Published Date : 02 Dec 2022
The global homecare diagnostics & therapeutics market size was estimated at USD 213.70 billion in 2022 and is expected to surpass around USD 395.38 billion by 2030 expanding growth at a CAGR of 8% from 2022 to 2030.
The rising adoption of telehealth across the globe coupled with the favorable regulatory framework of the government to encourage the adoption of telehealth are the major factors that are expected to drive the growth of the global homecare diagnostics & therapeutics market. Furthermore, the rising prevalence of various chronic diseases such as cancer, diabetes, CVDs, hypertension, and respiratory diseases is significantly driving the growth of the market. Moreover, the rapidly growing geriatric population across the globe is one of the most important drivers of the homecare diagnostics and therapeutics market. According to the United Nations, by the year 2050, the global geriatric population will reach up to 2 billion. Old age people need continuous monitoring as they are more prone to various chronic diseases. Furthermore, the rising adoption of digital technologies like telehealth and mHealth is positively impacting market growth.
Homecare Diagnostics And Therapeutics Market Report Scope
|Market Size In 2022||USD 213.70 Billion|
|Market Size By 2030||USD 395.38 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Product, By Service, By Indication|
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
North America was the dominant homecare diagnostics & therapeutics market in 2020. This is simply attributable to the increased prevalence of chronic diseases. Over half of the US population is suffering from one or more chronic diseases. This has resulted in the increased demand for homecare therapeutics and diagnostics as chronic health conditions need to be monitored frequently in order to avoid the delay in treatment. The enhanced access to healthcare facilities in North America has significant contributions in market growth. Moreover, the increased adoption of telehealth and the favorable government policies regarding telehealth and reimbursements is further fueling the market growth in the region.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising prevalence of chronic diseases and the growing geriatric population are the two major factors that are estimated to be the driving force of the homecare diagnostics & therapeutics market. According to the United Nations, around 80% of the global geriatric population will be living in low and middle-income countries. The growing number of road traffic accidents in the region is fueling the demand for homecare diagnostics & therapeutics services. According to the World Health Organization, around 93% of road traffic accidents occur in low and middle-income countries. Furthermore, rising disposable income, rising healthcare expenditure, and growing demand for convenient healthcare services is driving the market growth.
Driver: Rising incidences of chronic diseases
The globe is facing a rapidly rising prevalence of various chronic diseases across the globe and a rapidly growing old-age population. These two factors collectively fuel the demand for the homecare diagnostics & therapeutics market. According to the International Diabetes Federation, around 700 million people will have diabetes around the globe, by 2045. According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. Global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally.
Restraints: High costs associated with homecare diagnostics & therapeutics
A huge cost is involved with the acquisition of homecare diagnostics & therapeutics. The low affordability of people in underdeveloped and developing economies is restraining them to adopt homecare diagnostics and therapeutics services, which acts as a major hindering factor to the market.
Opportunities: Adoption of the latest technologies
Latest digital technologies like telehealth, artificial intelligence, wireless connectivity, and data analytics are significantly driving the adoption of various homecare diagnostic devices across the globe. The proliferation of digital technologies are facilitating the service providers to offer enhanced homecare services to consumers, which will drive the market in the foreseeable future.
Challenges: Inadequate availability of home care workers
The major challenge associated with the homecare diagnostics & therapeutics market is the low availability of skilled homecare workers. The lack of skilled and efficient healthcare workers leads to the increased costs of homecare services.
Key Players in the Report
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