Healthcare

Global Home Healthcare Market

February 23, 2022
ID: SR/HC-191
Format:Pdf
Pages:220

Global Home Healthcare Market, By Type (Devices, Software and Services), By Component (Therapeutic, Diagnostic and Mobility Assist), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

The global home healthcare market is expected to reach USD 662.67 billion by 2028 from USD 264.87 billion in 2021 and is poised to grow at a CAGR of 14.2% from 2022 to 2028. The primary element attributing to the market’s growth is a vertical advancement in the geriatric population across all the geographical locations and augmented selection for treatment within the home care settings. For example, according to the United Nations data of World Population Prospects for 2020, individuals over 65 would grow from 9% in 2020 to more than 16% of the world’s population by 2050. Thus, the importance of the target patient collection results in a more increased need for the market growth the global home healthcare market growth over the forecast period.

What is Home Healthcare?

Home healthcare provides domiciliary care, custodial care, non-medical care by enlisted nurses, approved practical nurses, professional therapists, and physical therapists. The Home Healthcare Market is segmented strengthened by services, including social care, hospice, and consistent virtual care. However, the only sought-after home healthcare service is in-home rehabilitation. Therefore, such disabilities have increased. People who suffer from addiction or disabilities can recover faster at home. An essential element responsible for creating opportunities within the Home Healthcare Market is the number of aging people worldwide.

These aged people suffer from a gamut of aging diseases that may or may not need hospital infrastructure. So, a bit of those people pick home healthcare. The number of aged people will support rising, especially supporting the Home Healthcare Market.

Growth Driver

The rising senior population has a high incidence of chronic diseases and requires the expansion of home healthcare access.

The home healthcare market movements indicate that there has been an increasing demand for home healthcare for the importance amongst the old and senior population that is living and growing in different global areas during the continued forecast period that is likely to be ending in 2028. The old population tends to acquire acute and chronic diseases that increase the market products and services in the forecast period. The market can improve the overall global spread of and access to healthcare services, devices, and products. Also, using these products and services will decrease excessive visits, hospital admissions, and re-admissions. Also, the time and costs of traveling to meet healthcare professionals will be reduced, followed by the production levels in the global market system. All these elements are conceivable to collectively add and improve the possibilities for the home healthcare market to promote at a good market rate.

Opportunities

Growing demand for home cares therapeutic machines.

Increasing healthcare costs have resulted in expanded patient choice for home-based treatments. Products such as nebulizers, ventilators, and constant positive airway pressure (CPAP) machines are operated by patients to treat, diagnose, and observe different respiratory diseases in-home care settings. These machines and home care services deliver cost-most effective healthcare to patients.

The rapid change in the global geriatric population, the increasing incidence of chronic diseases, and the cost benefits of home care machines and services compared to hospital visits are the key elements pushing the expansion in the home healthcare market. The increased growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are major factors expected to provide significant growth opportunities to the respiratory home healthcare market players. Owing to the rising healthcare costs, many patients suffering from chronic respiratory diseases prefer to undergo treatments in-home care settings. This movement is predicted to increase the demand for products, including nebulizers, ventilators, and CPAP machines, as patients use them to treat, diagnose, and monitor different respiratory diseases in-home care settings.

Restraints

Patient safety problems

In-home care, the nurse-physician connection involves lesser face-to-face contact, and the nurse is liable for making assessments and communicating determinations. This element affects the degree of patient safety and outcomes. Another distinctive feature of home healthcare is that clinicians deliver medical care to individuals in a special setting. However, situational variables may introduce risks to patients that may be challenging to remove. Hospitals have well-equipped environmental safety departments to take care of such instances.

Lack of home care employees

Home healthcare is a booming market, with growing demand for home care providers/employees. According to the employment projections of the US Bureau of Labor Statistics, during 2014-2024, home healthcare professions such as personal care assistants and home health assistants rated among the top 10 in the list. Also, the need for home health helpers and personal care aides is calculated to be 2.9 million between 2016-2026.

Pre Covid-19 Impact on Global Home Healthcare Market

Before the Covid-19 outbreak, the major factor responsible for the growth in the demand for these services is the vertical elevation in the elderly population across the globe. It has resulted in improved use of such home healthcare services. For example, according to the United Nations data of World Population Prospects for 2019, people over 65 would rise from 9% in 2019. Since older adults demand better patient-centric healthcare services, this continued advancement in the aging population is predicted to propel the market growth of home healthcare services throughout the forecast period. Many countries still have underdeveloped healthcare infrastructure that is not in a position to support better in-patient healthcare services. It is also donating to the escalating demand for home healthcare services.

Covid-19 Impact on Global Home Healthcare Market

During the Covid-19 outbreak, the covid-19 illness that arose as a pandemic made significant challenges for the home healthcare market movements across the world. The global pandemic is significantly impacting the medical and healthcare services area. However, it extended the interest for relative management across the globe as the pandemic spread was enormous and alarming. The usage of the market products and services is for customer supervision in the form of the individuals who have employed the virus during the spread and expanding the resistance among the market players. The non-working of the market participants and organizations because of the public authority regulations like the permanent and temporary lockdowns have been suffering.

