Home-Based Point of Care Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, The Global Home-Based Point of Care Market is expected to reach the market valuation of US$ 779 billion by 2027 expanding at a significant CAGR of 13.9% during the forecast period (2021-2027) from US$ 296 in 2020. Home-based point of care acceptance moved the delivery of healthcare from an office to the patient's home as it provides patient-centered care at their homes. Home-based point of care are used as an alternative way for organizing and delivering care that may better address the needs, values, and preferences of chronically ill, fragile, and physically or cognitively disabled patients who have difficulty in accessing office-based primary care or other models of care that require office visits. According to the Home Healthcare News in 2020, the Medical Advantage plans cover non-medical, in-home support, and services. The flourishing new opportunity for home-based point of care providers to participate in Medical Advantage, serves 34% of all Medicare beneficiaries, with 22 million total enrollees. This shows the interest of other medical organizations in the home-based point of care market. Also, Amazon in march 2021, reveals their national expansion plans of an in-home care platform called “Amazon Care” which will provide on-demand health care service at patient's homes.
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Moreover, increasing technological advancement like remote patient monitoring and telehealth in home-based point of care services is likely to be a factor for the tremendous growth of the market. Also, the healthcare cost curve and excessive health expenditure have been reduced due to home-based point of care services. As, the researchers at the “Cleveland Clinic” in the United States determined that the use of home-based point of care services following inpatient care decreased the number of follow-ups, and hospital readmissions, saving nearly USD 6,500 per patient over a year. Likewise, according to the Centers for Medicare & Medicaid Services (CMS) in 2020, estimates that the home health care in Medicare saves at least USD 378 million a year through diminished hospitalizations, based on the nine states participating in the Home Health Value-Based Purchasing (HHVBP). Value-based care arrangements link quality, outcomes, safety, and other measures directly to reimbursements. This demand for patient-centric healthcare services at homes, in return, increases the requirement for healthcare workers and agencies and is anticipated as a driving factor for the market growth.
Siemens Healthineers, Abbott Laboratories, Danaher Corporation, Johnson & Johnson, Nova Biomedical, F. Hoffmann-La Roche AG, Trinity Biotech, Qiagen, Becton Dickinson (BD), Biomerieux SA are some of the prominent players operating in the global Home-Based Point of Care market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst Products, Diabetic care unit of diagnostic segment holds the major share”
Based on the Products, the market is fragmented Therapeutic, Diagnostic, and Mobility Assist. The Diabetic care unit in the diagnostic segment is anticipated to observe lucrative due to the success of hand-held glucose meters, owing to their high acceptance rate among the population across the world.
“Amongst Services, Nursing care segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on the Services, the market is bifurcated into Physician/Primary Care, Nursing Care, Physical/Occupational/Speech Therapy, Nutritional Support, Hospice & Palliative Care, Other skilled Home Care Services, and Unskilled Home-Based Care. The Nursing care Segment grabbed the major market due to the increase in chronic diseases and geriatric population worldwide.
“Amongst Purpose, Chronic Diseases segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on the purpose, the market is bifurcated into Chronic Diseases, Infectious Diseases, Psychological Diseases, Geriatric Diseases, Paediatric Diseases, Fertility Treatments & Pregnancy, Intensive & Critical Care, Injuries & Accidental Deformity, Nutrition & General Consultancy, and Others. The Chronic Diseases sector grabbed the major market due to the growing number of patients suffering from chronic or acute diseases like urinary incontinence or end-stage renal disease (ESRD) which demand advanced devices for their treatment.
“Amongst Types, the Home-based Software Solutions segment holds the major share”
Based on the types, the market is bifurcated into Home-Based Healthcare Monitoring, Home-Based Healthcare Services, and Home-Based Healthcare Software Solutions. The Home-based Software Solutions sector grabbed the major market as it offers a solution to reorganize operations, thereby helping companies keep well-informed of regulatory and guideline changes and improve patient care.
“North America signifies one of the largest markets of Home-Based Point of Care Market”
For a better understanding of the market dynamics of the Home-Based Point of Care market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Rest of World. North America constitutes a major market for the Home-Based Point of Care industry and generated the maximum revenue in 2020 owing to the presence of key companies and healthcare infrastructure with the highest spendings on healthcare.
Home-Based Point of Care Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.