Home-Based Point of Care Market to Reach US$ 779.3 Billion by 2027 Globally |CAGR: 13.9%| UnivDatos Market Insights
NOIDA, India, June 2, 2021 /PRNewswire/ — A comprehensive overview of the Home-Based Point of Care market is recently added by UnivDatos Market Insights to its humongous database. The Home-Based Point of Care market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Home-Based Point of Care market. The Home-Based Point of Care market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Home-Based Point of Care market at the global and regional levels. Global Home-Based Point of Care Market was valued at 296 billion in 2020 and is expected to grow at a CAGR of 13.9% by 2027.
Market Overview
Home-based point of care includes any specialized support services that allow a person to live safely in their home. These services are provided to help people with aging and need assistance to live independently by managing chronic health issues, recovering from a medical setback, or has special needs or a disability. Moreover, a rise in the number of skilled healthcare professionals is contributing to the growth of the home-based point of care market. Skilled caregivers such as nurses, aides, and therapists deliver short-term or long-term care in the home, depending on a person’s needs. Witnessing the growth of the home-based point of care market many investors want to invest in home-based point of care industries. For instance, in April 2021, “Votive Health” a technology startup has raised USD 2.5 million to help home-based point of care providers to make value-based arrangements. Also, in 2021 “Current Health”, a remote patient monitoring platform that has increasingly turned its attention toward the home-based point of care and raised USD 43 million funding in Series B.
The adoption of new and expanded payment and delivery models has helped the growing market of home-based point of care market due to the ease of operations for the customers. Furthermore, traditional home-based point of care providers is partnering with other organizations to decrease acute and post-acute care as well as facility-based long-term care for services and supports. Some of the organizations came with new Medicaid programs and are entering into new payment arrangements with health care providers. For instance, “Luna”, a provider of on-demand physical therapy, announced three new partnerships with the “Rothman Orthopaedic Institute”, “Resurgens Orthopaedics” and “Modern Orthopedics” to expand access to quality physical therapy for patients.
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COVID-19 Impact
COVID-19 pandemic has altered healthcare in many ways. There has been a continuous necessity throughout the region and the world, to deliver instant and accessible healthcare especially in the form of digital and home-based point of care solutions. The infectious nature of the virus and the “stay at home” message intended that healthcare organizations have to find new ways to deliver healthcare services. This led to the rise and growth of home-based point of care across the world. For instance, according to a recent Kaufman Hall survey, 54% of patients mentioned fear of getting Covid-19 as a primary reason to delay care, where 43% mentioning a fear of going to the hospital as the reason for the delay in care. This has increased the referral requests for home-based points of care. Furthermore, according to a 2020 William Blair survey, 81% of physicians accountable for discharge planning now favor referring their patients to a home-based skilled nursing facility, which was up from 54% before the pandemic.
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Home-Based Point of Care Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Products, the market is primarily bifurcated into
- Therapeutic
- Diagnostic
- Mobility Assist
The diagnostic segment generated the highest revenue in 2020. The market is expected to grow at a significant rate during the forecast period due to the success of hand-held glucose meters, owing to their high acceptance rate among the population across the world.
By Services, the market is primarily segmented into
- Physician/Primary Care
- Nursing Care
- Physical/Occupational/Speech Therapy
- Nutritional Support
- Hospice & Palliative Care
- Other Skilled Home Care Services
- Unskilled Home-Based Care
Amongst Services, the Nursing care segment dominated the market in 2020. Due to the increase in chronic diseases and increasing geriatric population worldwide where skilled nurses can deliver better Home-based point of care to the patients at their homes.
By Purpose, the market is primarily bifurcated into
- Chronic Diseases
- Infectious Diseases
- Psychological Diseases
- Geriatric Diseases
- Pediatric Diseases
- Fertility Treatments & Pregnancy
- Intensive & Critical Care
- Injuries & Accidental Deformity
- Nutrition & General Consultancy
- Others
The Chronic Diseases segment accounted for the major revenue portion in 2020. The sector is anticipated to observe significant growth in the upcoming years as many patients suffering from chronic or acute diseases like urinary incontinence or end-stage renal disease (ESRD) need advanced devices for their treatment.
By Types, the market is primarily bifurcated into
- Home-Based Healthcare Monitoring
- Home-Based Healthcare Services
- Home-Based Healthcare Software Solutions
The Home-Based Healthcare Software Solutions segment is anticipated to observe lucrative growth. As it is easy to use and offers a solution to reorganize operations, thereby helping companies to keep track of their products and services and further improve patient care offerings.
Home-Based Point of Care Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, North America constitutes a major market for the Home-Based Point of Care industry and generated maximum revenue in 2020 owing to the largest number of health care spending in the world with well-established infrastructure and technological advancement.
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The major players targeting the market includes
- Siemens Healthineers
- Abbott Laboratories
- Danaher Corporation
- Johnson & Johnson
- Nova Biomedical
- F. Hoffmann-La Roche AG
- Trinity Biotech
- Qiagen
- Becton Dickinson (BD)
- Biomerieux SA
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Home-Based Point of Care market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Home-Based Point of Care market?
- Which factors are influencing the Home-Based Point of Care market over the forecast period?
- What are the global challenges, threats, and risks in the Home-Based Point of Care market?
- Which factors are propelling and restraining the Home-Based Point of Care market?
- What are the demanding global regions of the Home-Based Point of Care market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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