Home Healthcare Market: Challenges and Solutions
The global Home Healthcare Market is projected to reach USD 680.35 billion by 2027. The market is growing rapidly due to various factors such as the rising cost of hospital beds, the unavailability of ambulance services in remote areas, and the prevalence of chronic diseases, geriatric population, and pediatric deformity, and the proliferation of novel pandemics.
The adoption of tele-ICU technology has also been one of the trendiest developments in the ICU management or critical care patient monitoring market, offering cost-effective solutions for patient monitoring in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems, reducing the burden of undergoing huge expenses of the critical care units and treating critical care patients right from their homes.
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The Asia Pacific held a market share of 21.8% in 2019 and is expected to showcase a tremendous pace in the market amidst the COVID-19 epidemic situation due to an increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, extremely low amount of critical care beds, and isolation per capita.
The COVID-19 pandemic has created an endless requirement of intensive care units and isolation wards in almost all countries worldwide. Incorporating home healthcare systems has become crucial for isolation purposes for COVID-19 positive patients and non-severe diseases and ailments.
The market's key findings show that the increasing popularity of ambulatory care hospitals that release patients right after surgery and let patients take necessary medication and treatments at home are being widely preferred for their considerably low expenses. China and India are expected to witness a surge in this market shortly as the market value is expected to double itself in India shortly.
The infectious diseases sub-segment is observing the highest demand now due to the COVID-19 cases diagnosed worldwide. This sub-segment is projected to grow at a CAGR of 19.4% throughout the forecast period.
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Key participants include McKesson Medical-Surgical Inc., Medline Industries, Inc., 3M Healthcare, Brookdale Senior Living, Inc., Home Health Services Ltd., Genesis Healthcare Corp., Home Instead Senior Care, Inc., Care UK Limited, Becton, Dickinson and Company, ConvaTec Group PLC, and Extendicare, Inc., among many others.
Reports and Data segmented the Home Healthcare Market on the basis of product, software, services, purposes, types, and region. The product outlook includes Homecare Diagnostic, Therapeutics, and Mobility Care. The software outlook includes Agency Software, Clinical Management Systems, and Hospice Solutions. The service outlook includes Rehabilitation, Infusion Therapy, Unskilled Care, Respiratory Therapy, Pregnancy Care, Skilled Nursing, Telemetry, Hospice & Palliative Care, and more. The purpose outlook includes Chronic Diseases, Infectious Diseases, Psychological Diseases, Geriatric Diseases, Pediatric Diseases, Fertility Treatments & Pregnancy, Intensive & Critical Care, Injuries & Accidental Deformity, Nutrition & General Consultancy, and Others. Finally, the types of outlook include Home Healthcare Monitoring, Home Healthcare Services, and Home Healthcare Software Solutions.
In conclusion, the home healthcare market is growing rapidly and is expected to reach a significant market value in the next few years. The rising geriatric population and the prevalence of chronic diseases are the key factors contributing to the growth of this market. The adoption of tele-ICU technology and the incorporation of home healthcare systems are also contributing to the growth of the market. The market is segmented based on product, software, services, purposes, types, and region, making it easier for investors and businesses to identify key trends and opportunities.
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