The growing prevalence of surgeries related to knee or hip replacements coupled with the expanding popularity of homecare is prominent factors that will influence the growth prospects of the therapeutic homecare devices market during the forecast period of 2021-2031. The geriatric population is rising at a rapid rate over the years. This aspect may also trigger extensive growth opportunities for the therapeutic homecare devices market as these devices are used prominently among the elderly.
COVID-19 Pandemic Decreases Demand for Therapeutic Homecare Devices Market
The COVID-19 pandemic changed the growth projection of many sectors and industries. The therapeutic homecare devices market is one of them. The pandemic has had a negative effect on the growth prospects of the therapeutic homecare devices market. With the rising transmission of the COVID-19 pandemic, the healthcare facilities experienced extensive caseload. Many healthcare facilities handled only COVID-19-infected patients. Non-COVID diseases and disorders were neglected to a considerable extent. These factors proved to be a restraint for the growth of the therapeutic homecare devices market. However, mass vaccination drives and low number of serious COVID-19 cases are leading to focus on non-COVID diseases and disorders, eventually stabilizing the growth of the therapeutic homecare devices market.
Rising Geriatric Population to Bring Profitable Growth Avenues for Therapeutic Homecare Devices Market
The geriatric population around the world is increasing at a rapid rate. Elderly people need various surgeries, especially related to knee replacement and orthopedic disorders. The growing awareness about the benefits of surgeries may serve as growth propellers for the therapeutic homecare devices market.
Among all regions, North America is estimated to emerge as a dominant regional growth contributor for the therapeutic homecare devices market. Feasible reimbursement policies, well-maintained healthcare infrastructure and rising cardiovascular diseases are estimated to serve as prime growth factors for the therapeutic homecare devices market in North America.