Home Healthcare Market Research Report 2021 Global by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 | Abbott Laboratories, B. Braun Melsungen AG, 3M Healthcare, Sunrise Medical
Global Home Healthcare Market accounted for a market value of $285.2 billion in 2020 and is anticipated to grow with a CAGR of 8.2% from 2021 to 2027. Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.
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Key players operating in the global home healthcare market include Abbott Laboratories, B. Braun Melsungen AG, 3M Healthcare, Sunrise Medical, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffman-La Roche AG, Amedisys, Inc., Arkray, Inc., Becton, Dickinson and Company, Omron Healthcare, Inc., NxStage Medical, Inc., Medline Industries, Inc., GE Healthcare, Mckesson, and Philips. Product development, product launch, collaboration, and mergers & acquisitions are key strategies adopted by key players to increase their market presence. For instance, in October 2019, 3M Healthcare acquired Acelity, Inc. With this acquisition, the company enhanced its presence in advanced wound care and specialty surgical applications. Moreover, in September 2019, Philips launched NightBalance, a prescription sleep position therapy device to assist people suffering from positional obstructive sleep apnoea (OSA). Similarly, in May 2019, Omron Healthcare, Inc. launched the first blood pressure monitor with EKG competency in a single device named Complete, for retail sale. Likewise, in May 2017, F. Hoffman-La Roche AG announced the launch of Accu-Chek Guide System blood glucose meter.
To accomplish supreme level of market insights & get knowhow of the best market opportunities into the specific markets, Home Healthcare Market research report is the perfect key. This report comprises of a market data that provides a detailed analysis of the industry & its impact based on applications & on different geographical regions, & systemic analysis of growth trends & future prospects. The report consists of reviews about key players in the market, major collaborations, merger & acquisitions along with trending innovation & business policies. The Home Healthcare Market business report gives CAGR value fluctuation during the forecast period of 2021-2026 for the market.
The whole Home Healthcare Market document can be divided into four major areas which include market definition, market segmentation, competitive analysis & research methodology. Important industry trends, market size, market share estimates are analysed & mentioned in the report. This marketing report helps the firm in exploring new uses & new markets for its existing products & thereby, increasing the demand for its products. The Home Healthcare Market report offers an in-depth overview of product specification, technology, product type & production analysis considering major factors such as revenue, cost, gross & gross margin. A winning Home Healthcare Market report is comprehensive & opens a door of international market for the products.
COVID-19 impact on the home healthcare market
The COVID-19 pandemic has a mixed impact on the home healthcare market. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact few home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.
Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes. However, the scenario is different. There have been many home healthcare agencies and providers who have reported a decline in the business. However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.
Home healthcare Market Key Segments:
Home healthcare Market: By Product
- Testing, Screening, & Monitoring Products
- Therapeutic Products
- Home Healthcare Mobility Care Products
Home healthcare Market: By Service
- Rehabilitation Therapy Services
- Skilled Nursing Services
- Hospice And Palliative Care Services
- Pregnancy Care Services
- Infusion Therapy Services.
Home healthcare Market: By Software
- Hospice Solutions
- Agency Software
- Clinical Management Systems
Home healthcare Market: By Geography
- North America
- Asia Pacific
- South America
- Middle East & Africa
Global Home Healthcare Market Scope and Market Size
Home healthcare market is categorized into three notable segments which are based on the basis of type, disease and distribution channel.
- On the basis of type, the market is segmented into devices, software and services. In 2020, the devices segment is dominating as well as growing in the market as devices help the patients to get better treatment at home as well as in hospitals. Devices such as ventilators, wheelchairs, blood glucose meters, apnea and other home monitoring devices are useful for providing health benefits among patients. The devices play an important role in home healthcare hence manufacturers are focusing in providing devices with advanced technology in market. These devices are being utilized highly by service providers in order to provide better health condition among patients who are suffering from diseases such as cardiovascular disease, bone related diseases among others.
- On the basis of disease, the market is segmented into chronic obstructive pulmonary disease, diabetes, hypertension, smoking, asthma, depression, heart diseases, dementia / Alzheimer's diseases, obesity, Parkinson's diseases, infectious diseases (HIV/AIDS), bone & joint diseases and others. In 2020, heart diseases segment is dominating the market as the patients do not get long term hospitalization suffering from heart disease. Hence, home healthcare services providers provide beneficiary services among these patients.
- On the basis of distribution channel, the market is segmented into retail sales and direct tenders. In 2020, the direct tenders segment is dominating the market as demand for the devices are higher from services providers in order to provide better homecare facility among patients at their doorsteps. Due to this, major services providers have direct contact with the manufacturers. Due to high demand for the products in big services providing agencies, direct tender may grow in future as well.
Key Pointers Covered in Home Healthcare Market Industry Trends and Forecast to 2027
- Market Size
- Market Standards and Changes
- Market Trials in Different Regions
- Market Requirements in Different Regions
- Market Shares in Different Regions
- Recent Developments for Market Competitors
- Recent Market Value for Different Regions
- Sales Data for Market Competitors
- Key Vendors and Disruptors Study
- Supply Chain Competiveness
- Value Chain Analysis
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
- What can be the best investment choices for venturing into new product and service lines?
- What value propositions should businesses aim at while making new research and development funding?
- Which regulations will be most helpful for stakeholders to boost their supply chain network?
- Which regions might see the demand maturing in certain segments in near future?
- What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
- Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
- Which government regulations might challenge the status of key regional markets?
- How will the emerging political and economic scenario affect opportunities in key growth areas?
- What are some of the value-grab opportunities in various segments?
- What will be the barrier to entry for new players in the market?
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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