Fortune Business Insights predicts the rise in geriatric population and the need for giving constant care and attention to them to boost the market for home healthcare in their new report, titled, “Home Healthcare Market Size, Share and Global Trend By Product (Continence Care, Wound Care, Ostomy Care, Clinical Nutrition, Respiratory Care, Equipment & Housekeeping Supplies, Others), By Services (Rehabilitation services, Pregnancy home care services, Nursing services, Others), and Geography Forecast till 2026”. The report provides insights into growth drivers and restraints, and opportunities prevalent in the market.
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In terms of application type, d by the equipment and housekeeping supplies segment currently holds the dominant percent of the global home healthcare market share.
Rapidly Increasing Patient Pool in Developing Nations to Boost Market in Asia Pacific
In terms of geography, the global home healthcare market is dominated by North America, closely followed by Europe. This is on account of the technological advancements in home healthcare equipment with special emphasis on easy mobility of the equipment around the house as per the patient’s home settings. The rise in chronic diseases, especially among aged people is boosting the home healthcare market growth in North America and Europe.
On the other hand, increasing cases of accidents and treatment procedures that require long duration of bed rest, are propelling the growth of the market in Asia Pacific. Also, the increasing patient pool in developing nations of Asia Pacific is fueling the demand for home healthcare health settings.
Rising Prevalence of Respiratory Disorders Boosts Growth Opportunities for Market
The rising number of accident cases, increasing prevalence of chronic and acute diseases and rising geriatric population are major factors boosting the global market growth. In addition, the increasing prevalence of respiratory disorders is also boosting the market. As per the British Lung Foundation, about 1.2 million people are diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.K. Therefore, in the coming years the demand for home healthcare is expected to rise in response to the rising cases COPD worldwide. In addition to this, the market includes services such as pregnancy and elder care services, apart from the others.
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On the flipside, lack of technology adoption amongst the geriatric population and lack of skilled healthcare professionals may restrict the growth of the market in the long run. In addition, unfavorable reimbursement policies and insufficient expertise among patient population to operate in home care setting devices are also anticipated to challenge the growth of the market in the coming years.
Some of the companies functioning in the global market are Apple Inc., Braun Melsungen AG, Roche diagnostics corp., Abbott Laboratories, Amedisys, Inc., Philips N.V., Arcadia Health Care, Nxstage Medical, Inc., GE Healthcare, Baxter, 3M, B. Braun Melsungen AG, 3M Health Care, Almost Family Inc., Air Liquide, Medtronic, BD, Cardinal Health Inc., Sunrise Medical Inc., Bayer AG, Arkray Inc., F. Hoffmann-La Roche AG, and others.
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