Status : Published Published On : Jun, 2021 Report Code : VRHC1248 Industry : Healthcare Available Format : Page : 250

Global Home Healthcare Market – Analysis and Forecast (2021-2027)

Industry Insight by Product (Homecare Diagnostic, Therapeutic Products, and Mobility Care Products), by Service (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services), by Indication (Cardiovascular Disorders, & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care, and Others), by End-User (Home/Villas, Condominiums/Apartments, Elderly Care Homes, and Other Residents), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global home healthcare market was valued at USD 181.9 billion in 2020 and is anticipated to grow to USD 274.45 billion by 2027, at a CAGR of about 8.1% during the forecast period 2021-2027. The old saying, “There is no place like home” is increasingly becoming applicable to healthcare today. This is attributed to the increase in the prevalence of telehealth system, the proliferation of chronic diseases, the rising cost of hospital beds, unavailability of the ambulance services in rural areas, rising geriatric population, rise in patient pool, increase in preference for treatment with home care settings, and rising rate of novel pandemic globally resulted in fueling the global home healthcare market growth over the forecast period. 

However, changing reimbursement policies restricted insurance coverage, and worries about patient safety are issues that are limiting the market's growth to some extent. Telehealth's expanding popularity and unexplored new markets offer considerable opportunities for players in-home healthcare market. 

The COVID-19 pandemic boosted the sale of home healthcare devices. Patients are opting for home care for their health ailments, thus influencing the growth of the home healthcare market. COVID-19 would positively influence a variety of home healthcare monitoring devices, including blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. However, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.

Market Segmentation

Insight by Product

On the basis of product, home healthcare is categorized into homecare diagnostic, therapeutic products, and mobility care products. The homecare diagnostic segment will be experiencing significant growth due to the increased prevalence of chronic diseases such as cardiopulmonary and cardiovascular diseases, diabetes, and arthritis The increase in technological development led to the launch of new products for self-monitoring such as multi-parameter diagnostic monitors, Holter and event monitors, activity monitors & wristbands, blood glucose monitors, blood pressure monitors, and ovulation and pregnancy test kits. As a result, there was significant demand for diagnostic equipment, which boosted market revenue throughout the projection period. Therapeutic products include oxygen delivery systems, nebulizers, ventilators, IV equipment, dialysis equipment, insulin delivery services, and inhalers and will dominate the global home healthcare segment. Mobility care products include wheelchairs, walkers & rollators, mobility scooters, canes, and crutches.

Insight by Service

On the basis of services, the global home healthcare market is segmented into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. The demand for skilled nurses at home to provide rehabilitation services, wound dressings, tube feedings, and maintain stable patient health is growing. Patients who have suffered major trauma as a result of accidents or strokes frequently seek rehabilitation treatments to regain their ability to speak, walk, and feed themselves. Rehabilitation therapy services remain at the top in terms of market share and CAGR because of the increase in the geriatric population and increased incidences of surgeries as a result of trauma.

Insight by Indication

On the basis of indication, the market is divided into cardiovascular disorders & hypertension, diabetes, respiratory diseases, pregnancy, mobility disorders, hearing disorders, cancer, wound care, and others. The diabetes segment is anticipated to have a high CAGR during the forecast period 2021-2027 due to the rising number of diabetic patients. Monitoring blood sugar at home helps develop an overall diabetes treatment plan and the management of blood sugar medications, nutrition, and exercise. The global respiratory disease segment is anticipated to reach approx. USD 43 billion by 2027. Cardiovascular disorder holds a dominant position in the home healthcare market. The prevalence rates of cardiovascular disease are high in European countries. 

Insight by End-User

On the basis of end-user, the home healthcare market is sub-divided into independent homes/villas, condominiums/apartments, elderly care homes, and other residents. Elderly care homes fulfill the need and requirements of senior citizens.  According to WHO, the global population of the age group 60 years and above is anticipated to reach 2 billion in 2050. The decrease in fertility rates and increasing life expectancy are driving up the share of elders in the overall population. Therefore, the demand for healthcare products and services for elderly care is expected to rise substantially.

