Global Homecare Diagnostics And Therapeutics Market Size By Product (Diagnostics, Therapeutics, Mobility Care Products), By Service, (Rehabilitation Therapy Services, Skilled Nursing Services, Respiratory Therapy Services, Pregnancy Care Services), By Indication, (Cardiovascular Disorders, Cancer, Diabetes, Respiratory Diseases), By Geographic Scope And Forecast

Homecare Diagnostics And Therapeutics Market Size And Forecast

Homecare Diagnostics And Therapeutics Market size was valued at USD 198.98 Billion in 2021 and is projected to reach USD 392.89 Billion by 2030, growing at a CAGR of 7.85% from 2023 to 2030.

The increasing worldwide adoption of telehealth, associated with the government’s favorable regulatory framework to empower telehealth adoption, are the major factors anticipated to fuel the development of the global homecare diagnostics & therapeutics market. The Global Homecare Diagnostics And Therapeutics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Homecare Diagnostics And Therapeutics Market Definition

Homecare Diagnostics And Therapeutics encompass a wide range of healthcare products such as heart rate monitors, blood glucose level indicators, and nebulizers that provide individuals with effective healthcare monitoring, diagnosis, and physical support. These portable, user-friendly devices allow for easy access in the comfort of patients’ homes, preventing costly hospital visits. Home diagnostics has the prospect of enabling the move away from conventional on-site clinical research models to a remote approach that leverages enhanced health services.

Home diagnostics, in conjunction with increased use of mHealth techniques such as wearables and smartphone apps, and the implementation of telemedicine, will play a critical role in facilitating trial protocols to shift towards a decentralized approach. The market is being fueled by a rise in chronic disease incidences and unhealthy urban lifestyles. Furthermore, the rapid growth of portable and user-friendly therapeutics and diagnostic devices drives the market growth. However, the precision level of the devices and the challenges associated with their design stymie the Homecare Diagnostics And Therapeutics market.

Global Homecare Diagnostics And Therapeutics Market Overview

The primary drivers of the global homecare diagnostics and therapeutics market include an increasing number of geriatric patients, the rising prevalence of various chronic diseases, the demand for convenience and quality healthcare services, the growing preference for cost-effective healthcare devices, rising healthcare expenditure, and increasing technological advances in home care tools.

Furthermore, rising public awareness of hospital-acquired infections is driving consumers to seek out homecare health services. According to the World Health Organization, roughly 7% of hospitalized patients in developed countries and 10% of hospitalized patients in developing countries will contract at least one healthcare-associated infection. Urinary tract infection is the most common hospital-acquired infection in developed countries.

Furthermore, the increasing geriatric population is a major reason for the increased need for homecare diagnostics and therapeutics. People with certain health conditions have difficulty moving out, so homecare diagnostics and therapeutics play an essential part in the care of such patients. The proliferation of digital technologies has increased the global adoption of telehealth. The increasing use of smartphones and improved internet access are two major drivers of demand for telehealth applications. Telehealth plays an important role in the homecare diagnostics and therapeutics market by providing consumers with simple and convenient services from the comfort of their own homes.

The outbreak of the COVID-19 pandemic in 2020 has contributed significantly to the growth of the telehealth industry. Furthermore, favorable government frameworks for empowering the implementation of telehealth for reducing the pressure on hospitals have significantly accelerated the global adoption of telehealth.

Global Homecare Diagnostics And Therapeutics MarketSegmentation Analysis

The Global Homecare Diagnostics And Therapeutics Market are Segmented on the basis of Product, Service, Indication, and Geography.

Homecare Diagnostics And Therapeutics Market, By Product

• Diagnostics
• Therapeutics
•  Mobility Care Products

The market is split based on Products, into Diagnostic Products, Therapeutic Products, and Mobility Care Products. The diagnostics segment dominated the market. This is caused by a rise in the prevalence of chronic diseases such as cancer, diabetes, respiratory disorders, and arthritis. The requirement for continuous monitoring of health conditions has fueled the global growth of the diagnostics segment. Key market players’ continuous R&D activities have led to the establishment of technically advanced homecare diagnostic products, which has driven market growth.

Homecare Diagnostics And Therapeutics Market, By Service

• Rehabilitation Therapy Services
• Skilled Nursing Services
• Respiratory Therapy Services
• Pregnancy Care Services
• Infusion Therapy Services
• Others

Based on the Service, the market is split into Rehabilitation Therapy Services, Skilled Nursing Services, Respiratory Therapy Services, Pregnancy Care Services, Infusion Therapy Services, and Others. The global homecare diagnostics and therapeutics market were dominated by skilled nursing services. This is due to the increasing implementation of skilled nursing services at home as the geriatric population grows. When compared to a hospital or a nursing home, skilled medical care can provide more comforting solutions to patients. During the forecast period, rehabilitation services are expected to be the fastest-growing segment. This is due to the growing popularity of telerehabilitation around the world. Furthermore, the growing adoption of wearable rehabilitation products such as wearable robotic exoskeletons, as well as the rising adoption of technologies such as virtual reality in physiotherapies, is projected to fuel market growth in the coming years.

Homecare Diagnostics And Therapeutics Market, By Indication

•  Cardiovascular Disorders
•  Cancer
•  Diabetes
• Respiratory Diseases
• Wound Care
• Others

Based on the Indication, the market is split into Cardiovascular Disorders, Cancer, Diabetes, Respiratory Diseases, Wound Care, and Others. The market was dominated by the cardiovascular disorders segment. The steadily increasing prevalence of cardiovascular disorders is due to a variety of factors such as increased smoking prevalence, unhealthy eating habits, changing lifestyles, rising obesity, and physical inactivity. According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, accounting for approximately 32% of all deaths. The need for regular monitoring and therapeutics in cardiovascular patients has fueled the growth of this segment.

Homecare Diagnostics And Therapeutics Market, By Geography

• North America
•  Europe
•  Asia Pacific
• Latin America
•  Middle East and Africa

The Homecare Diagnostics And Therapeutics Market are classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on the regional analysis. North America dominated the global homecare diagnostics and therapeutics market. Rising disposable income, increased healthcare expenditure, awareness of hospital-acquired infections, and the presence of a large geriatric population are the major forces shaping the North American homecare diagnostics and therapeutics market. Furthermore, approximately half of the US population suffers from at least one chronic disease, which has had a significant impact on the region’s market growth. Furthermore, the increased adoption of digital technologies such as telehealth is markedly contributing to the development of the homecare diagnostics and therapeutics market.

Key Players

The “Global Homecare Diagnostics And Therapeutics Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Abbott Laboratories, Becton, Dickinson, and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Johnson & Johnson, Medtronic plc, Omron Corporation, Philips Healthcare, ResMed Inc., Smiths Medical, 3M Health Care, Teleflex Incorporated, Terumo Corporation, Welch Allyn, Inc., Ypsomed Holding AG.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and global market ranking analysis of the above-mentioned players.

Key Developments

•  In August 2021, Invacare introduced the AVIVA STORM RX, an upgraded rear-wheel drive power wheelchair. The AVIVA STORM RX is designed for users who travel outdoors but also require indoor maneuverability. It is simple to operate and provides an easy transition from a manual wheelchair to a power wheelchair.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Homecare Diagnostics And Therapeutics Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Homecare Diagnostics And Therapeutics Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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