In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Home healthcare device market is one of the growing markets across the globe. Rising aging population worldwide and increasing chronic diseases have forced end-users to opt for home-based diagnostic devices. The innovation and continuous fall in average price of home healthcare devices have bolster the demand in recent years. Further, government support and penetration of healthcare insurance have allowed people to enjoy the home-based services.
Due to several governmental initiatives, PPP (public private partnership) model, collaboration between big hospitals and small care clinics etc. a boost in the demand for home healthcare devices is expected to be seen in near future.
Global home healthcare device market is expected to grow at a CAGR of >7% during the forecast period of 2016-2021 and expected to cross USD 330 Billion by 2021. North America at present has the largest share in home healthcare device market and expected to continue its dominance in near future due to rising number of chronic disease and introduction of Affordable Care Act 2010. Following the same trend, Asia-pacific region is forecasted to be the second largest contributor to global home healthcare device market due to the advancement of healthcare technology in developing nations like India & China. India which has availability of skilled man power coupled with developed IT sectors & increased penetration of medical insurance etc. would further would bid to boost the home healthcare market in the region in near future. Moving on in the same direction, Indian medical technology sector has funded USD 5.5 Billion recently out of which 7-8% has been spent on the healthcare industries for the new researches & advanced healthcare facilities.
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Home Healthcare Device Market is further classified on the basis of region as follows:
Growth in aging population worldwide and up-surged communicable diseases, steep rise in chronic diseases due to population density are projected to fuel the demand of home healthcare device across the globe. Further, advancement in healthcare technologies to create better service, increased in government spending on healthcare services, initiatives taken by international health organizations like WHO are expected to help the global home healthcare market to reach new s in near future.
However, factors like expensive devices, missing proper medical care and infrastructure in developing and under developed countries, limited government budget for healthcare services are expected to dampen the demand for home healthcare market in coming years. Further, a communication gap and misalignment between beneficiaries and buyers is one of the key factors impacting negatively the use of home healthcare devices at present.