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.
Market Research Future (MRFR) studied the global home healthcare market 2021 for the analysis period till 2023. According to MRFR findings, the home healthcare market is expected to rise at 8.1% CAGR over the analysis period. By 2027, the global market for home healthcare is set to touch revenue of around USD 4,14,681.2 Mn.
The rise of the global home healthcare market is can be attributed to factors, such as; adoption of advanced technology in healthcare and diagnosis equipment and introduction of initiatives by governments to encourage home healthcare solutions. On the contrary, the home healthcare market is anticipated to face challenges and restraints owing to rising about patient safety and high healthcare costs. However, the expansion of the geriatric population in can support the market rise in years to come.
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Competitive Analysis
Some reputed companies that are functioning in the home healthcare market include Abbott (U.S.), Koninklijke Philips N.V. (The Netherlands), Fresenius SE Co KGaA (Germany), F. Hoffmann-La Roche AG (Switzerland), GE Healthcare (U.S.), AD Company (Japan), B. Braun Melsungen AG (Germany), McKesson Corporation (U.S.), Omron Corporation (Japan), Becton Dickinson Company (U.S.), LG Electronics (South Korea), Medtronic PLC (U.S.), Apple (U.S.), Kinnser Software (U.S.), and 3M (U.S.) and others. Eminent players are engaged in launching new products and entering partnerships in the global market and to expand their consumer base.
The report offers vivid profiles on market players and study their current scenario in the market. History of companies coupled with their annual turnover, segmental share, profit margins, growth strategies, SWOT analysis, mergers and acquisitions (MA) activities, new product launches, and RD initiatives are discussed on a granular level.
Segmentation
The home healthcare market segment study is based on Product, Software and Service.
- By Products, the segments of the home healthcare market study are screening, therapeutic and testing, and monitoring products. The segment of therapeutic and testing is sub-segmented into respiratory therapy equipment, dialysis equipment, insulin delivery devices, IV equipment, and wound care products among others. The segment of monitoring products is sub-segmented into event monitors, holter, sleep apnea monitors, pulse oximeters heart rate monitors, blood pressure monitors, blood glucose monitors, and cholesterol monitoring devices among others.
- By Software, the home healthcare market study is segmented into hospice solutions, agency software, telehealth solution, and clinical management systems. The telehealth solution segment can rise at high growth pace over the years to come.
- By Services, the global home healthcare market is segmented into unskilled care services, skilled nursing services, rehabilitation therapy services, respiratory therapy services, infusion pregnancy care services, and therapy services. The expansion of the respiratory therapy services to support 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.
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Industry Updates:
Feb 2021 Humana has declared it is partnering with in-home medical care supplier Dispatch Health to make available to its members advanced home healthcare services in an effort to improve patients' experience and health consequences. These facilities will originally be offered in Denver and in Tacoma, Washington, with extension to further markets in Texas, Nevada and Arizona planned for later this year. The contract will offer members surviving chronic conditions – such as heart failure, kidney and urinary tract infections, cellulitis, chronic obstructive pulmonary disease, and others with prospects to be nursed safely at home and thus avoid hospital calls.