Industry Dynamics

Industry Trends

There is an increase in demand for home healthcare worldwide as they are cost-effective. The cost of home healthcare is far more enticing than hospital care because consumers want to save money and there is uncertainty in the global economy. Despite high demand, there is a global scarcity of skilled healthcare personnel. Quality and consistent healthcare are the main requirements of the industry.

Growth Drivers

There is a significant demand for telehealthcare, a rise in the growth of home-based tele-critical care & isolation due to the COVID-19 pandemic, and increasing investment in smart monitoring solutions and tele-ICU are the growth drivers for the home healthcare market globally.

Challenges

The biggest challenge faced by home health service providers is the shortage of skilled home care practitioners who have expertise in healthcare facilities. The lack of service facilities i.e., life-sustaining and support-sustaining devices makes it tough to address the critical care needs of patients at home. Nowadays due to the COVID-19 pandemic, it is difficult to treat an illness that needs 24*7 examination which is affecting the global home healthcare market.  

Opportunities

Amid the COVID-19 outburst, home healthcare is a blessing for the healthcare industry as it provides comfort, independence, and social distancing to the patients and healthcare workers. The rising demand for affordable healthcare options, technical advances, and various treatment processes will provide a lucrative opportunity for the global healthcare market. 

Geographic Overview

North America accounted for the largest home healthcare market owing to the existence of enhanced medical infrastructure, high level of awareness among patients, increase in investment in R&D facilities, and presence of many large-scale and small-scale healthcare service providers. Europe holds the second-largest share of the total home healthcare market owing to the rise in old age population and the rise in healthcare investments by the European government. The Asia Pacific is anticipated to have the fastest growth during the forecast period. This is attributed to the increasing geriatric population, increase in awareness about cost-effectiveness, rise in disposable income, need for affordable healthcare, and rising healthcare expenditures in developing economies such as China and India, which are expected to boost the growth of the home healthcare market in the Asia Pacific.

Competitive Insight

Key players are adopting various strategies to sustain themselves in the market such as mergers and acquisitions, research collaborations with other companies to launch innovative products and consolidate their market positions across the world.

In a developed region like North America, the entry of new players is challenging as the local players have established their reputation among customers. In emerging economies like APAC because of the growth opportunity, there is the entry of new players, resulting in changing the homecare healthcare service is immense.

In February 2019, Fresenius Medical Care acquired NxStage Medical, helping the company to leverage its manufacturing, supply chain, and marketing competencies across the dialysis products and services, especially in-home dialysis and critical care.

Some of the key players operating in the home healthcare market: Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, F. Hoffmann-La Roche Ltd, Amedisys, Kindred at Home, LHC Group, Inc., A&D Company, Limited, BAYADA Home Health Care, Abbott, OMRON Corporation.
 

Home Healthcare Market Size

Source: VynZ Research

Home Healthcare Market Analysis

Source: VynZ Research

Frequently Asked Questions

Some diagnostic devices are multi-parameter diagnostic monitors, Holter and event monitors, activity monitors & wristbands, blood glucose monitors, blood pressure monitors, and ovulation and pregnancy test kits. Therapeutic devices include oxygen delivery systems, nebulizers, ventilators, IV equipment, dialysis equipment, insulin delivery services, and inhalers.
The proliferation of chronic diseases, the rising cost of hospital beds, rising geriatric population, rise in patient pool, increase in preference for treatment with home care settings, and rising rate of novel pandemic globally are the factors driving the global home healthcare market growth over the forecast period.
Key players operating in the home healthcare market: Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, F. Hoffmann-La Roche Ltd, Amedisys, Kindred at Home, LHC Group, Inc., A&D Company, Limited, BAYADA Home Health Care, Abbott, OMRON Corporation.
The global home healthcare market will grow at a CAGR of about 8.1% during the forecast period 2021-2027 and will reach to USD 274.45 billion by 2027,
The global home healthcare market was valued at USD 181.9 billion in 2020 and is anticipated to grow to USD 274.45 billion by 2027.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Home Healthcare Market