Home Health Care Market: Key Trends and Opportunities by 2024
In an increasingly mobile and independent world, health care services alone remain rooted in a professionally controlled and centralized setting. However, the paradigm change in consumer preference to avail quality services from the comforts of their home is necessitating decentralization of health care services to ensure convenience and care to patients. The market study presents insights into the emerging trends in the home health care market and discusses the factors fueling demand in the key market segments.
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The research report provides a comprehensive overview of the global home health care market and analyzes the challenges and opportunities that this market may witness during the forecast period. The report identifies the services and software segments exhibiting high CAGRs, besides exploring the opportunities demonstrated by the most lucrative regional markets. Innovations in telehealth technology and its influence on the overall market dynamics is also evaluated in the report.
Rising global geriatric population, increasing incidence of chronic ailments, favorable government initiatives, and growing demand for affordable health care delivery systems are the key factors fueling demand in the global home health care market. On the other hand, inadequate insurance coverage, changing reimbursement policies, and rising patient safety concerns are the major restraints of the market.
The global home health care market is primarily driven by significant demand for testing, monitoring, and screening products; mobility care products, and other therapeutic products. Of these, demand for products used in the testing or diagnosis of diseases is rising. For instance, having portable devices such as blood pressure monitors, heart monitoring systems, HIV test kits, pulse oximeters, peak flow meters, and ovulation and pregnancy kits at the disposal of a patient is essential to ensure that patient care is provided at their homes efficiently. However, the products needed may vary from one patient to another depending upon their ailment and present condition. Similarly, demand for mobility care products such as crutches, mobility scooters, cranes, and walkers is rising due to market expansion of home health care.
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The home health care market comprises services such as rehabilitation services, unskilled care services, infusion therapy services, respiratory therapy services, skilled care services, pregnancy care services, and palliative care and hospice. Demand for infusion services is increasing rapidly across the world.
The most common delivery modes adopted in home health care are on-premise, web-based, and cloud-based. Rise in demand for improved security and accessibility drives the cloud-based delivery segment. Furthermore, the rapid proliferation of cloud computing in the health care industry is aimed at reducing the burden on the health care system. This fuels demand for cloud-based delivery.
North America is the most lucrative market for home health care. Implementation of favorable government policies and reimbursements for devices and services are likely to boost the growth of the home health care market in North America.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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