The global home healthcare market is growing pervasively, mainly due to the advantages that these home-care services can provide. Home healthcare services are mostly less expensive, more helpful, and as effective as a doctor or skilled nursing facility can offer. As a result, the uptake of these services is rising among families having low income or are residing in the remote/rural areas, caring elderly & ailing patients and those who might not have any means to travel to receive the care.
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Reasonably affordable healthcare is a key factor driving the growth of the home healthcare market, allowing it to expand at a global level. According to Market Research Future (MRFR), the global home healthcare market is expected to reach a valuation of USD 4,14,681.2 MN by 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 8% throughout the forecast period (2017-2023).
Home healthcare services are proving to be the most practical option, providing a range of medical benefits for patients at the comfort of home. Especially in developed countries like the US and UK, the cost of healthcare, including prices for medicines, medical devices, and hospital services, are skyrocketing. Home healthcare services provide the best affordable care in such a scenario.
Rising demand for affordable healthcare solutions, technological advancements, and various emerging treatment procedures foster market growth. Besides, the growing prevalence of chronic diseases, rising geriatric populace, and increasing awareness among people about the benefits of home healthcare drive market growth, predominantly.
Furthermore, the proliferation of smart and connected devices such as smartphones with increasingly powerful technical capabilities, coupled with the availability of numerous home healthcare solutions and service providers in the market propel the market growth to an extent. The intervention of advanced technologies, like AI (Artificial intelligence), is significantly supporting home healthcare market growth.
On the other hand, home care setting may present some hazards related to the household- like toxic substances, lead paint, including poor indoor air quality. Also, there can be risks of spreading nosocomial infections, medication errors, and development of resistant organisms, among others. Such patient safety concerns are likely to inhibit the market growth over the forecast period.
Home Healthcare Market – Segmentation
The report is segmented into four market dynamics to widen the scope of understanding,
By Product : Testing, Screening & Monitoring, and Therapeutic Products, among others.
By Software : Clinical Management Systems, Tele-Health Solution, Agency Software, and Hospice Solutions, among others.
By Services : Skilled Nursing Services, Unskilled Care Services, Rehabilitation Therapy Services, Respiratory Therapy Services, Pregnancy Care Services, and Infusion Therapy Services among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Global Home Healthcare Market – Regional Analysis
North America leads the global home healthcare market with the largest market share. The presence of the leading players in the region is a key factor substantiating the growth of the regional market. Besides, factors such as the rising geriatric population, increasing healthcare expenditures, and the growing awareness among people towards the advantages of home healthcare services drive the regional market growth. Retaining its dominance throughout the forecast period, North America home healthcare is expected to create a substantial revenue pocket by 2023.
The European home healthcare market accounts for the second-largest market, globally. The presence of widely-proliferated healthcare sector and well-established players alongside, the rising healthcare expenditures in the region foster the regional market. The resurging economy is the primary driving force behind the increase in the regional market value. Furthermore, funding support from the public and private entities for R&D activities is paying off well, availing advanced technologies to drive the home healthcare market in the European region.
The home healthcare market in the Asia Pacific region is emerging as a promising market globally, accounting for a substantial market share. Factors, such as the rapid growth in the healthcare sector in highly populous countries like India and China substantiate the regional market growth. Moreover, increasing geriatric populace and growing awareness about the advantages of home healthcare services influence the growth of the regional market positively.
Home Healthcare Market – Competitive Analysis
Companies operating in the market also try to provide in-home personal, nursing, and respite care for elderly and disabled patients along with the housekeeping, meal prep, and dietary needs services. The market player, when collaborating look for a technology partner whose product aligns with their goals to empower caregivers, optimizing their time utilization and enabling them to fulfill their inherent desire to make a difference.
They strive to provide exceptional support by developing electronic documentation and automated workflow solutions that can support faster documentation completion while delivering care with the highest professional, ethical, and safety standards to the patients. The industry is transforming rapidly with the technological solutions supported by AI and automation.
Home healthcare companies are adopting digitization increasingly to remain competitive. With the right technology, these players try to enhance their efficiency of processes to increase client and caregiver satisfaction while reducing costs.
Players leading the global home healthcare market include F. Hoffmann-La Roche AG (Switzerland), Koninklijke Philips N.V. (the Netherlands), A&D Company (Japan), Abbott (US), Fresenius SE & Co KGaA (Germany), GE Healthcare (US), B. Braun Melsungen AG (Germany), McKesson Corporation (US), Becton Dickinson Company (US), Medtronic PLC (US), Omron Corporation (Japan), LG Electronics (South Korea), Apple (US), Kinnser Software (US), and 3M (US), among others.
Industry/ Innovation/ Related News
August 20, 2019 — Marken, Ltd. (the UK), a leading global provider of medical supply logistics and support services, serving the pharmaceutical, clinical research, biotechnology sectors globally, announced the launch of its nursing services for home-based clinical trials. These services are now operational in most key markets around the world, which can be integrated into its already well-established logistics network.
The home healthcare offering extends its existing direct to patient logistics services, including expanded services such as clinical drug storage, direct-to-patient delivery, biologic sample collection, central pharmacy, and home care/nursing services.
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