The global homecare diagnostics & therapeutics market size was valued at US$ 198.40 billion in 2021 and is expected to hit US$ 395.38 billion by 2030, poised to grow at a CAGR of 8% from 2021 to 2030.
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The global homecare diagnostics and therapeutics market is primarily driven by several factors such as growing geriatric population, rising prevalence of various chronic diseases, demand for the convenience and quality healthcare services, growing demand for the cost-effective healthcare devices, rising healthcare expenditure, and rising technological advancements in the home care tools. Furthermore, the rising awareness regarding the hospital acquired infections among the population is compelling the consumers to opt for homecare health services. According to the World Health Organization, around 7% of the hospitalized patients in developed countries and 10% of hospitalized patients in developing countries are expected to acquire at least one healthcare associated infection. Urinary tract infection is the most frequent hospital acquired infection in the developed countries. Moreover, the growing geriatric population is a major factors that propels the demand for the homecare diagnostics & therapeutics market. According to the United Nations, the global geriatric population is expected to reach at 2 billion by 2050. In certain health conditions, people face difficulties in moving out and hence, the homecare diagnostics and therapeutics play a crucial role in the treatment of such patients.
The proliferation of the digital technologies have boosted the adoption of telehealth across the globe. The rising adoption of smartphones and improving access to the internet are the major factors that boosts the demand for the telehealth applications. The telehealth plays a crucial role in the homecare diagnostics and therapeutics market by providing easy and convenient services to the consumers from the comfort of their home. The outbreak of the COVID-19 pandemic in 2020, has exponential contributions in the growth of the telehealth industry. Moreover, the favorable government frameworks for encouraging the adoption of telehealth for reducing the pressure on the hospitals has significantly driven the adoption of the telehealth across the globe.
Scope of the Homecare Diagnostics and Therapeutics Market
|Market Size in 2020||US$ 184.3 Billion|
|Growth Rate from 2021 to 2030||8%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Mentioned||Fresenius SE & Co. KGaA, GE Healthcare, Linde plc, F. Hoffmann-La Roche Ltd., A&D Company, BAYADA Home Health Care, Invacare Corporation, Abbott, Amedisys, ResMed|
The diagnostics segment dominated the global homecare diagnostics & therapeutics market. This is attributed to the increased prevalence of various chronic diseases such as cancer, diabetes, respiratory disorders, and arthritis. The need for continuous monitoring of the health conditions has fueled the growth of the diagnostics segment across the globe. The continuous research and development activities adopted by top market players has resulted in the development of technologically advanced homecare diagnostic products, which has fueled the market growth.
The mobility care products is estimated to be the most opportunistic segment during the forecast period. The rising number of bone fractures and rising number of road traffic accidents is fueling the growth of the mobility care products like wheelchair. There are certain health conditions in which the patients’ need assistance in order to move from one place to other.
Based on the services, the skilled nursing services dominated the global homecare diagnostics & therapeutics market in 2020. This is attributed to the rising adoption of the skilled nursing services at home owing to the rising geriatric population. The skilled medical care can provide a more comforting solutions to the patients as compared to that in a hospital or a nursing home.
The rehabilitation services is expected to be the fastest-growing segment during the forecast period. This is attributed to the rising popularity of the tele-rehabilitation across the globe. Moreover, the growing adoption of the wearable rehabilitation products like wearable robotic exoskeletons coupled with the rising adoption of technologies like virtual reality in the physiotherapies is expected to significantly drive the market growth in the forthcoming years.
Based on the indication, the cardiovascular disorders segment dominated the market in 2020. The increased prevalence of cardiovascular disorders owing to various reasons such as increased prevalence of smoking, unhealthy food habits, changing lifestyle, growing obesity, and physical inactivity. According to the World Health Organization, the cardiovascular disorders are the leading cause of death around the globe that accounts for around 32% of the global death. The cardiovascular patient needs regular monitoring and therapeutics that has fueled the growth of this segment.
On the other hand, the diabetes is estimated to be the most opportunistic segment during the forecast period. As per the data revealed by the International Diabetes Federation, around 552 million people across the globe are estimated to have diabetes by the year 2030. According to the World Health Organization, diabetes is a major cause of blindness, stroke, and kidney failure. Therefore, the rising prevalence of diabetes among the global population is expected to drive the growth of this segment in the foreseeable future.
North America dominated the global homecare diagnostics & therapeutics market in 2020. The increased disposable income, high healthcare expenditure, increasing awareness regarding the hospital acquired infections, and presence of huge geriatric population are the major forces that shaped the North America homecare diagnostics & therapeutics market. Moreover, around half of the US population is suffering from at least one chronic diseases, which has significantly impacted the growth of the market in the region. Moreover, the higher adoption rate of the digital technologies like telehealth is significantly contributing towards the growth of the homecare diagnostics and therapeutics market.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. Asia Pacific is characterized by rising urban population, rising penetration of healthcare facilities, growing adoption of the digital technologies in the healthcare sector, growing geriatric population, rising personal disposable income, and rising healthcare expenditure, which favors the growth of the homecare diagnostics & therapeutics market in the region. According to the United Nations, around 80% of the global geriatric population will be living in the low and middle income countries. Moreover, the rising road traffic accidents is fueling the demand for the homecare services. According to the World Health Organization, around 93% of the road traffic accidents occur in the low and middle income countries.
In 2021, Invacare launched an upgraded rear-wheel drive power wheel chair named AVIVA STORM RX.
The various developmental strategies like new product launches, acquisition, partnerships, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global homecare diagnostics & therapeutics market include:
Segments Covered in the Report
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