The size of the home healthcare market in the Asia Pacific is predicted to be growing at a CAGR of 11.48% from 2023 to 2028. The market size is estimated to value USD 129.8 billion by 2028 from USD 75.03 billion in 2023, with the rising awareness among the people over the availability of quality home-based healthcare treatment options. The market for home healthcare has a scope in medicinal gadgets, which help patients analyze or treat different sicknesses. Home healthcare devices play a pivotal part in providing reasonably priced healthcare medicines to patients.
The Asia Pacific home healthcare market is developing at a promising CAGR because of the growing elderly population and the rising number of people determined to fight diseases like heart issues, diabetes, and other respiratory sicknesses. Moreover, Asia-Pacific home healthcare devices are still in the early stages. These factors are driving home healthcare gadgets during the review time and henceforth will support market growth. However, the high cost combined with the repayment issues related to the selection of home healthcare devices would control the market development. In addition, increasing expenditure on healthcare in most countries is a major factor propelling the growth of the home healthcare market in the Asia Pacific.
Factors such as the growing number of patients with chronic diseases and the rise in the urban population are expected to favor the APAC home healthcare market. Home healthcare is cheaper than the treatment cost in hospitals, which is primarily broadening the market's growth. The rising scale of home healthcare companies across the region increases investments in manufacturing simple and convenient equipment by the government to bolster market growth. The growing geriatric population and increasing respiratory problems and kidney issues are further expected to accelerate the market's growth rate.
However, stringent rules and regulations by the government are hindering the demand for the home healthcare market in this region. In addition, rapid changes in economic strategies are quietly inhibiting the growth of the APAC home healthcare market.
This research report on the APAC home healthcare market has been segmented and sub-segmented into the following categories.
By Product Type:
By Services Type:
The Asia Pacific home healthcare market is rapidly growing due to the acceptance of advanced technologies and the launch of innovative devices favoring the end-users. Increasing funds from private organizations, rising demand for targeted therapies and growing prevalence of cost-effective treatment care after surgeries propelling the growth of the APAC home healthcare market.
An increasing number of training institutes to improve the skills of caretakers, a rising elderly population and growing awareness over the utilization of the latest equipment are driving the growth of the home healthcare market in China. The rising demand for personalized medication simply at home in China further contributes to the Chinese market growth.
Owing to the increasing number of elderly people in Japan, the demand for the Japanese home healthcare market is growing at a substantial growth rate. Japan’s total population is 125 million. Among them, 29.1% of people are aged 65 and older. These records are showcased to fuel the market growth tremendously as the aged people need medical assistance at their doorstep. The trend towards home care nursing services with trained caregivers is leveraging the demand for the market in Japan.
The rapid adoption of technological advancements in healthcare is ascribed to boost the demand for the market. A growing number of smartphone users and the increasing prevalence of the Internet of Things in healthcare facilities allows providers to monitor patient’s vital signs remotely. Stringent rules and regulations by government authorities to provide safe and quality healthcare services for patients are greatly influencing the market growth rate.
The government of Singapore is offering varied insurance policies to citizens to promote medical services. The launch of initiatives by the government in favor of public safety is to propel the demand for the market. Creating awareness through campaigns and social media platforms through influencers is also to leverage the market growth rate.
KEY MARKET PARTICIPANTS:
A few of the prominent companies operating in the APAC home healthcare market profiled in the report are Almost Family Inc., Amedisys Inc., General Electric Company (GE), Kinnser Software Inc., Linde Group, Omron Corporation, Roche Holding AG, Philips Healthcare, Mckesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.
The growing adoption of telehealth services, the rise of mobile health apps, and the development of IoT-based healthcare devices are some of the major trends in the APAC home healthcare market.
Investors can explore opportunities in telehealth startups, medical device manufacturing, and home healthcare service providers in the APAC region.
The COVID-19 pandemic has accelerated the adoption of telehealth and home healthcare services in APAC, making it a growing sector.
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