Home Healthcare Market: Increasing Popularity of Telehealth Practices Driving Global Market

Wilmington, Delaware, United States: According to Transparency Market Research’s latest report on the global home healthcare market for the historical period 2017–2019 and forecast period 2021–2028, increase in the geriatric population and surge in incidence of target diseases, such as dementia and Alzheimer’s, and orthopedic diseases are projected to fuel the growth of the global market

Rise in Prevalence of Chronic Diseases to Drive Uptake of Home-based Medical Devices and Services: Key Driver

Chronic conditions such as diabetes, asthma, blood pressure, and other respiratory and cardiovascular diseases require continuous and regular monitoring. Increase in the number of people diagnosed with these diseases drives the demand for home healthcare medical devices and services. According to the World Health Organization, asthma affected an estimated 262 million people in 2019 and caused 461,000 deaths.

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Additionally, the organization stated that cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for an estimated 17.9 million deaths each year. Moreover, the number of deaths due to cardiovascular diseases is projected to reach 23.3 million by 2030. Furthermore, the American Diabetes Association estimated that one in three adults in the U.S. would have diabetes by 2050. Hence, rise in number of people diagnosed with chronic diseases increases the uptake of home medical devices.

The Annals of Internal Medicine stated in 2019 that continuous monitoring of diseases with home medical devices provides more accurate picture of chronic diseases rather than relying on repetitive hospital visits. Hence, these facts and studies support the uptake of home healthcare devices and services, which is expected to boost the growth of the global home healthcare market.

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Investment in Emerging Economies Provides Platform to Companies to Record High Revenue in Home Healthcare Business

Emerging economies in Asia Pacific and Latin America offer significant opportunities in the home healthcare market. India, China, Brazil, and South Africa have a large number of under-served patients. High patient population in regions such as Latin America, India, and China coupled with aging population presents significant opportunities in the home healthcare market. According to the World Health Organization (WHO), the risk of type II diabetes and hypertension is steadily increasing in emerging economies such as China, Latin America, and the Caribbean.

The Centre for Strategic & International Studies (CSIS) also stated that the geriatric population in Latin America would triple as a percentage of the population by 2050. The organization has estimated that the geriatric population in countries such as Brazil, Mexico, and Chile will increase from 13% in 2025 to 22% in 2050 of the total population. Hence, rise in patient pool and increase in the geriatric population are projected to boost the demand for home healthcare during the forecast period, which would provide a healthy platform for key companies.

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Home Medical Devices Could Lead to Fatal Health Disorders and Misguide Treatment Therapy: Key Restraint

Accuracy in the value of measurement is important during the diagnosis of a disease, as a deviation could lead to unnecessary treatment. Rise in uptake of home healthcare devices in Latin America is anticipated to increase in the number of people preferring self-diagnosis. Instead of visiting physicians or clinics, patients participate in self-diagnosis. Therefore, rise in self-monitoring increases the risk of incorrect use of home medical devices. For instance, a patient can rarely notice a symptom of hypertension unless it is measured at a physician’s clinic, as hypertension could lead to complications such as heart attack, and kidney and heart failure. Accurate diagnosis of these diseases is quite important.

Incorrect readings could change the treatment therapy required for a particular disease condition and lead to serious health complications. There is a high chance of inaccurate results by home medical devices, which could lead to fatal health disorders or misguide the treatment therapies to the patients. This factor is projected to hamper the growth of the home healthcare market in Latin America during the forecast period, as people would refrain from using such devices at home.

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Home Healthcare Market: Competition Landscape

This report profiles major players in the global home healthcare market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global home healthcare market is highly fragmented, with the presence of a number of international as well as regional players

Leading players operating in the global home healthcare market 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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