As per Precedence Research, the homecare diagnostics & therapeutics market size is projected to reach US$ 365.35 billion by 2029 and expanding growth at a CAGR of 8% from 2021 to 2030.
As per Precedence Research, the homecare diagnostics & therapeutics market size is projected to reach US$ 365.35 billion by 2029 and expanding growth at a CAGR of 8% from 2021 to 2030.
The homecare diagnostics and therapeutics assist in the treatment of diseases and disorders at home. The products used in the homecare diagnostics and therapeutics are therapeutic and diagnostic products as well as mobility care products. The services offered in the global homecare diagnostics and therapeutics market are infusion therapy services, rehabilitation therapy services, respiratory therapy services, skilled nursing services, and pregnancy care services. The disorders and illnesses that are treated through homecare diagnostics and therapeutics are respiratory diseases, cardiovascular diseases, wound care, cancer, and diabetes.
One of the primary factors propelling the growth of the global homecare diagnostics and therapeutics market is growing geriatric population. The old people are not able to visit hospitals for regular checkups frequently. Thus, the requirement and need for homecare diagnostics and therapeutics is growing at a large scale. In addition, the homecare diagnostics and therapeutics is helping in the reduction of healthcare and hospital visits costs. The homecare diagnostics and therapeutics market players have started highly investing in the market.
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Furthermore, the advancement in the healthcare sector is also contributing to the growth of the global homecare diagnostics and therapeutics market during the forecast period. The rising incidents of chronic disorders are also boosting the homecare diagnostics and therapeutics market growth. In some regions, the government provides reimbursement for the treatment through homecare diagnostics or home healthcare. As a result, these aforementioned factors are driving the expansion of the worldwide homecare diagnostics and therapeutics market over the projection period.
Report Highlights:
- Based on the product, the diagnostics segment dominated the global homecare diagnostics and therapeutics market in 2020 with largest market share. This is due to rising need for tracking and monitoring of various diseases such as obesity, cancer, and diabetes at home.
- On the basis of services, the skilled nursing services segment holds the largest market share the global homecare diagnostics and therapeutics market in 2020.This is attributed to the growing geriatric population. The old people are unable to check and monitor their illnesses by their own. That’s the reason, the homecare diagnostics and therapeutics is gaining traction.
- Based on the indication, the cardiovascular disorders segment dominated the global homecare diagnostics and therapeutics market in 2020 with largest market share. The number of cases of cardiovascular disorders is rising at a rapid pace. Thus, the treatment of such diseases at home has become important since pandemic. This factor is driving the demand for homecare diagnostics and therapeutics globally.
- North America is the largest segment for homecare diagnostics and therapeutics market in terms of region. The factors such as rising disposable income coupled with growing geriatric population are propelling the growth of the homecare diagnostics and therapeutics market in the region.
- Asia-Pacific region is the fastest growing region in the homecare diagnostics and therapeutics market.The expanding healthcare facilities, rising prevalence of chronic diseases, and increasing consumer spending on medical are some of the factors driving the growth of the homecare diagnostics and therapeutics market in Asia-Pacific region.
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Future of Homecare Diagnostics and Therapeutics Market
The major factor that is influencing the expansion of the global homecare diagnostics and therapeutics market is the growing consumer preference for the home healthcare and treatments. Many of the hospitals and healthcare centers started to provide homecare diagnostics and therapeutics to their patients. The homecare diagnostics and therapeutics are mostly given to the old age people. Thus, the growing geriatric population is also contributing towards the growth of the global homecare diagnostics and therapeutics market in the near future.
COVID-19 Impact Analysis:
- The homecare diagnostics and therapeutics market saw decline in growth due to the COVID-19 outbreak.
- This was due to travel restrictions and STAY AT HOME norms. The homecare diagnostics and therapeutics service providers were afraid to visit patients’ home due to coronavirus.
- Thus, these factors resulted in the decline in the revenue and sales of homecare diagnostics and therapeutics in the market.
Key Developments in the Marketplace:
- The AVIVA STORM RX, a next generation rear wheel power wheelchair was released in 2021 by Invacare.
- BAYADA Home Healthcare established an agreement with VCU Health System in 2021 that will improve in home health in the U.S.
- University Health Care System and LHC Group Inc. have formed a joint venture. The goal of this cooperative venture was to improve home health services in South Carolina and Georgia.
- ResMed extended its leadership position in the Korean industry by acquiring HB Healthcare in March 2019.
Some of the prominent players in the global homecare diagnostics & therapeutics market include:
- GE Healthcare
- Abbott
- Linde plc
- Fresenius SE & Co. KGaA
- F. Hoffmann-La Roche Ltd.
- Invacare Corporation
- A&D Company
- BAYADA Home Health Care
- Amedisys
- ResMed
Market Segmentation
By Product
- Diagnostics
- Therapeutics
- Mobility Care Products
By Service
- Rehabilitation Therapy Services
- Skilled Nursing Services
- Respiratory Therapy Services
- Pregnancy Care Services
- Infusion Therapy Services
- Others
By Indication
- Cardiovascular Disorders
- Cancer
- Diabetes
- Respiratory Diseases
- Wound Care
- Others
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
- Rest of the World
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