Home Healthcare Market worth $353.5 billion by 2022

(IT-NEWSWIRE.COM, March 12, 2020 ) The global Home Healthcare Market was valued at USD 237.0 billion in 2017 and is projected to reach USD 353.5 billion by 2022, at a CAGR of 8.3% during the forecast period. Market growth is driven mainly by the growing geriatric population, increasing incidences of chronic diseases, and the rising demand for affordable healthcare delivery systems (due to rising healthcare costs).

The therapeutic products segment dominated the home healthcare products market in 2017

Based on product, the market is segmented into therapeutic products; testing, screening, & monitoring products; and mobility care products. The therapeutic products segment dominated the market in 2017 majorly due to the high and growing prevalence of chronic diseases (such as kidney failure, respiratory diseases, diabetes, and cancer) and the subsequent growth in the demand for therapeutic products that can be used for long-term care in home care settings.

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The infusion therapy services segment is expected to grow at the highest CAGR in the home healthcare services market

Based on service, the home healthcare market is segmented into rehabilitation therapy services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. The infusion therapy services segment is estimated to grow at the highest CAGR during the forecast period.

The rising focus on reducing healthcare costs, as well as developments in the clinical administration of infusion therapy, have enabled the administration of this therapy in alternate settings. In the case of individuals requiring long-term infusion therapy, inpatient care is costly and prevents these patients from leading a normal lifestyle and resuming work activities. As a result, the demand for home infusion therapy is increasing at a high rate.

North America is expected to dominate the home healthcare market in the coming years

In 2017, North America was the largest regional market for home healthcare products and services, followed by Europe. The healthcare delivery scenario has changed dramatically in North America over the last ten years. Owing to the significant growth in healthcare costs, coupled with technological advancements and rising patient volume, home healthcare has emerged as a strong platform in the region for delivering quality and affordable healthcare to patients.

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Leading Companies

The home healthcare market is highly competitive, with the presence of several small and big players. Prominent players in this market include Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Fresenius (Germany), Omron (Japan), and Roche (Switzerland).

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Home Healthcare Market worth $353.5 billion by 2022