The trend of using technology in on-demand healthcare services is going to innovate the home healthcare services market and is expected to further boost the market growth.
According to the latest Arizton's market research report, the home healthcare services market size to reach around USD 390 billion by 2026, growing at a CAGR of approximately 6% during the forecast period.
Global Home Care Services Market Growth
The adoption of wearable and compact medical devices is driving the growth of the home healthcare services market. As homecare medical devices and testing tools are being encouraged by healthcare providers, medical device contract manufacturers are focusing more on their product development. Increasing acceptance of AI and ML is expected to grow digital point-of-care testing in the future. Big players, such as Bayada and Kindred at Home, provide consultation to patients over various at-home services that they can avail under their health insurance. The trend of using technology in on-demand healthcare services is going to innovate the home healthcare services market and is expected to further boost the market growth.
Read: E-prescribing Market - Global Outlook and Forecast 2021-2026
What’s trending in the market?
- In the home healthcare sector, technological advances have impacted the industry positively.
- OMRON is a trusted brand among medical and research institutes in terms of the technology advancements and accuracy of their medical devices.
- Braun is focusing on expanding its presence in the Middle East and Africa in the healthcare industry.
- The global home healthcare diagnostic and monitoring services market is expected to reach over USD 58 billion by 2026.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, indication, and geography
- Competitive Landscape – 16 Key Company Profiles and 29 Other Prominent Vendors
North America Home Healthcare Services Market Insights
The US and Canada are focusing on the reformation their healthcare systems that is promoting the growth of home healthcare in North American. The increasing focus of vendors towards manufacturing innovative medical devices are booming in the region. In North America, the home healthcare services market is expected to grow exponentially in the coming years. Medtronic, Abbott, and GE Healthcare are few vendors dominating the market in North America. In Europe, B. Braun launched many home healthcare-related products in recent years through innovation, such as Be1 Stoma Cover, Omnitest Blood Glucose Meter, and Actreen, etc. There are several health campaigns initiate in Europe to increasing spending on healthcare.
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What are the Strategies Adopted by the Player in Global Home Care Services Market?
Global players in the home healthcare services market are facing significant competition. Companies are seeking opportunities for innovative technology-enabled products and focusing on enhancements of customer experiences. The home healthcare services market is highly fragmented and regional. The home healthcare devices market is dominated by the established players based on their market reputation and trust among users. The emergence of COVID-19 impacted the growth of home healthcare services as visiting physically to hospitals are very risky. Players such as Fresenius, Philips, Abbott, Medtronic, and Roche are leading in the home healthcare services market.
Home healthcare products are developed to get real-time health analysis as a means of monitoring, diagnostics, and preventive care. One of the leading players Abbott is planning to advance its FreeStyle Libre system, which is used for continuous blood glucose monitoring, by partnering with Tandem Diabetes, Omada Health and Sanofi. Abbott, with its perfect resources for consumer-centric markets such as home healthcare, can become a global leader and provider of home healthcare products.
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