Home Healthcare Market

How will the Current Technological trends affect the Global Home Healthcare Market in the Long-Term?

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Growth in this market is mainly driven by the growing geriatric population; increasing incidence of chronic diseases; and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare.

Based on product, the market is segmented into therapeutic products; testing, screening, & monitoring products; and mobility care products. The therapeutic products segment dominated the market in 2017 majorly due to the high and growing prevalence of chronic diseases (such as kidney failure, respiratory diseases, diabetes, and cancer) and the subsequent growth in the demand for therapeutic products that can be used for long-term care in home care settings.

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Based on service, the home healthcare market is segmented into rehabilitation therapy services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. The infusion therapy services segment is estimated to grow at the highest CAGR during the forecast period.

Home Healthcare Market

The rising focus on reducing healthcare costs, as well as developments in the clinical administration of infusion therapy, have enabled the administration of this therapy in alternate settings. In the case of individuals requiring long-term infusion therapy, inpatient care is costly and prevents these patients from leading a normal lifestyle and resuming work activities. As a result, the demand for home infusion therapy is increasing at a high rate.

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In 2017, North America is expected to dominate the home healthcare market followed by Europe. The large share of this geographical segment is attributed to factors such as converging trends of aging population, technological advancement, and rising incidence of chronic diseases.

Asia is expected to grow at the highest CAGR during the forecast period. Factors such as rising geriatric population, increasing adoption of innovative techniques, increasing disposable income, expansion of home healthcare companies in this region, rising awareness of home healthcare, and increasing need for affordable healthcare delivery systems are expected to drive the growth of this market in Asia.

Changing reimbursement policies, limited insurance coverage, and patient safety concerns may limit market growth to a certain extent in the coming years. The home healthcare market is highly competitive with the presence of several small and big players. Prominent players in the market include Philips Healthcare (Netherlands), Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Amedisys (US), Fresenius (Germany), Omron (Japan), McKesson (US), BAYADA Home Health Care (US), Kinnser Software, Inc. (US), and Roche (Switzerland).

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