- Home healthcare involves medical and support services offered at the homes of patients. It includes home infusion therapy, respiratory therapy, rehabilitation services, home services and care. The global home healthcare market was predicted at about USD 176, 107 million in 2013. It is estimated to collect around USD 303, 605 million by 2020. The home healthcare market is set to record significant growth over the forecast phase.
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This is on account of switch in the supply of medical services and equipment to homes from medical settings. The security, productivity and technological innovativeness of home care products augur well for the home healthcare market and steer its sales. The worldwide market also includes medical services and instruments that assist patients in detecting and taking care of chronic diseases.
These instruments execute a major role in offering cost-efficient medical services. Home healthcare guarantees profitable business prospects. This is owing to augmented recognition of home healthcare, rising developments in technology and economical alternatives in comparison to other modalities. Some factors drive further demand for the home healthcare market. These are the rapidly growing populace of aged people and intensified chronic diseases.
Accelerating heart disorders, diabetes cases and breathing diseases also propel the market forward. Home healthcare services are at an evolutionary phase in the emergent regions of Latin America and India. However, they are estimated to experience decent growth in other parts of the world. High prices and boosting settlement issues with regard to home healthcare instruments and services would prevent the home healthcare market from expanding further.
The worldwide home healthcare market is fragmented on account of three categories. These are services, products and geographies.
The vital services of the home healthcare market include unskilled homecare, rehabilitation, infusion therapy, respiratory therapy and telemetry. Rehabilitation is divided further into physical therapy, occupational therapy and speech therapy. Infusion therapy involves total parenteral nutrition, intravenous chemotherapy, intravenous antibiotic therapy and pain management.
Telemetry is categorized into telemedicine and remote patient monitoring. The sector of infusion therapy is anticipated to rise at the swiftest CAGR over the forecast phase. This is primarily on account of the escalating population of old people across the world.
The home healthcare market, in view of products, is segmented on account of diagnostic equipment, therapeutic equipment, and mobility assists. The sector of diagnostic equipment is sub-divided on the basis of BP monitors, diabetic care unit, home intravenous pumps, home fertility and pregnancy kits, holter monitors, apnea and sleep monitors, heart rate meters and other self monitoring devices.
Therapeutic equipment are sliced in view of home dialysis, insulin delivery, home respiratory therapy equipment and other devices. Mobility assists are fragmented on the strength of home medical furniture, wheel chairs and walking assist devices.
The four regions of the global home healthcare market are Europe, rest of the world, North America and Asia Pacific. North America leads the global market. The Asian Pacific home healthcare market is anticipated to expand rapidly over the forecast phase.
Information Source: Grand View Research
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