OTTAWA, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The global home healthcare market size was valued at US$ 167.28 billion in 2020 and anticipated to grow at a CAGR of 8.65% during forecast period 2021 to 2030.
The term home healthcare represents a wide number of community-based solutions to assist individuals suffering from acute to chronic disorders such as blood pressure, respiratory disorders, kidney, hip fracture, cerebral palsy, heart disorders, and others. At present, the medical market is full of home healthcare devices. The products range from software to self-care products. The product is designed for both skilled and unskilled workers. Such products assist the patients and service providers for the betterment of the individuals. Some of the products are BP monitors, heart rate monitors, fertility kits, and various others. The service is specially designed for hospitals and home healthcare workers.
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Growth Factors
Since past few years, home healthcare market is booming worldwide. The majority of the products are designed by looking at the growing concern of the chronic disorder market. The major factor which promotes the healthcare market is growing awareness regarding health parameters among the public. Furthermore, the rising percentage of geriatric citizens in countries of Europe and the Asia Pacific is the second most factors in promoting the growth of the market. Home healthcare involves daily keen attention needed in case of chronic disease management. However, unstable reimbursement policies of the firm and lack of availability of products across the world is considered as one of the restraining factors which hinder the growth of the market. Product launching and heavy investment in such a segment will bring huge growth opportunities within the forecast year. In addition, the wide population of Asia Pacific and the rising penetration of 5G in developed countries is also considered futuristic opportunities for the healthcare market.
Regional Snapshots
Various regions across globe are experiencing a rapid rise in the patients with chronic disorders. North America seems to dominate the global home healthcare market. The United States is the major contributor for the revenue generation of the North America region. Europe always is known for the prosperous regions in the world, and soon the region will also know for its geriatric population. The rising geriatric population is not only in Europe but some countries of Asia Pacific like Japan, South Korea are offering lucrative growth prospects for the market. Few countries in Asia Pacific like India and China which together hold 34% of the total world population are also looking for a huge investment in-home healthcare market. The recent economic boom of this region coupled with rising per-capita healthcare expenditures is also a major factor for the growth of the region.
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Report Highlights
- It is estimated that, more than 70% of the patient opting for healthcare services have age above 65 years
- The most common illness requiring home healthcare products are diabetes, hypertension, heart failure, osteoarthritis and others.
- United States is considered as one of the major consumers of home healthcare services which have roughly more than 12,000 home healthcare agencies.
- Current use of artificial intelligence and cognitive system for the collection of the data and the treatment for the various home healthcare market is offering profitable prospects to the market
- United States and Europe are major regions to use telemedicine service, whereas region like Asia Pacific, Latin America and Middle East and Africa still rely on traditional in-person visit
Key Players & Strategies
The home healthcare solution is provided by two contributors, homecare service providers and homecare products. Key strategies followed by the major market players are collaboration, partnership, and merger and acquisition. The market contenders are also keen to focus on technological advancement for their growth and development. For instance, on December 2020, MatrixCare becomes the first firm to launch fully integrated secure speech-to-text technology in its Home Health and Hospice and Palliative Care Electronic Health Records software as a service solution. CareBridge announced its strategic partnership with BAYADA Home Health Care in December 2020. In the same month, CareFinders a growing home health care provider acquired Union Home Care. In October 2019, Clearcare, Inc, a home healthcare company acquired by WellSky Corporation which is a community care technology company.
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Due to the recent pandemic of COVID 19, the home healthcare market has perceived growth across the world. The manufacturers are keen to design technologically advanced products for their customers. Huge competition exists in the market due to its opportunistic category. Some of the players of home healthcare goods include McKesson Medical-Surgical Inc., Fresenius Medical Care, Medline Industries, Inc., 3M Healthcare, Baxter International Inc., Medtronic PLC, B. Braun Melsungen AG, Molnlycke Health Care F. Hoffmann-La Roche AG, Arkray, Inc., Becton, Dickinson And Company, Acelity L.P., Hollister Inc., ConvaTec Group PLC, and Others.
Market Segmentation
By Component Type
- Equipment
- Therapeutic
- Home respiratory equipment
- Insulin delivery devices
- Home IV pumps
- Home dialysis equipment
- Others
- Diagnostic
- Diabetic care unit
- BP monitors
- Multi para diagnostic monitors
- Home pregnancy and fertility kits
- Apnea and sleep monitors
- Holter monitors
- Heart rate meters
- Others
- Mobility assist
- Wheelchair
- Home medical furniture
- Walking assist devices
- Services
- Skilled home healthcare
- Physician/primary care
- Nursing care
- Physical, occupational, and/or speech therapy
- Nutritional support
- Hospice & palliative care
- Other skilled home care services
- Unskilled home healthcare
- Skilled home healthcare
- Therapeutic
By Regional Outlook
- North America
- US.
- Canada
- Europe
- UK.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East and Africa
- GCC
- North Africa
- South Africa
- Rest of MEA
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