Home Healthcare Market Is Anticipated To Grow At A CAGR Of 10.5% During The Forecast Period

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Home Healthcare Market

Increasing incidences of cardiovascular disorders, diabetes, and respiratory issues boost the demand for home healthcare services.

WILMINGTON, DELAWARE, UNITED STATES, October 25, 2023 /EINPresswire / -- The global Home Healthcare market size is expected to reach US$ 499.6 Bn by 2028, according to a report by Transparency Market Research., expanding at a CAGR of 10.5% over the forecast period.

The home healthcare market is a rapidly growing sector within the healthcare industry due to the aging population, advancements in technology, the need for more convenient healthcare options, and cost-effectiveness. Home healthcare services includes home nursing care, physical therapy, occupational therapy, speech therapy, home infusion therapy, palliative care, and home medical equipment and supplies.

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Home healthcare services are given at home for any injury or sickness. These services are convenient, efficient, and less expensive. The rising geriatric population and increasing prevalence of chronic diseases, such as ostomy and diabetic foot ulcers, drive the market during the forecast period. The growing shift in healthcare service delivery from traditional institutional settings to home care drives market growth.

Growth drivers-

Surge in the geriatric population base:

There has been a steep rise in the population of older adults worldwide. With age, people become vulnerable to a wide array of illness, requiring them to seek quality healthcare. Continuous health monitoring is crucial for elderly people as it helps their caregivers to keep a track on their health status and take decisions accordingly. It is difficult for these people to frequently visit a healthcare facility for check ups or treatments. Home healthcare solutions act as a boon for them as they can take good care or their health under the supervision of qualified health professionals inside the comfort of their homes. This in turn is increasing market share and growth.

Affordability of home healthcare services:

Home healthcare services are often more cost-effective than hospital or nursing home care. As healthcare costs continue to rise, both patients and healthcare providers are looking for ways to reduce expenses. Home healthcare allows for personalized care plans that can be tailored to the patient's needs, minimizing unnecessary expenses.

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Home healthcare goods like monitors, walkers, and oxygen concentrators are all part of the products division's offerings. Increasing desire for non-invasive and cost-effective treatment alternatives, technological improvements, and the rise in the incidence of chronic diseases are all factors that are driving the home healthcare industry.

Leading players operating in the global home healthcare business are

.3M Health Care
.Bayer AG
.Abbott Laboratories
.Cardinal Health, Inc.
.GE Healthcare
.Johnson & Johnson Services, Inc.
.Gentiva Health Services, Inc.
.Invacare Corporation
.F. Hoffmann-La Roche Ltd.
.Phillips Healthcare
.Medtronic, Inc.
.Omron Healthcare, Inc.

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Market Segmentation

By Device Type

.Diagnostic & Monitoring Home Devices
.Therapeutics Home Healthcare Devices
.Home Mobility Assist Devices
.Medical Supplies

By Service

Rehabilitation Services

.Telehealth and Telemedicine Services
.Infusion Therapy Services
.Respiratory Therapy Services
.Unskilled Home Healthcare Services

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Nikhil Sawlani
Transparency Market Research Inc.
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