Home Healthcare Market See Incredible Growth 2021-2028 | 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd.

Overview:
Home healthcare includes services and devices for patients that regularly monitor vital signs such as body temperature, blood pressure pulse rate and chronic health conditions. Rising cases of chronic diseases is expected to boost growth of the global home healthcare market through forecast period. Moreover, major market players in the global home healthcare market are focusing on approvals and launching novel products to strengthen their product portfolio, this in turn is projected to aid in the growth of global healthcare market.

The global home healthcare market was valued at US$ 279,541.7 Mn in 2019 and is forecast to reach a value of US$ 525,833.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.

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Drivers:
Growing home healthcare expenses are expected to boost growth of the global home healthcare market during the estimate period. For instance, in 2019, as per the Centers for Medicare & Medicaid Services, US$ 108.8 billion expenditure in home healthcare is likely to be registered in the U.S.
The global home healthcare market is estimated to account for US$ 303,605.9 Mn in terms of value by the end of 2020.

Opportunities:
Technological development of novel low-cost product is expected to open up significant opportunities for key players active in the market. For instance, in July 2020, Midge medical, a medical technology start up based in Germany received supply of new sensor technology, from AMS, a high performance sensor solutions provider to create a disruptive technology for science-backed rapid genetic and blood testing in a home and professional healthcare environment at a lower cost.

Restraints:
Although home care may be cheaper on the surface, the home may need fitting with ramps, railings and chairlifts, which can become costly and difficult to organize. This in turn is expected to hinder growth of the global home healthcare market.

Key Takeaways:
The global home healthcare market was valued at US$ 279,541.7 Mn in 2019 and is forecast to reach a value of US$ 525,833.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.

Among sectors, Services sector in home healthcare dominated the global home healthcare market in 2019, having 81.3% share in terms of value.
Trends:

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Market players are adopting various strategies, such as merger and acquisition, as well as are focusing on launching novel products in the market, which in turn is expected to augment the growth of the market. For instance, in May 2018, Baxter International Inc. announced the launch of updates for remote patient management platform for home-care patients.

Moreover, in October 2019, Optum took over Vivify Health, a patient-monitoring start-up, that offers remote monitoring products and other products that monitor health of the patient at home.

Market taxonomy:
• By Type:
◦ Devices
▪ Diagnostics and Monitoring Home Devices
▪ Therapeutics Home Healthcare Devices
▪ Mobility Assist Devices
▪ Medical Supplies
◦ Services
▪ Rehabilitation Services
▪ Telehealth and Telemedicine Services
▪ Infusion Therapy Services
▪ Respiratory Therapy Services
▪ Unskilled Home Healthcare Services

• By Region:
▪ North America
▪ Latin America
▪ Europe
▪ Asia Pacific
▪ Middle East
▪ Africa

Key players:
Key players active in the global home healthcare market are Regeneron Pharmaceuticals, Inc. Abbott Laboratories, Becton, Cardinal Health, GE Healthcare, Invacare Corporation, Johnson & Johnson Services, Inc., Medtronic, Inc., AdaptHealth, Current Health, Baxter International Inc., Outset Medical, 3M, Bayer AG, Dickinson and Company, F. Hoffmann-La Roche Ltd., Gentiva Health Services, Inc., The Linde Group, Omron Healthcare, Inc., and Optum (United Healthcare),

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