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In February 2019, OxyGo LLC launched OxyGo FIT Connect, a wireless connectivity platform application that helps remotely monitor the portable oxygen concentrators used by patients in home care settings. Home healthcare market comprises of equipment used to monitor and diagnose any disease indication in addition to products used to treat a disorder therapeutically.
Home healthcare market also includes home service providers, for instance, elder care services, pregnancy care services, among others. The rise in demand of at home treatment among the patient pool is estimated to fuel the global home healthcare market growth. Additionally, the global home healthcare market growth is benefited from the increasing prodcut launced by major players.
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The global home healthcare market growth is anticipated to be driven by the increasing geriatric population combined with the rise in the prevalence of chronic disorders among the population. According to estimates by the World Health Organisation (WHO), the elderly population aged 60 years and above will be almost doubled from 2015 to 2050. This is anticipated to increase the adoption of home healthcare products.
Additionally, the rising prevalence of respiratory disorders like asthma and chronic obstructive pulmonary disease is projected to propel the demand of the home healthcare market. According to the British Lung Foundation, an estimated 1.2 million individuals are living with diagnosed COPD in the UK. This rise in prevalence is estimated to increase the adoption of inhalers and associated devices.
Certain factors that are estimated to restraint the global home healthcare market growth are lack of technology adoption in the elderly population, unfavorable health care reimbursement policies, and lack of skilled medical professionals. Additionally, insufficient expertise among the patient population to operate home care setting equipment and devices could restrict the adoption of home healthcare products.
Key players operating in the global home healthcare market are F. Hoffmann-La Roche AG, Medtronic, Philips N.V., 3M, GE Healthcare, Abbott Laboratories, Almost Family, Inc., B. Braun Melsungen AG, BD, Apple Inc., and other major players
· Continence Care
- Briefs & Diapers
- Catheters & Bags
- Underpads & Liners
· Wound Care
- Traditional Wound Dressings
- Advanced Wound Dressings
- Negative Pressure Wound Therapy
· Ostomy Care
- Ostomy Care Bags
· Clinical Nutrition
- Parenteral Nutrition
- Enteral Nutrition
· Respiratory Care
· Equipment & Housekeeping Supplies
· Rehabilitation services
· Pregnancy home care services
· Nursing services
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Currently, among application types, the equipment & housekeeping supplies segment is likely to hold the major share of the global home healthcare market due to the higher cost and rising adoption in home care settings.
The global home healthcare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe, are projected to lead the global home healthcare market. The technological advancements and introduction of new products owing to the high demand for home healthcare products among the consumers are estimated to favor the global home healthcare market growth in these regions. In the emerging countries of Asia Pacific, the increasing geriatric population and high patient pool suffering from chronic disease are estimated to drive the global home healthcare market growth. In Latin America and the Middle East and African countries, the evolving healthcare system is projected to boost the global home healthcare market growth.
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