Market Trends of Global Home Healthcare Industry
Diagnostic Equipment Segment is Expected to Hold the Largest Market Share Over the Forecast Period
The diagnostic segment is expected to account for the most significant revenue over the forecast period due to a rise in chronic disorders, such as infectious diseases, diabetes, arthritis, cardiopulmonary, and cardiovascular conditions, which require continuous monitoring for efficient treatment. The rise in technological advancements in recent years led to the launch of new products for self-monitoring, like multi-parameter diagnostic monitors, home pregnancy, and fertility kits. For instance, according to the survey conducted by the WHO for the period from 24 January 2022 to 06 February 2022, approximately 12,368 people tested positive for influenza viruses. Of these, 8,423 (68.1%) people were infected with influenza A and 3,945 (31.9%) with influenza B. Furthermore, 171 (6.4%) were influenza A(H1N1), and 2,483 (93.6%) were influenza A (H3N2). Thus, increasing cases of infectious diseases are expected to propel the segment's growth.
In addition, rising patient awareness levels towards screening process and technological advancements, integration of microfluidics, Internet-of-Things (IoT), sensors, smartphones, and wearables bring point-of-care testing to the patients and represent a strong opportunity for providing sensitive, low-cost, rapid, and connected diagnostics. For instance, in June 2021, Ro, the at-home diagnostics company Kit, was acquired by healthcare technology. The acquisition builds on the company's existing strengths, including nationwide telehealth, pharmacy, lab processing, and in-home testing and care services. It expands the diagnostics capabilities and lab infrastructure of Ro's vertically integrated primary care platform. With the help of Kit's at-home, self-administered testing solutions, Ro can support chronic and preventive care virtually and in patients' homes while facilitating patient-centric primary care experiences for a wider range of conditions. This resulted in high demand for this diagnostic equipment, driving the segment growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
Factors such as the high adoption of sophisticated technology, chronic and lifestyle diseases, rising healthcare spending, physician shortages, and increasing demand for better healthcare services all contribute to the market growth in the North American region. For instance, as per the Canadian Cancer Society Report published in 2021, over 229,200 new cancer cases were reported in Canada in 2021, and the five-year cancer survival rate in the country reached 64%. In addition, increasing cases of chronic diseases in the region are also expected to propel market growth. For instance, according to the International Diabetes Federation's Diabetes Atlas, Tenth Edition, in 2021, around 32.2 million people in the United States had diabetes, projected to grow to 36.3 million by 2045. Thus, such factors are expected to propel the market growth in the North American region.
Key product launches, high concentration of market players or manufacturer's presence, partnerships among major players, and increasing cases of diseases in the United States are some of the factors driving the growth of the home healthcare market in the country. For instance, In February 2022, CVS Pharmacy launched six home healthcare products as an extension of the company's CVS Health product line. The new products include convertible shower chairs, easy-fold travel walkers, and canes with comfort grips. Similarly, in September 2022, Innovative Health Diagnostics launched Diagnostics as a Service (DaaS) platform, allowing brands to provide their patients access to at-home healthcare anytime and anywhere. Thus, owing to product launches, the market is expected to grow in the United States over the forecast period.