Post Covid-19 Impact on Global Home Healthcare Market

After the Covid-19 outbreak, for the home healthcare market to grow, the public authority is concentrating on organizations by spreading awareness and knowledge about these administrations in the worldwide market. Reasoned from its straightforwardness and convenience that has been given, the market is assumable going to extend interest in the innovative work divisions that will help the players center around item broadening, advancement, and subsequently, shaping a cutthroat market competition and existence in the global market premises after the massive explosion of the covid-19 period.

Type Segmental Analysis

The market is classified into devices, software, and services based on type segmental analysis. The devices component is dominated and expanded as devices help the patients get more satisfactory treatment at home and in hospitals. Devices like ventilators, wheelchairs, blood sugar meters, apnea, and other home monitoring machines help provide health benefits among patients. The devices play an important function in home healthcare; therefore, manufacturers deliver devices with progressive technology. Service providers operate these devices to deliver better health conditions for patients suffering from diseases and bone-related conditions. There is a change in the devices market in the coming future.

Component Segmental Analysis

Based on the Component segmental analysis, the market is bifurcated into Therapeutic, Diagnostic, and Mobility Assist. The therapeutic element catches a large number of shares within the market. This transformation is because of the prevalence of diseases demanding regular therapeutic equipment like insulin delivery devices, home dialysis equipment, and intravenous pumps. The diagnostics segment is in the second position in general Home Healthcare Market and is anticipated to acquire a good share over the forecast period. The segment growth is credited to the growing majority of diabetes and cardiovascular and cardiopulmonary conditions, increasing patient attention, rising issues of long-term illnesses needing regular diagnosis, and high adoption of blood pressure monitors, pregnancy, and fertility tests.

Regional Segmental Analysis

Based on regional segment analysis, the Global Home Healthcare Market is bifurcated into North America, Europe, South America, Asia-Pacific and The Middle East & Africa. North America maintains a large share in the market. With a more senior age population in this region, sophisticated healthcare infrastructure and increased disposable income are the elements in the market’s growth. The Asia Pacific is calculated to be the fastest-growing regional market in the coming future.

Competitors Analysis

The Companies include Abbott Laboratories, Philips Healthcare, Kindred Healthcare, Linde Group, Almost Family Inc., LHC Group, A&D Company, Amedisys, Fresenius, Omron Corporation, Sunrise Medical and other prominent players in the global home healthcare market.

Key Stakeholders

Recent Developments

In 2021, Invacare presented the AVIVA STORM RX, a next-generation rear-wheel movement power wheelchair and next-generation Alber e-motion power assist devices.
In 2021, Abbott’s BinaxNOW COVID-19 quick self-test kit needed no specialized mechanism and can be utilized at home with a first-of-its-kind complementary app called NOVICA.
In 2021, BAYADA Home Health Care declared a collaboration with VCU Health System to support in-home health and hospice care in the Richmond urban area of the US.
In 2021, BAYADA Home Health Care declared a collaboration with the Autism Society of Hawaii. This collaboration would offer services throughout Hawaii for people with autism and other developmental disabilities at home, school, in the community, and their centers.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 264.87 Billion
The revenue forecast in 2028	USD 662.67 Billion
Growth Rate	CAGR of 14.2 % from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Abbott Laboratories, Philips Healthcare, Kindred Healthcare, Linde Group, Almost Family Inc., LHC Group, A & A&D Company, Amedisys, Fresenius, Omron Corporation, and Sunrise Medical.

Market Modelling

By Type

Devices
Software
Services

By Component

Therapeutic
Diagnostic
Mobility Assist

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is home healthcare?

What is the growth rate of the global home healthcare market?

The global home healthcare market is expected to reach USD 662.67 billion by 2028 from USD 264.87 billion in 2021 and is poised to grow at a CAGR of 14.2% from 2022 to 2028.

Who are the major key players in the global home healthcare market?

The key is Abbott Laboratories, Philips Healthcare, Kindred Healthcare, Linde Group, Almost Family Inc., LHC Group, A & A&D Company, Amedisys, Fresenius, Omron Corporation, and Sunrise Medical players in the global home healthcare market.

Which Component dominates the highest share in the global home healthcare market?

Therapeutic components accounted for the largest share in the global home healthcare market.

What are the major factors driving the global home healthcare market growth?

Market growth is mainly caused by rapid growth in the senior population, the rising incidence of chronic conditions, the growing demand for cost-effective healthcare delivery due to the increasing healthcare costs, and technological improvements of home care devices.

Which region is expected to have the largest share in the global home healthcare market?

North America holds the largest share in the global home healthcare market.

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Global Home Healthcare Market