026

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OVERVIEW

In recent years, the incidence of chronic diseases such as diabetes, hepatitis, and asthma has augmented significantly, the majority of these chronic illness requires long-term treatment and supportive care. According to the American Diabetes Association, nearly 1.5 million Americans are diagnosed with diabetes yearly. Moreover, the geriatric population is also increasing globally. As per the data published by the World Health Organization (WHO), about 703 million adults aged 65 years or over were registered globally in 2019. The elderly population coupled with the rising incidence of chronic diseases demands more patient-centric healthcare services, which thus increases the demand for home healthcare agencies and is estimated to boost market growth. Further, the rising demand for affordable healthcare systems owing to the mounting healthcare cost is projected to surge the demand for home healthcare services in the coming years.  On the other hand, factors such as fluctuating reimbursement policies and concerns related to patient safety may restrain the market growth during the assessment period.

The global home healthcare market has been segmented into the product, service, and software. The product segment has been categorized into testing, screening, & monitoring products, therapeutic products, and home healthcare mobility care products. The testing, screening, & monitoring products segment has been further sub-segmented into blood pressure monitors, blood glucose monitors, peak flow meters, pulse oximeters, heart rate monitors, HIV test kits, fetal monitoring devices, sleep apnea monitors, coagulation monitors, ovulation & pregnancy test kits, cholesterol monitoring devices, drug and alcohol test kits, EEG devices, ECG/EKG devices, temperature monitors, pedometers, hearing aids, and holter monitors. The therapeutic products has been sub-segmented into nebulizers, oxygen delivery systems, ventilators, sleep apnea therapeutic devices, IV equipment, wound care products, dialysis equipment, inhalers, insulin delivery devices, and others. The home healthcare mobility care products segment has been sub-divided into canes, crutches, walkers & rollators, mobility scooters, and wheelchairs. By service, the market has been segmented into rehabilitation therapy services, skilled nursing services, hospice and palliative care services, pregnancy care services, and infusion therapy services. The software segment has been categorized into hospice solutions, agency software, and clinical management systems.

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Based on geography, the home healthcare market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been categorized into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been categorized into, South Korea, Japan, India, China, and Rest of Asia-Pacific. Moreover, the South America region has been categorized into Brazil, Argentina, Mexico, and the Rest of South America. Further, the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of the Middle East.

In North America, the U.S. is projected to hold major market share due to the rising trend of in-home healthcare, the presence of well-developed medical infrastructure, the growing incidence of chronic diseases, and rising healthcare expenditure. In addition, the increasing number of home health agencies in the country also contributes to market growth. The home healthcare market is becoming saturated in the developed economies, therefore, the market players are shifting their focus towards the developing nations, especially the emerging countries in the Asia Pacific region. Further, factors such as a huge patient base, growing geriatric population, and the availability of skilled labor at economic costs are contributing to the growth of the Asia Pacific home healthcare market.

Prominent companies operating in the global home healthcare market include B. Braun Melsungen AG, 3M Healthcare, Sunrise Medical, Abbott Laboratories, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffman-La Roche AG, Amedisys, Inc., Arkray, Inc., Becton, Dickinson and Company, Omron Healthcare, Inc.,  NxStage Medical, Inc., Medline Industries, Inc., GE Healthcare, Mckesson, and Philips. Product launch, Product development, collaboration, and mergers & acquisitions are key strategies undertaken by key players to surge their market presence. For instance, in February 2020, Abbott Laboratories and Insulet Corporation entered into a partnership to integrate Abbott’s glucose sensing technology with Insulet’s Omnipod Horizon Automated Insulin Delivery (AID) System to provide personalized automated insulin delivery and care for diabetes patients. Moreover, in January 2019 Fresenius Medical care launched a 4008A dialysis machine in India. With the launch, the company aims to enhance accessibility to dialysis treatment for patients in the emerging countries who are suffering from end-stage renal disease (ESRD).

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