The global home healthcare devices market size was valued at USD 392.85 billion in 2021. It is estimated to reach an expected value of USD 1080.68 billion by 2030, growing at a CAGR of 11.9% during the forecast period (2022–2030).
According to World Health Organization, in 2016 approximately 251 million cases of COPD were diagnosed globally. Increasing prevalence of respiratory devices is increasing demand of home healthcare devices such as oxygen delivery systems, nebulizers, ventilators and inhalers. According to the Centers for Diseases Control and Prevention, approximately 370,000 people die due to coronary heart disease (CHD) in U.S each year. Rise in number of incidences of cardiovascular diseases such as hypertension, cardiac failure is driving the growth of the market. Moreover, increasing population of smoker and rising the cholesterol level among population are main causes for blockage of artery of the heart. In addition, growing elderly population susceptible to chronic diseases require healthcare devices, which in turn is supporting the growth of the market.
The global home healthcare devices market share is segmented by product, service, software, and type.
On the basis of the product, the market is segmented into testing, screening, and monitoring, therapeutic, mobility care. Mobility Care is expected to dominate during forecast period owing to rising geriatric population, ease of use, social connectedness and rising demand for personal independence.
Based on the service, the market is segmented into pregnancy care, rehabilitation, respiratory therapy, infusion therapy, palliative care unskilled care, skilled nursing and hospice. Infusion therapy is projected to hold major market share owing to technological advancements and cost-effectiveness.
On the basis of software, the market is segmented into agency software, clinical management systems and hospice solutions. Agency software is projected to hold major market share during forecast period.
Based on the type, the market is segmented into home telehealth monitoring devices, home telehealth services and telehealth software solutions. Home telehealth services is projected to be leading during forecast period.
The global home healthcare devices market share is regionally segmented into North America, Europe, Asia-Pacific and Latin America, the Middles East & Africa.
North America is expected to dominate the global market. According to the World Health Organization (WHO), approximately 15 million people suffer from coronary diseases in the U.S. Therefore, rise in heart diseases are driving the demand of blood pressure monitors, Pulse oximeters, heart rate monitors, ECG/EKG devices. Rise in number of diabetes patient in this region is also increasing demand of home healthcare devices such as glucometer. Apart from this, increasing baby boomer population in this region is propelling the growth of the market.
Europe is projected to be the second leading region in the global market. Increasing awareness about the health and growing health care sector is boosting the growth of the market. Increasing mental disorder and demand of sleep apnea therapeutic devices is supporting the growth of the market
Asia-Pacific market is expected to fasted growing region during forecast period. This is attributed to increasing prevalence of chronic diseases leading to hospitalization of patient. Thus, increasing demand of oxygen delivery systems, nebulizers, ventilators, devices and wound care products in future. Furthermore, growing geriatric population is increasing demand of home health care devices. For instance, as per the WHO (2018), geriatric population is expected to double by 2050 i.e. from 12% to 22%.
Whereas, growth of the market in African & Middle Eastern countries is expected to gain pace due to increasing emphasis on diagnosing and treating of home healthcare devices market.
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In February 2018, Roche launched Accu-Chek glucometer for affordable diabetes monitoring.
In March 2017, Medtronic’s FDA’s received approval for MiniMed 670G, it is first hybrid closed-loop insulin pump and continuous glucose monitoring system.
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