According to an assessment by Transparency Market Research (TMR), the global home healthcare market is estimated to develop at a CAGR of 10.5% during the forecast period 2021-2028. Thus, the market is expected to gain a valuation of US$ 499.6 Bn by 2028. The market growth is ascribed to several important factors including a surge in the adoption of home-based medical services and devices across the globe.
The global home healthcare market outlook provides in-depth analysis of major factors impacting on the market growth. Hence, this study covers thorough assessment of the growth drivers, restraints, R&D projects, regional analysis, and competition landscape of the home healthcare market. This aside, it sheds light on the recent developments and home healthcare market trends. Hence, readers of this report gain access to a complete home care industry overview.
Patients with Chronic Diseases Need Regular and Continuous Monitoring
In the recent years, there has been a rise in the prevalence of different chronic disorders including asthma, diabetes, blood pressure, cardiovascular diseases, and respiratory disorders across the globe. Patients with such health issues need regular and continuous monitoring, notes an assessment by TMR on the global home healthcare market. Hence, there has been an increase in the demand for different diagnostic & monitoring home devices including blood pressure monitors, blood glucose monitors, temperature monitors, heart rate monitors, and sleep apnea monitors. This factor, in turn, is driving the sales growth in the global home healthcare market.
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Adoption of Home-based Services Increases due to Their Reliable, Comfortable, Efficient, and Cost-effective Nature
Telehealth and telemedicine services, rehabilitation services, respiratory therapy services, infusion therapy services, and unskilled home healthcare services are some of the services available in the home healthcare market. Due to rising costs of hospital beds as well as other hospital services around the world, the patient population in many developing nations are increasing the adoption of home-based healthcare services, which are reliable, comfortable, cost-effective, and efficient. This factor suggests that the global home healthcare market is likely to gain sizable business opportunities in the forthcoming years.
Mergers and Acquisitions: Key Strategies of Players for Business Expansions
Some of the leading companies in the home healthcare market include Bayer AG, 3M Health Care, Cardinal Health, Inc., Abbott Laboratories, Johnson & Johnson Services, Inc., GE Healthcare, Invacare Corporation, Gentiva Health Services, Inc., Phillips Healthcare, F. Hoffmann-La Roche Ltd., Omron Healthcare, Inc., and Medtronic, Inc.
The presence of many well-entrenched home healthcare companies makes the competition landscape of the market highly intense. Hence, players are executing strategies such as mergers and acquisitions in order to strengthen their position in the market for home healthcare. Such strategies are also helping enterprises to expand their regional reach.
Many players in the home healthcare market are focusing on research collaborations in order to develop next-gen products. Moreover, companies are expanding their product portfolios by launching innovative products. Such factors are propelling the home healthcare market.
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Latin America and Asia Pacific: Profitable Regions for Market Players
Middle East & Africa, North America, Asia Pacific, Europe, and Latin America are some of the key regions of the global home healthcare market. Of them, Latin America and Asia Pacific are some of the fastest-growing regions for the market players. The home healthcare market in these regions is estimated to expand at a promising pace owing to the presence of larger number of under-served patient population in many developing nations including China, India, South Africa, and Brazil. The regions are estimated to show sizable business avenues owing to the existence of high patient population as well as older populace in India, China, and Latin America.