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| Global Home Healthcare Market Size |
The global Home Healthcare Market is estimated to be valued at US$ 384584.69 Mn in 2023 and is
expected to exhibit a CAGR of 8.2% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The Global
Home Healthcare Market Size comprises products and services used for
medical treatment purposes at home. This includes medical devices, equipment,
and supplies used for various treatments such as wound care, respiratory
therapy, mobility care, and more. Home healthcare offers significant advantages
over facility-based treatment such as reduced medical costs, better health
outcomes, and improved patient comfort. With rising population aging and
chronic diseases, home healthcare is becoming increasingly important in
providing effective and cost-efficient medical treatment to patients.
Market key trends:
One of the key trends in the home healthcare market is the growing adoption of
telehealth and remote patient monitoring devices. Advances in digital health
technologies allow monitoring of vital signs and symptoms from homes using devices
connected to the internet. This enables remote treatment management and reduces
need for frequent doctor visits. Another trend is the increasing Medicare
reimbursements and support for home healthcare services in U.S. and other
countries. Favorable regulations are encouraging greater utilization of home
treatment options. Moreover, major players are focusing on partnerships and
mergers to expand product and service offerings, which is expected to drive
market growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low. This market requires high capital investment and
dealing with strict regulation from government which creates entry barriers for
new players.
Bargaining power of buyers: Moderate. Buyers have moderate power due to
availability of alternative options. However, customer retention and loyalty
play key role.
Bargaining power of suppliers: Low. This market has low supplier power due to
presence of numerous suppliers of medical devices, products and services.
Threat of new substitutes: Low. There are limited substitute options for
essential healthcare services at home.
Competitive rivalry: High. The market is highly competitive with players
competing on innovation, service, quality and pricing.
Key Takeaways:
The global Home Healthcare Market is expected to witness high growth,
exhibiting CAGR of 8.2% over the
forecast period 2023 to 2030, due to increasing prevalence of chronic diseases
and growing geriatric population requiring long term home care services.
Regional analysis: North America dominates the global market owing to
supportive government policies and initiatives focusing on reduction of
healthcare costs by shifting to home care settings in the US and Canada. Asia
Pacific is expected to grow at fastest pace due to increasing healthcare
expenditure and demand for quality home care services in China and India.
Key players analysis: Key players operating in the home healthcare market are
3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal
Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services,
Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde
Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health,
Baxter International Inc., Optum, Outset Medical, and Regeneron
Pharmaceuticals, Inc. These players are focusing on new product launches and
strategic collaborations to consolidate their market position.
Read More: https://www.rapidwebwire.com/home-healthcare-market-scope/