Home Healthcare Market to Expand at a Healthy Growth Rate in the Coming Years

Home Healthcare Market growth is driven mainly by the growing geriatric population, increasing incidences of chronic diseases, and the rising demand for affordable healthcare delivery systems (due to rising healthcare costs).

What the Market Looks Like?

Predicted to grow at a CAGR of 8.3% during the forecast period, the global Home Healthcare market is estimated to reach USD 353.56 billion by 2022. In 2017, North America is expected to dominate the home healthcare market followed by Europe.

Based on product, the market is segmented into therapeutic products; testing, screening, & monitoring products; and mobility care products. The therapeutic products segment dominated the market in 2017 majorly due to the high and growing prevalence of chronic diseases (such as kidney failure, respiratory diseases, diabetes, and cancer) and the subsequent growth in the demand for therapeutic products that can be used for long-term care in home care settings.

Based on service, the home healthcare market is segmented into rehabilitation therapy services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. The infusion therapy services segment is estimated to grow at the highest CAGR during the forecast period.

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What Drives the Market?

The growth of the global market for Home Healthcare is primarily influenced by the following factors:
• Rising Incidence of Chronic Diseases
• Technological Advancements
• Increasing Healthcare Costs and the Growing Need for Affordable Treatment Options
• Government Initiatives to Promote Home Healthcare

Geographical growth scenario of Home Healthcare Market

In 2017, North America was the largest regional market for home healthcare products and services, followed by Europe. The healthcare delivery scenario has changed dramatically in North America over the last ten years. Owing to the significant growth in healthcare costs, coupled with technological advancements and rising patient volume, home healthcare has emerged as a strong platform in the region for delivering quality and affordable healthcare to patients.

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Leading market players and strategies adopted

The prominent players in the Home Healthcare market include Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Fresenius (Germany), Omron (Japan), and Roche (Switzerland).

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This release was published on openPR.