Research Nester assesses the growth and market size of the home healthcare Market which is anticipated to be on account of slated demand for disease detection, early diagnosis, and technological advancements in disease management services, which can not only help cure it but prevent any mishap as well.
New York – May 21, 2024- Research Nester’s recent market research analysis on “Home Healthcare Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor's analysis and a detailed overview of the global Home Healthcare Market in terms of market segmentation by indications, disease, product, service, type, and by region.
Growing demand for technological advancements in healthcare to promote the global market share of the home healthcare market.
The global home healthcare market is estimated to grow majorly on account of the increasing technological advancements in the healthcare sector, owing to the slated demand for disease detection, early diagnosis, and technological advancements in disease management services, which can not only help cure it but prevent any mishap as well. According to the National Cancer Institute, by 2040 it is expected that new cancer cases will surpass about 29.9 million and cancer-related deaths will cross more than 15 million.
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Some of the major growth factors and challenges that are associated with the growth of the home healthcare Market are:
Growth Drivers:
· Increase in the geriatric population
· Increasing chronic diseases
Challenges:
The presence concerns related to the lack of qualified and trained home workers in the home healthcare industry due to which several home healthcare firms are being turned down. Many home healthcare providers have started training programs for upskilling their work, but it would take ample time to take the lead. Along with the limited regulatory approval time, many medical devices are subjected to a strict regulatory requirement and approval before they can be used and adopted in homes, which involves a lengthy process of evaluation and approval by the higher authorities, which can take time, high costs, and can hinder the adoption and expansion of implantable medical devices in the market size expansion.
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By indications, the Home Healthcare Market is segmented into Cardiovascular, Ophthalmology, Orthopedic, Plastic Surgery, Dental, and Neurology. The cardiovascular segment is estimated to garner at a significant market share over the forecast period. The segment’s growth is attributed to the increasing prevalence of several cardiovascular diseases in the population worldwide. According to the World Health Organization, it is predicted that more than 17.9 million people will die attributed to cardiovascular diseases, this data registers a share of about 32% of global deaths.
Additionally, there is also an increase in technological advancements, increasing investments coupled with the surge in the geriatric population would help the cardiovascular segment to dominate this market expansion. The increase in such technological advancements has fuelled the revenue share while improving the safety features, which makes them a better option for consumers.
By region, The North American region is expected to generate the highest revenue by the end of 2023. In 2023, the North American market has dominated the global sales, by about 43%. This growth was mainly fueled by the surge in neurological diseases, neurology devices, and cardiovascular diseases, coupled with the geriatric population in this region. According to the National Institutes of Health, more than 5.7 million Americans suffer from congestive heart failure.
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This report also provides the existing competitive scenario of some of the key players of the Home healthcare market which includes Abbott, Addus Homecare, Brookdale Senior Living Solutions, Genesis Healthcare, Inc., Extendicare, Inc., Diversicare Healthcare Services, Inc., Home Instead, Inc., Atria Senior Living, Inc, Intersurgical Ltd., OMRON Healthcare, Medtronic, A&D Company, JMS Co., Ltd., ZUIKO Corporation, and many more.
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