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Explosive Growth Projected: Palliative Care Market Set to Hit $661.12 Billion by 2030
Palliative Care Market
The home healthcare market encompasses medical and non-medical services delivered in a patient's home, aimed at managing illnesses, promoting health, and improving quality of life. This industry serves a diverse range of patients, including the elderly, individuals with chronic conditions, and those recovering from surgery or injury.
Key components of home healthcare include skilled nursing care, physical therapy, occupational therapy, speech therapy, and assistance with activities of daily living. Additionally, non-medical services like personal care, meal preparation, and companionship are also provided.
Advancements in technology have fueled the growth of the home healthcare market, with telehealth and remote monitoring enabling healthcare professionals to monitor patients' conditions remotely and deliver timely interventions. This has not only improved patient outcomes but also reduced healthcare costs by minimizing hospital admissions and emergency room visits.
The Home Healthcare Market Size was assessed at USD 216.0 billion in 2021, and it is expected to rise from USD 246.1 billion in 2022 to USD 661.12 billion by 2030, representing a compound annual growth rate (CAGR) of 7.14% over the forecast period (2022- 2030).
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Market Competitive Landscape:
Notable players in the Home Healthcare Market include
Koninklijke Philips N.V.
Hoffmann-La Roche AG
A&D Company
Fresenius SE & Co KGaA
Abbott
GE Healthcare
Axxess
CVS Pharmacy
Becton Dickinson Company
Omron Corporation
Medtronic PLC
LG Electronics
Kinnser Software
Apple
3M
Palliative Care Market Segmentation
The Home Healthcare Market is segmented by product, service, and software.
By product, the market is bifurcated into therapeutic and testing, screening, and monitoring products. The testing, screening, and monitoring segment is touted to exhibit a stupendous 8.5% CAGR during the forecast period.
Services provided under home healthcare include skilled nursing services, unskilled care services, rehabilitation therapy services, respiratory therapy services, pregnancy care services, and infusion therapy services. Among these services, the skilled nursing services segment is projected to touch a valuation of USD 134,166.3 million by 2023 owing to the need for hospice for last-stage cancer patients.
The infusion therapy service segment is anticipated to register an impressive 8.50% CAGR owing to the pressing demand in parenteral and enteral nutrition. Rehabilitation services possess the potential to grow the fastest during the review period owing to increasing number of surgeries caused by trauma and the burgeoning geriatric population.
Hospice solutions, telehealth solutions, clinical management systems, and agency software are some of the software segmented under home healthcare. The clinical management system software can clock a CAGR of 8.3% during the forecast period. But telehealth solutions are touted to grow the fastest due to inclination of patients towards video calling.
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Market Drivers:
According to an insightful analysis by Market Research Future (MRFR), the global home healthcare market is expected to reach USD 414,682.2 million by 2023. It has the potential to grow at an astonishing CAGR of 8.1% between 2017 and 2023 (forecast period). Benefits of home healthcare, such as improved patient outcomes, cost efficiency, and reduced hospital bills, are expected to fuel market expansion throughout the forecast period. Other variables expected to have a significant impact on the industry include an increase in patients' disposable incomes and the availability of internet services. Government measures that encourage the trend, as well as advancements in healthcare equipment, can improve investment possibilities in this area.
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Palliative Care Market Regional Insights
The Americas, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC) are among the regions exhibiting the most recent market developments.
The Americas now lead the Home Healthcare Market, with shares split between North and South America. North America dominates the market because to its strong healthcare infrastructure, rising healthcare spending, and incidence of chronic disorders.
Europe has taken second place after the Americas. The APAC area is expected to increase at an 8.7% CAGR throughout the forecast period, owing to its large patient pool and expanding elderly population. This is obvious from the Asian Development Bank's 2017 estimate, which states that the elderly population would reach a staggering 923 million by 2050. The availability of a low-cost skilled labor force can benefit the market in the long run.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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