Overview:
Home healthcare consists various healthcare services that are provided from home for treatment of different diseases such as diabetes, respiratory diseases and heart diseases. Home healthcare devices and services help diagnosing these diseases. Some of the services included in the industry are infusion services, physiotherapy and home skilled nursing, commonly referred as home medical care. Home healthcare services are as effective as the hospital care units or skilled nursing facility. These services are low-cost and very convenient for the patients compared to the hospital services.
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The global home healthcare market was valued at US$ 279,541.7 Mn in 2019 and is forecast to reach a value of US$ 525,833.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.
Drivers:
Rise in the number of cases of chronic diseases and old age population are expected to augment growth of the global home healthcare market during the forecast period. For instance, in September 2019, a study published in the journal Diabetes Research and Clinical Practice estimated 463 million people across the world are likely to get diabetes in 2019 and the number is projected to increase by 2030 to 578 million and by 2045 it is expected to reach 700 million.
Furthermore, as per the U.S. Census Bureau, by 2034, the number of geriatric individuals is projected to reach 77 million in U.S.
Restraints:
Factors such as inaccuracy of home health care devices, life threatening diseases, and misguided treatment therapy are expected to hamper growth of the global home healthcare market.
Opportunities:
Key players in the market are adopting various strategies such as collaborations, and factors such as access to portable medical microcarts and favourable reimbursement policies in home healthcare devices are expected to create lucrative environment of growth opportunities for market competitors in the global home healthcare market. For instance, in July 2019, Henry Schein Medical, partnered with Medpod, and Uber Health to deliver portable medical microcarts to patients’ homes for remote examinations.
Furthermore, in July 2020, the Centers for Medicare & Medicaid Services, released a regulation where patients with last stage kidney disorders will be able to get extra reimbursement from Medicare for home-based dialysis supplies and tools.
Key Takeaways:
North America dominated the global home healthcare market in 2019, accounting for 35.7% share in terms of value, followed by Europe and Asia Pacific, respectively.
Key players in the global market of home healthcare market are adopting various strategies such as approval and introduction of novel products, Mergers and Acquisitions, and collaborations in order to strengthen their product portfolio. For instance, in April 2019, Current Health Received FDA Class II Clearance for its Remote Patient Monitoring (RPM) Solution which is developed with artificial intelligence (AI) for In-Home Care.
Moreover, in January 2020, AdaptHealth, the third largest provider of home medical equipment (HME) in the United States, announced the acquisition of the Patient Care Solutions (PCS) business from McKesson Corporation. The PCS acquisition added urological and ostomy products to AdaptHealth’s HME product portfolio.
Key players:
Key players active in the global home healthcare market are, Regeneron Pharmaceuticals, Inc. 3M, Bayer AG, Dickinson and Company, F. Hoffmann-La Roche Ltd., Gentiva Health Services, Inc., Johnson & Johnson Services, Inc., Medtronic, Inc., AdaptHealth, Current Health, Baxter International Inc., Outset Medical, Abbott Laboratories, Becton, Cardinal Health, GE Healthcare, Invacare Corporation, The Linde Group, Omron Healthcare, Inc., and Optum (United Healthcare).
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Key Developments:
Market players are focusing on approval and launching novel products in the market to strengthen their product portfolio. For instance, in April 2020, the U.S. FDA approved Outset Medical’s Tablo hemodialysis system for patients in homecare.
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- COVID19 Impact on the market
- Market Dynamics
- Global Home Healthcare Market, By Type, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Devices
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Diagnostics and Monitoring Home Devices
- Therapeutics Home Healthcare Devices
- Mobility Assist Devices
- Medical Supplies
- Services
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Rehabilitation Services
- Telehealth and Telemedicine Services
- Infusion Therapy Services
- Respiratory Therapy Services
- Unskilled Home Healthcare Services
- Introduction
- Global Home Healthcare Market, By Region, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
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