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Home healthcare device industry driven by rising disposable income and technological advancements in healthcare sector

Home healthcare device industry driven by rising disposable income and technological advancements in healthcare sector

The Global home healthcare device market is expected to register a 7.1% CAGR over the forecast period. Moreover, the global home healthcare device market is expected to reach at notable revenue of USD 330 Billion by the end of 2021.

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Global Home Healthcare Device Market Analysis & Opportunity Outlook 2021

The global home healthcare device market is segmented into device type such as diagnostic & monitoring devices, mobility assist devices, therapeutic devices and medical home healthcare supplies. Among these segments, diagnostic & monitoring device segment is expected to grow at considerable pace during the forecast period.

The rise of the diagnostic & monitoring devices segment is backed by increasing adoption of smart diagnostic and monitoring devices across the globe. Additionally, increasing demand for continuous health monitoring of patients at home is a major factor which is likely to foster the growth of market during the forecast period.

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The market is expected to expand on the back of technological advancements in healthcare technology and growing popularity of tele-health across the globe.

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The tele-health & tele-medicine services segment by service is likely to grow at remarkable pace during the forecast period. Further, increasing prevalence of diseases in geriatric population and consumer’s inclination towards connected technologies is predicted to augment the demand for home healthcare devices in near future.     

Rising Disposable Income of Consumer

Increasing prevalence of chronic diseases is expected to increase the demand for home healthcare devices during the forecast period. Moreover, increasing healthcare expenditure and rising demand for smart home healthcare devices are expected to foster the growth of global home healthcare device market during the forecast period.

Technological Advancements in Healthcare Sector

Rapid introduction of smart, advanced and effective healthcare technologies is driving the growth of market. Moreover, increasing awareness amongst the population regarding tele-health and smart healthcare devices such as heart rate monitoring device, glucose monitoring device and more is likely to foster the expansion of global home healthcare device market over the forecast period.  

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However, factors such as high cost, lack of better healthcare infrastructure in under developed countries and limited government budget for healthcare services are expected to hamper the demand for home healthcare market in near future.

The report titled Global Home Healthcare Device Market Analysis & Opportunity Outlook 2021delivers detailed overview of the global home healthcare device market in terms of market segmentation by device type, by services and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global home healthcare device market which includes company profiling of Zimmer Biomet, Siemens Helthineers, Koninklijke Philips NV, Stryker Corp., Medtronic Public Limited Comp., Novartis International AG, General Electric Co., Cardinal Health Inc., Bayer AG and Abbott Laboratories. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global home healthcare device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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