The global Home Healthcare Market size is projected to reach USD 274.7 billion by 2027 from USD XX billion in 2020, at a CAGR of 8.6% during the forecast period.
In today’s economical market place, businesses take a lot of efforts to seek better solutions in terms of product trends, future products, marketing strategy, future events, actions or behaviours. The Home Healthcare report has been worked out with the accurate use of tools like SWOT analysis and Porter’s Five Forces analysis methods. A talented team works strictly with their potential capabilities to produce this finest Home Healthcare Market research report. The Home Healthcare Market report considers new product development from beginning to launch by performing detailed market study. Getting thoughtful about competitive landscape is another significant aspect of this market report.
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Some of the key players in the study are Apple Home Healthcare, Arcadia, Davita, Diaverum, Home Health Care, Home Healthcare Solutions Company, LLC, Kindred Healthcare, PORTEA MEDICAL, OMRON Corporation. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Home Healthcare Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Home Healthcare Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ” Global Home Healthcare Market By Type (Devices, Services, Software), Disease (Heart Diseases, Hypertension, Bone and Joint Diseases, Diabetes, Chronic Obstructive Pulmonary Diseases, Obesity, Dementia/Alzheimer’s Diseases, Infective Diseases (HIV/AIDS), Parkinson’s Diseases, Smoking, Asthma, Depression), Distribution Channel (Direct Tenders, Retail Sales), Country (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Norway, Ireland, Austria, Lithuania, Poland, Hungary, Rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Peru, Rest of South America, South Africa, UAE, Kuwait, Saudi Arabia, Rest of Middle East and Africa), Industry Trends and Forecast to 2027.″. Early buyers will get 10% customization on study.
To Avail deep insights of Home Healthcare Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.
On the other hand, changing reimbursement policies, limited insurance coverage, and concerns regarding patient safety are factors limiting the growth of the market to a certain extent. The growing popularity of telehealth and untapped developing regions present significant growth opportunities for players in the home healthcare market.
COVID-19 impact on the home healthcare market
The COVID-19 pandemic has a mixed impact on the home healthcare market. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact few home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.
Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes. However, the scenario is different. There have been many home healthcare agencies and providers who have reported a decline in the business. However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.
Global Home Healthcare Market Dynamics
DRIVER: Rising aging population, high incidence of chronic diseases, and need to expand home healthcare access
The growth of the aging population segment will boost the demand for healthcare and significantly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. This will prove favorable to the market for home healthcare, which can enhance the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
RESTRAINT: Patient safety concerns
In home care, the nurse-physician association involves lesser face-to-face contact, and the nurse is responsible for making assessments and communicating findings. This factor affects the degree of patient safety and outcomes. Another distinguishing characteristic of home healthcare is that clinicians offer medical care to each patient in a unique setting. However, there may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances.
OPPORTUNITY: Untapped developing regions
Home healthcare is an established trend in the developed regions of North America and Europe. Due to favorable regulations and policies in these regions, homecare is rapidly being adopted. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific. As the concept of home healthcare in countries such as India and China is still in the early growth phase, market players can capitalize on a wide range of opportunities in these markets. For instance, in April 2017, Quadria Capital (Singapore) invested USD 40 million (INR 250 crore) in the Dabur family-owned HealthCare at Home (HCAH).
CHALLENGE: Shortage of home care workers
Home healthcare is a booming market, with increasing demand for home care providers/workers. According to the employment projections of the US Bureau of Labor Statistics, during 2014-2024, home healthcare occupations such as personal care aides and home health aides ranked among the top 10 in the list. Also, the demand for home health aides and personal care aides is estimated to be 2.9 million between 2016-2026. Hence, home healthcare providers need to find approximately 2.9 million heads to keep with the rising demand (Source: US Bureau of Labor Statistics).
The skilled nursing care services segment dominated the home healthcare services market in 2019.
Based on services, the global home healthcare market is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. Skilled nursing services accounted for the largest share of the home healthcare services market in 2019. Skilled medical care in home settings can provide a comforting solution over residing in a hospital, nursing home, or an assisted living community. The favorable insurance coverage for skilled nursing services is expected to support the growth of this market during the forecast period.
The diabetes segment to witness the highest CAGR during the forecast period.
Based on indication, the global home healthcare market is segmented into cancer, respiratory diseases, mobility disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. The diabetes segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of diabetic patients. Monitoring blood sugar at home helps arrive at an overall diabetes treatment plan and aids in managing the medications for blood sugar, diet, and exercise.
North America was the largest regional market for home healthcare in 2019.
The home healthcare market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe. The large share of North America in the global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure.
Key Market Players
The prominent players operating in this market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Amedisys (US), Kindred at Home (US), and LHC Group, Inc. (US)
Scope of the report
This report categorizes the home healthcare market into the following segments and subsegments
- Testing, Screening, & Monitoring Products
- Blood Glucose Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Peak Flow Meters
- Heart Rate Monitors
- Fetal Monitoring Devices
- HIV Test Kits
- Home Sleep Testing Devices
- Coagulation Monitoring Products
- Ovulation and Pregnancy Test Kits
- Holter and Event Monitors
- Cholesterol Monitoring Devices
- Colon Cancer Test Kits
- Home Hemoglobin A1c Test Kits
- Drug and Alcohol Test Kits
- ECG/EKG Devices
- EEG Devices
- Temperature Monitors
- Hearing Aids
- Activity Monitors & Wristbands
- Therapeutic Products
- Oxygen Delivery Systems
- Sleep Apnea Therapeutic Devices
- Wound Care Products
- IV Equipment
- Dialysis Equipment
- Insulin Delivery Devices
- Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs))
- Mobility Care Products
- Walkers & Rollators
- Mobility Scooters
- Skilled Nursing Services
- Rehabilitation Therapy Services
- Hospice and Palliative Care Services
- Unskilled Care Services
- Respiratory Therapy Services
- Infusion Therapy Services
- Pregnancy Care Services
- Cardiovascular Disorders & Hypertension
- Respiratory Diseases
- Mobility Disorders
- Hearing Disorders
- Wound Care
- Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)
- North America
- Asia Pacific
- Rest of the World
- In 2019, Fresenius Medical Care (Germany) acquired NxStage Medical, Inc. (US). This acquisition strengthens the company’s business in the US. It enables Fresenius Medical Care to leverage it’s manufacturing, supply chain, and marketing competencies across the dialysis products, services, and care coordination businesses, especially in-home dialysis and critical care.
- In 2020, Lincare, a subsidiary of Linde, offers home respiratory care in the US. In response to the COVID-19 pandemic, the company offers in-home services to COVID-19 vulnerable patients. It is also helping to ease the burden on hospitals by transferring respiratory patients and others from in-patient to in-home care.
- LHC Group Inc (US) entered into a joint venture agreement with University Health Care System (US). This joint venture agreement was aimed to strengthen home health and hospice services across eight cities in Georgia and South Carolina.
Key Questions Answered in Competitive Landscape-
• Detailed information about Key Top Competitors in the Global Home Healthcare Market
• What is the expected Market size and growth rate of the Home Healthcare market for the forecast period
• Where is the largest and fastest growing market for Home Healthcare market
• How does the market relate to the overall economy, demography and other similar markets
• What forces will shape the market going forward
• Can I include additional segmentation / market segmentation
• Home Healthcare market global report answers all these questions and many more.
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