Westford, USA, April 21, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, Europe Home Healthcare Market is projected to achieve a value of USD 162.78 billion by 2030, with a CAGR of 7.6% during the forecast period (2023-2030). The market's growth will be significant due to factors such as the aging population, chronic diseases, government initiatives, cost-effectiveness, and technological advancements. Furthermore, the report states that Europe's aging population is expected to exceed 150 million by 2050, leading to increased demand for home healthcare services as elderly individuals prefer to receive care at their own homes.
The report also reveals that home healthcare services can reduce healthcare costs by up to 30% compared to hospitalisation or institutional care. This demonstrates the cost-effectiveness of home healthcare services compared to hospitalisation or institutional care, leading to an increased demand for home healthcare services in Europe.
Browse in-depth TOC on "Europe Home Healthcare Market"
- Pages - 241
- Tables - 67
- Figures - 71
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The Europe home healthcare market holds significant importance in contemporary times due to the ageing population, rising prevalence of chronic illnesses, and demand for cost-effective healthcare solutions. The COVID-19 pandemic has further propelled the market's growth, offering lucrative prospects for healthcare providers, technology firms, and investors.
Prominent Players in Europe Home Healthcare Market
- Fresenius SE & Co. KGaA
- Bayada Home Health Care
- Healthcare at Home
- Home Instead Senior Care
- Kinnser Software
- LHC Group
- National HealthCare Corporation
- NHS Home Healthcare
- Odyssey Healthcare
- Omron Healthcare
- Philips Healthcare
- Right at Home
- Siemens Healthineers
- Sunrise Medical
- Unicomer Group
- VitalAire
- Vitas Healthcare
- Welbilt
- William Demant Holding A/S
- Linde Healthcare.
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Telehealth and Telemedicine Segment to Drive Higher Sales Due to Providers Increasingly Recognizing the Benefits of Virtual Care
A recent analysis indicates that the telehealth and telemedicine segment drove the rapid growth of the Europe Home Healthcare market in 2021. This trend is expected to continue from 2022 to 2030, owing to the COVID-19 pandemic and the recognition of the benefits of virtual care by providers. SkyQuest report highlights that 81% of healthcare providers in Europe increased their use of telemedicine during the pandemic with 63% expecting to continue using telemedicine services after the pandemic.
According to research analysis, the Western European region is predicted to become a major player in the Europe Home Healthcare market from 2022 to 2030. SkyQuest projects a CAGR of 8.82% for the region during the forecast period, driven by an ageing population, increasing prevalence of chronic diseases, and the need to reduce healthcare costs. Moreover, the European Commission is actively promoting digital health solutions, including telemedicine, to improve healthcare accessibility and reduce costs. The Commission's Digital Single Market initiative aims to support the deployment of digital solutions across the healthcare sector, including home healthcare.
Respiratory Therapy Segment to Exhibit Strong Growth Due to Growing Demand for Rising Prevalence of Respiratory Diseases
The rising demand for respiratory therapy has made it the dominant segment in the Europe Home Healthcare market in 2021 and is expected to maintain its lead from 2022 to 2030. This trend is being driven by the increasing prevalence of respiratory diseases, the importance of respiratory care devices in improving patients' quality of life, and the heightened demand for these devices during the COVID-19 pandemic.
Furthermore, the Central and Eastern European region has emerged as a significant force in the Europe Home Healthcare market, with expectations to continue its dominance by 2030. SkyQuest forecasts a substantial growth rate of 11.67% CAGR during the forecast period for the region. The growth can be attributed to the rising prevalence of chronic diseases, increasing geriatric population, and favorable government initiatives promoting home healthcare services. In addition, various government initiatives are supporting the market's growth. For instance, the Polish government has launched a program called "Senior+" that provides financial assistance to purchase medical equipment and devices, and hire trained personnel to provide home healthcare services to the elderly population.
A comprehensive analysis of the major players in the Europe Home Healthcare market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Europe Home Healthcare Market
- At the 2022 Consumer Electronics Show (CES), OMRON Healthcare, Inc., a leading provider of remote blood pressure monitoring and personal health technology, will be unveiling its latest remote patient monitoring services. OMRON's connected blood pressure monitors and advanced mobile app have been designed to cater to every consumer, regardless of where they are on their heart health journey. The company's focus on its mission of "Going for Zero™" heart attacks and strokes is also evident, as it presents the future of its offerings in the heart health category. This includes a collaborative research initiative that aims to leverage artificial intelligence to analyze blood pressure metrics accurately.
- CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), has recently launched six innovative home healthcare products that aim to cater to the needs of the elderly, caregivers, and those living with disabilities. The products, which include bathroom safety and mobility aids, are an extension of the CVS Health product line and were developed in collaboration with Michael Graves Design, a company that advocates for the Design for All movement. With a focus on merging functionality and design, these products have been designed to meet customers' unique needs based on customer insights. CVS Health's latest offerings reflect its commitment to providing accessible, innovative solutions that improve people's everyday lives.
Key Questions Answered in Europe Home Healthcare Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
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