Home Healthcare Market Overview
The home healthcare market 2020 can expect to record a growth rate of 8.1% between 2017 and 2023 (review period), says Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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COVID-19 Impact on Home Healthcare Industry
The onset of the novel coronavirus has been a mixed bag, having had a positive as well as a negative impact on the home healthcare industry. The next few years would see the market for home healthcare emerge at a rapid pace, with lockdown and social distancing becoming the new normal. Hospital visits have been curtailed following the COVID-19 outbreak; making telemedicine and telehealth convenient alternatives. This scenario has been favorable for home healthcare, in terms of demand. The cost-effectiveness of home-based care solutions along with the surge in technological innovations also seems to be working in favor of the global market.
Escalating SARS-CoV-2 cases and the travel ban across countries have fostered the need for at-home health solutions that include monitoring and screening devices. Telehealth solutions are increasingly being adopted by hospitals, corporates, e-pharmacies and individuals following the lockdown. Expanding patient pool in remote areas that requires critical care are adopting telehealth services to remain in touch with healthcare professionals. This could present several lucrative opportunities to the reputed players in the home healthcare market.
Home Healthcare Market Top Boosters and Deterrents
Burgeoning Elderly Population to Foster Market Growth
Expanding pool of aging patients across the world and their rising preference for value-based home healthcare can be a significant growth booster in the global market. The World Health Organization/WHO suggests that in 2019, more than 703 million individuals were aged 65 years or over worldwide. The number of elderly people can double up to 1.5 billion by the year 2050. Furthermore, WHO statistics indicate that the number of dementia patients in the world comes close to 50 million, while new 10 million cases are registered every year. Since the geriatric populace demands more personalized or patient-centric services, the need for more number of skilled healthcare professionals remains unmet, fostering the market growth. The care services segment at home is also preferred by patients that do not prefer hospital stay, which can also encourage market expansion in the following years.
Supportive Medical Reimbursements to Benefit Global Market
Across various developing and developed nations, central governments generally offer either complete or partial medical coverage for at home services. In the United States, reimbursements by Medicare provide value-based healthcare to facilitate better patient outcome at lower costs. As a result, home healthcare has become the most preferred choice among patients for treatment. Medicare has turned into the biggest payer of home healthcare services in the country, wherein the payments are split into three categories, namely traditional health benefit, personal healthcare, and community and home based waivers that is optional.
Firms Launch New Home Healthcare Services to Remain Competitive
From a competitive standpoint, acquisition and mergers coupled with the launch of new services are the key strategies taken up by the healthcare services providers to get ahead in the global market. To cite a reference, in November 2020, BayCare launched a Hospital-at-Home program, which caters to at home patients dealing with SARS-CoV-2, COPD, heart failure and more. This program will function as a hybrid model, combining BayCare’s home healthcare services, virtual visits, in-person visits and remote patient monitoring.
Home Healthcare Market Segmental Analysis
Home healthcare industry has been categorized depending on product, service and software.
Products considered in the market study are screening, monitoring and therapeutic and testing products.
Software-based segments are clinical management system, telehealth solution, and more.
Services available in the global market are unskilled care services, skilled nursing services, rehabilitation therapy services, respiratory therapy services, pregnancy care services and infusion therapy services.
Home Healthcare Market Regional Markets
The key regional Home Healthcare Market studied in the MRFR report are Europe, Asia Pacific (APAC), Middle East and Africa (MEA) as well as North America.
Demand for At Home Skilled Nurses lands North America in the Lead
North America is the market leader, while the US exhibits the highest growth potential, as the trend from nursing homes is shifting towards in-home healthcare. Regular technological advances, availability of well-developed medical infrastructure, high awareness levels among patients combined with substantial healthcare spending also bolster revenue generation. Soaring preference for trained nurses at home for wound dressings, rehabilitation service, maintaining patient health and tube feedings also benefits the North American market.
APAC to Project Fastest Growth as Preference for Hospital Stay Goes Down
APAC should note the fastest growth in the upcoming years, in view of the surging treatment cost that has weakened the preference for hospital stay. Expanding patient pool, fast economic development and the growing elderly population add significant to the market value. Availability of skilled medical professionals along with the rampant demand for trained nurses for home healthcare services such as occupational and physical therapy also boost the APAC market size.
Key Industry Contenders
The key contenders in the global market are Apple (U.S.), F. Hoffmann-La Roche AG (Switzerland), Fresenius SE & Co KGaA (Germany), Koninklijke Philips N.V. (The Netherlands), McKesson Corporation (U.S.), A&D Company (Japan), Abbott (U.S.), Medtronic PLC (U.S.), Kinnser Software (U.S.), LG Electronics (South Korea), 3M (U.S.), Becton Dickinson Company (U.S.), Omron Corporation (Japan), B. Braun Melsungen AG (Germany), GE Healthcare (U.S.), to name a few.
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