The Europe home care market was valued at USD 84 billion in 2019 and projected to grow at a CAGR of 7.6% from forecast period 2020 to 2027.
The growing geriatric population in the region coupled with the rising incidence of chronic diseases is the key factor driving the market for home care in the region. In addition, advancements in medical devices, pharmaceuticals, and services and innovations in technology have also made home care solutions affordable for people that are homebound and prefer medical care in the comfort of their homes. Furthermore, increasing awareness about home care services and the launch of new devices for treating various conditions at home is another major factor propelling the market growth.
The services segment accounted for a revenue share of 84.1% in 2019. This is attributed to a rise in the aging population in the region and the growing demand for home-based care. The equipment segment is further segmented into therapeutic, diagnostic, and mobility assistance equipment. Therapeutic equipment dominated the market for home care in Europe in 2019. However, the diagnostic equipment segment is anticipated to witness significant growth over the forecast period. Technologically advanced products that enable accurate and timely diagnoses such as strapless heart rate monitors, iPhone heart-rate monitors, and TQR heart rate watches are likely to propel segment growth.
The market by services is segmented into skilled home care and unskilled home care. Skilled home care services are provided by healthcare professionals. The aging population suffering from diseases, such as diabetes or cardiovascular disorders seeking medical assistance is driving the market. Furthermore, the increasing prevalence of lifestyle diseases has increased the need for continuous and coordinated care services for home-bound patients recovering from acute injury or illness. Moreover, skilled nursing services avoid unnecessary hospital stays for patients and family caregivers and reduce significant medical expenditure by providing the same quality of care at a reduced cost.
Among the European countries, Germany held the largest market share of 24.1% in 2019 attributed to the fastest growth rate of the aging population and favorable universal healthcare coverage system. The growing geriatric population in developed economies such as Germany, the U.K., France, and Italy coupled with the presence of high untapped opportunities in Eastern Europe are some factors expected to drive the market during the forecast period. Moreover, changes in the social and demographic structure in Europe are also likely to spur the demand for medical assistance at home.
Some of the prominent players in the Europe home care market include:
Skilled Nursing Services
Unskilled Nursing Services
Rest of Europe