-- Home healthcare consists of services offered at hospitals to be provided at home. Convenience, low costs, and effective care giving are prime benefits for its rise. The global home healthcare market report by Market Research Future (MRFR) has a bird’s eye view on the ongoing and future developments in the industry for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic is likely to be lucrative for the market amid fears of transmission of the virus.
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Global Home Healthcare Market Scope
The global home healthcare market is anticipated to expand at 8.1% CAGR over the forecast period. Its size can balloon to USD 414, 681.2 million by 2023. Emergence of an outcome-based healthcare model among healthcare organizations as opposed to fee-for-services model can drive the market demand exponentially. This would make patients the focus of attention as opposed to services to be provided for a nominal fee. In addition, new avenues such as teleconsultation and telemedicine are likely to make way for the industry in the coming years.
Digitization of data, the large elderly populace, and increasing healthcare costs are other factors expected to drive the adoption of home healthcare during the forecast period. Strides made in healthcare IT and offerings of wireless equipment and devices for diagnosis and preventive care can bode well for the market. The paucity of life-saving equipment amid the COVID-19 crisis is likely to drive the demand for home healthcare equipment over the assessment period. This is evident by the surge in number of in-home nursing programs recently.
Global Home Healthcare Market Segmentation
The global home healthcare market is segmented by product, service, and software.
Products in the market include therapeutic and testing, screening, & monitoring products. The former is sub-segmented into wound care products, dialysis equipment, respiratory therapy equipment, IV equipment, insulin delivery devices, and others. On the other hand, the latter is segmented into pulse oximeters & heart rate monitors, blood pressure monitors, Holter and event monitors, sleep apnea monitors, blood glucose monitors, cholesterol monitoring devices, and others.
Based on services, the market is segmented into infusion therapy services, respiratory therapy services, skilled nursing services, unskilled care services, pregnancy care services, and rehabilitation therapy services. Skilled nursing services and rehabilitation therapy services are segments expected to gain a large market share in the coming years.
Software discussed in the report comprise clinical management systems, hospice solutions, telehealth solution, and agency software. Telehealth solutions are expected to garner revenue at the highest CAGR over the forecast period.
Global Home Healthcare Market Regional Analysis
The segments covered in the report are analyzed with respect to four major regions – The Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas is expected to dominate the global home healthcare market due to reimbursement schemes and a large healthcare expenditure. According to the Health United States Report, the U.S. had spent close to USD 2.7 trillion in healthcare in 2017. Europe, on the other hand, is also set to be lucrative for the market owing to investments in nursing programs and large healthcare expenditure of countries.
APAC is touted to exhibit the highest growth rate during the forecast period owing to prevalence of chronic diseases, skilled labor at economic costs, aging populace, and the growing economy.
Global Home Healthcare Market Competition Outlook
Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, Abbott, B. Braun Melsungen AG, McKesson Corporation, Apple, 3M, Omron Corporation, Medtronic PLC, A&D Company, Kinnser Software, LG Electronics, Becton Dickinson Company, GE Healthcare, and Koninklijke Philips N.V. are reputed names in the global home healthcare market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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