The home healthcare market refers to the provision of medical care and support services to patients in their homes by healthcare professionals or caregivers. Home healthcare is designed to help individuals who are recovering from an illness, injury, or surgery, or those who are managing a chronic medical condition.
The global Home Healthcare market is likely to witness a massive growth in the next few years. The global Home Healthcare market was pegged at more than US$ 70 Bn in 2015 and is estimated to cross US$ 200 Bn by the end of 2024, registering a CAGR of 12.6% over the forecast period. Rising inflation rate leading to larger out-of–pocket expenses, growing trend of nuclear families, significant growth in the use of smartphones and tablets are some of the factors that are anticipated to expedite the expansion of the global Home Healthcare market.
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The Home Healthcare market is segmented into various types of services, including in-home care, community-based care, and institutional care. In-home care services are provided in the patient’s home and include personal care, such as bathing and dressing, as well as medical care, such as wound care and medication management. Community-based care services are provided in community settings, such as senior centers and adult day care centers, and include activities, such as socialization and exercise programs. Institutional care services are provided in institutional settings, such as nursing homes and assisted living facilities, and include 24-hour nursing care and medical supervision.
- Honor Technology, Inc.
- Hometeam Care, Inc.
- HomeHero, Inc.
- Seniorlink, Inc.
- GreatCall, Inc.
- Cariloop, Inc.
- Room2Care, Ltd.
- UnaliWear, Inc.
- com, Inc.
- CareLinx, Inc.
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The Home Healthcare market is being driven by technological advancements, such as telemedicine and mobile health applications, which enable remote monitoring and communication between caregivers and patients. These technologies have improved the efficiency and effectiveness of Home Healthcare services and have enabled more personalized and patient-centered care.
The Home Healthcare market faces several challenges, including a shortage of qualified caregivers and the rising cost of care. These challenges are expected to intensify as the demand for Home Healthcare services continues to grow in the coming years.
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