Overview
Home healthcare is an extremely viable option being preferred by patients due to swelling healthcare costs especially in the elderly population. Reports created by MRFR detail the developments of the healthcare industry that can be expected in the market through the forecast period. The home healthcare market is projected to expand at an 11.6% CAGR in the forecast period.
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The pandemic has formed a flourishing in-home healthcare market globally as seniors are electing to stay in their homes rather than transfer to an assisted living facility. Though, the aging population are growing, the need for caretakers in-home care is projected to rise significantly in the coming period. The patients who require constant health care nursing are more likely to choose to stay at home to recuperate as hospitals are often deemed very stressful environments by some.
Market Segmentation
The global home healthcare market has been segmented based on services, product, and software. On the basis of products, the market for home healthcare is segmented based on therapeutic products and others. Additionally, the market on the basis of services, is segmented into respiratory therapy service, skilled nursing services, and others. The global market for home healthcare is also covered based on the software segment which is further split into telehealth solutions, clinical management systems, and others.
The growth of the home healthcare sector is supported by factors such as technical advancements in healthcare and diagnostic equipment and a new range of services. This development is seen through the various segments of the home healthcare market that are mentioned in the research study. The growth factors have been explored fully. In recent and current years, the growth of the home healthcare sector has indeed been examined. In addition, descriptive analysis of various market segments identified above is given in the home healthcare market study. It also offers sub-segment research to assist businesses operating in the global home healthcare industry.
Competitive Analysis
Some companies also provide in-home personal, nursing and respite care for elderly and disabled patients including housekeeping, meal prep, and dietary needs.
The market player, when collaborating ensure to look for a technology partner whose product aligns with their goals to empower caregivers, optimize their time, and enable them to fulfill their inherent desire to make a difference.
They strive to provide exceptional support and develop the mobile solution with electronic documentation and automated workflows that can support a faster documentation completion while delivering care with the highest professional, ethical, and safety standards to the patients.
The industry is transforming rapidly with the technological solutions supported by AI and automation. Home healthcare companies are keeping with the pace by adopting an increasingly digitalized world to remain competitive. With the right technology, home healthcare companies are enhancing their efficiency of processes, in turn improving client and caregiver satisfaction while reducing costs.
Industry/ Innovation/ Related News
June 05, 2018 – Zoctr Health Pvt. Ltd. (India), a start-up allowing users to buy health-related services and home-based wellness packages online, announced that it has raised yet another funding round from Dubai-based NB Ventures Ltd. and Udaipur Angel Network (a host of angel investors). With this round, the total funds raised by Zoctr has crossed US$ 2 Mn.
Regional Analysis
The regional examination of the home healthcare market are the Americas, APAC, Europe and other vital regional markets. The Americas home healthcare market dominates the home healthcare market due to the incidence of elderly residents, incidence of the vital companies, and elevated healthcare spending. The European home healthcare market holds the next position in the global market. It is anticipated that the backing provided by the private, and government groups for research & development, along with a sophisticated knowledge drives the home healthcare market in the European regional market. The Asia Pacific regional home healthcare market is likely to be the fastest growing in the forecast period. The mounting treatment expenditure and hospital stay duration, and the presence of an enormous patient pool drives the APAC market in the forthcoming period.
List Of Tables
TABLE 1 MARKET SYNOPSIS 16
TABLE 2 LIST OF ASSUMPTIONS 19
TABLE 3 PRIMARY INTERVIEWS 22
TABLE 4 GLOBAL HOME HEALTHCARE MARKET, BY PRODUCT 2020-2027 (USD MILLION) 41
TABLE 5 GLOBAL HOME HEALTHCARE MARKET, BY REGION 2020-2027 (USD MILLION) 42
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