Home Healthcare Market Size Key Insights Based on Product Type, End-use and Regional Demand 2022-2031

The home healthcare market studied was anticipated to witness a CAGR of 12.5% during the forecast period. The primary factor attributing to the growth of the market is a steep rise in the elderly population across all the geographical locations and increased preference for treatment within the home care settings. For instance, according to the United Nations data of World Population Prospects for 2019, the number of people over the age of 65 would increase from 9% in 2019 to more than 16% of the total world’s population by 2050. Thus, the rise in the volume of the target patient pool results in a higher demand for the market fueling the global home healthcare market growth over the forecast period.

Get a PDF Sample for more detailed market insights: https://www.sdki.us/sample-request-89213

Key Market Trends

The Diagnostic Equipment Segment is Expected to Hold the Largest Market Share in the Home Healthcare Market

The diagnostic segment is expected to account for the most significant revenue over the forecast period due to a rise in the prevalence of chronic disorders, such as infectious diseases, diabetes, arthritis, cardiopulmonary, and cardiovascular conditions, which require continuous monitoring for efficient treatment. The rise in technological advancements in recent years led to the launch of new products for self-monitoring, like multi-parameter diagnostic monitors, home pregnancy, and fertility kits. This resulted in a high demand for these diagnostic equipment driving the market revenue over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the overall HHC market throughout the forecast period. Dominance is due to the growing prevalence of various chronic diseases, like coronary heart diseases, respiratory disorders, and diabetes, the presence of a huge elderly population with a rise in baby boomers during the forecast period in the United States, necessitating efficient treatment while managing the healthcare costs without facing financial penalties. For instance, according to the International Diabetes Federation in 2019, about 48 million adults in North America were living with diabetes, among which more than half of the patients were over the age of 65. The numbers are expected to continue in the future, resulting in higher demand for the continuous monitoring equipment at homecare settings for efficient treatment of various diseases among the geriatric population driving the market in the region. Moreover, the rise in demand for HHC can be attributed to the increased convenience with the availability of non-skilled labor, caregivers, services, physicians, and various home healthcare equipment at homecare settings along with a rise in healthcare expenditures at hospital premises availability of in the region. Additionally, the presence of key players in the United States and the launch of new wearable patient monitoring devices, along with increased approvals by the USFDA, are expected to fuel the market. For example, in September 2018, Apple received FDA approval for its Apple watch series 4 as a class II medical device, which can detect falls and arrhythmias helping the patients and physicians, which is likely to drive the market growth contributing to its outstanding market share in the global HHC market.

Related Reports:

Home Healthcare Market Size Key Insights Based on Product Type, End-use and Regional Demand 2022-2031
Oseltamivir Market Size: Dynamics, Segments, and Demand Analysis 2022-2031
Latex Medical Disposables Market Size: Facts, Figures and Analytical Insights 2022-2031
Myeloproliferative Disorders (MPD) Treatment Market Size Outlook, Share and Growth and Forecast Assumptions 2022-2031
Muscle Relaxant Drugs Market Size Insight & Future Assessment for the Period 2022-2031
North America Enhanced Oil Recovery Market Size Inclinations & Development Status Highlighted During Forecast Period 2022-2031

Leave a Reply

Your email address will not be published.