Challenges and Opportunities in Home Healthcare Services

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The global home healthcare market is projected to reach USD 383.0 Billion by 2028 from USD 250.0 Billion in 2023, at a CAGR of 8.9%

Home Healthcare Market in terms of revenue was estimated to be worth $250.0 billion in 2023 and is poised to reach $383.0 billion by 2028, growing at a CAGR of 8.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The primary drivers propelling the growth of this market are the aging population, rising healthcare expenditures, and the increased need for home care due to technological advancements in home healthcare.

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The home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. In 2022, the home healthcare market will be dominated by therapeutic items, primarily because chronic illnesses like diabetes, cancer, and kidney failure are becoming more common.

The home healthcare market on the basis of service is divided into skilled nursing services, rehabilitation therapy services, hospice palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Skilled nursing services have the biggest market share for home healthcare in 2022. The industry is expanding due to factors including the aging population.

On the basis of the indication, the home healthcare market has been segregated into cancer, respiratory diseases, movement disorders, cardiovascular diseases hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. By 2022, the home healthcare market's greatest share belonged to the other indications category. The growing older population and kidney problems are the main factors propelling this market's expansion.

The global home healthcare market is segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. North America held the biggest market share for home healthcare in 2022. Due to its high disposable income and growing senior population, North America accounts for a sizable portion of the global industry. On the other hand, throughout the course of the forecast period, the Asia Pacific market is anticipated to develop at the highest CAGR. Rising disposable income and government initiatives to promote home healthcare are the main factors driving growth in the Asia Pacific home healthcare industry.

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Home Healthcare Market Dynamics:

Drivers:

  1. Rapid growth in elderly population and rising incidence of chronic diseases
  2. Rising RD investments
  3. Need for cost-effective healthcare delivery due to rising costs
  4. Increased preference for personalized care

Restraint:

  1. Changing reimbursement policies
  2. Limited insurance coverage
  3. Patient safety concerns

Opportunities:

  1. Rising focus on telehealth
  2. Untapped developing regions
  3. Growing demand for home-use therapeutic devices
  4. Growing demand for home sleep apnea tests
  5. Rising preference for home hemodialysis treatment

Challenge:

  1. Shortage of home care workers
  2. Lack of supporting infrastructure

Key Market Players of Home Healthcare Industry:

The major players operating in home healthcare market are Fresenius SE Co. KGaA (Germany), Abbott (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US),  ResMed, Inc. (US), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), AD Company, Limited (Japan), Bayada Home Health Care (US), Invacare Corporation (US), Amedisys (US), LHC Group, Inc. (US), Omron Corporation (Japan), Drive Devilbiss Healthcare (UK), Hamilton Medical (Switzerland), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), Vitalograph (UK), Advita Pflegedienst Gmbh (Germany), Renafan Gmbh (Germany), ADMR (France), Apex Medical Corp. (Taiwan), Contec Medical Systems Co., Ltd. (China), Löwenstein Medical Technology Gmbh + Co., KG. (Germany), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Allied Healthcare Products, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India).

Breakdown of supply-side primary interviews, by company type, designation, and region:

  • By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)
  • By Designation: C-level (27%), Director-level (18%), and Others (55%)
  • By Region: North America (51%), Europe (21%), Asia- Pacific (18%), Latin America (6%), and Middle East Africa (4%)

Home Healthcare Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall home healthcare market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (High prevalence of chronic diseases, growing geriatric population), restraints (Alternative Technologies), opportunities (Rising healthcare expenditure, Increasing Demand from Emerging Economies), and challenges (stringent regulations, limited insurance coverage) influencing the growth of the home healthcare market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research development activities, and new product service launches in the home healthcare market
  • Market Development: Comprehensive information about lucrative markets – the report analyses the home healthcare market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the home healthcare market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Fresenius SE Co. KGaA (Germany), Abbott (US), GE HealthCare (US), Koninklijke Phillips NV. (Netherlands), ResMed, Inc. (US), among others in home healthcare market.

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Content Source: https://www.marketsandmarkets.com/PressReleases/home-healthcare.asp

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