Global Home Healthcare Market Overview
The global home healthcare market is likely to register a CAGR of 8.1% during the forecast period, as conferred by the report published by Market Research Future (MRFR). Home healthcare is a progressively viable option that is preferred over other types of healthcare. A high preference on the end of the patient can be attributed to the rising healthcare costs and the booming geriatric population across the globe. Home healthcare also provides a range of services that include physiotherapy, speech therapy, skilled nursing, and occupational therapy. Further, the digitization of data has made contact between physicians and patients easier, along with an accurate recording of diagnosis from the comfort of their home.
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Furthermore, technological advances in the healthcare sector and diagnosis equipment are encouraging the adoption of home healthcare in the foreseeable future. Supportive government initiatives are also pushing positive growth to the global home healthcare market during the assessment period. Moreover, home healthcare solutions are estimated to collect information from several records of patients to get a comprehensive picture of health, including genetic, medical, biological, lifestyle, and sentimental data. With a growing prevalence of chronic diseases and a growing need for treatment options is fueling market growth for home healthcare in the forthcoming years.
Competitive Analysis
The report identifies various key market players including Fresenius SE & Co KGaA (Germany), GE Healthcare (U.S.), F. Hoffmann-La Roche AG (Switzerland), Abbott (U.S.), B. Braun Melsungen AG (Germany), Koninklijke Philips N.V. (The Netherlands), 3M (U.S.), Medtronic PLC (U.S.), A&D Company (Japan), McKesson Corporation (U.S.), Kinnser Software (U.S.), Becton Dickinson Company (U.S.), Apple (U.S.), Omron Corporation (Japan), LG Electronics (South Korea), and others.
On Feb 2019, Air Liquide continued on its pursuit of developing its home healthcare activity in Europe with a big acquisition of Megamed AG and Sleep & Health SA, two historic market players who are based in Switzerland. This will help patients and healthcare professional’s needs to be addressed in a better manner.
Home Healthcare Market – Segmentation
The Home Healthcare Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Products, Services, Solutions and other.
Segmentation By Application : Comprises Wound Care, Patient Education, Nutrition Therapy, Monitoring, and other.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Regional Analysis
The home healthcare market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas holds the major share of the global market and is poised to retain its pole position towards the end of the assessment period. The factors that are favoring the proliferation of the home healthcare market in the region include the consolidation of key players, increasing healthcare expenditure, the large-scale prevalence of chronic diseases, growing government initiatives, etc. The regional market encompasses North America and South America, out of which, North America’s home healthcare market is likely to exhibit a relatively higher growth rate over the next couple of years.
Europe has secured the second spot in the global home healthcare market. It is expected to grow substantially in the forthcoming years due to the presence of well-developed technologies and increasing support from government and private organizations for research & development.
Asia Pacific is projected to strike the highest CAGR over the assessment period. The growth-inducing factors supporting the regional home healthcare market include growing geriatric population, huge patient pool, and availability of skilled labor force. Meanwhile, the Middle East & Africa is prognosticated to account for the least share of the home healthcare market owing to the prevailing poor economic conditions, especially in the African region.
Industry Update
May 2019: Androscoggin Home Healthcare and Hospice, based in Lewiston, has recently announced the expansion of services in the Augusta region. This depicts the rising demand for home healthcare and the numerous regional players coming forward to satiate the demand.
Intended Audience
- Home Healthcare Equipment Manufacturers
- Home Health Software Vendors
- Home Healthcare Service Providers
- Medical Devices Companies
- Research and Development (R&D) Companies
- Nursing Services Providers
- Government Research Institutes
- Academic Institutes and Universities
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