Global Home Healthcare Market Size, Share, Growth, Trends, Revenue, Consumption, Sales and Forecast 2020-2027

The global home healthcare market size surpassed at USD 281 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8% from 2020 to 2027.

The global home healthcare market size is projected to surpass USD 515 billion by 2027, according to a new report by Vision Research Reports.

This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth.

The elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Besides, maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following merger and acquisition strategy to enter the market, in order to provide cost-effective service and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stay is another key factor driving home healthcare market growth. In the past several years, the number of nursing facilities has reduced, while the in-home nursing programs have doubled.

Component Insights

By component, the home healthcare market has been segmented into equipment and services wherein the services segment dominated the market with a share of 80% in 2019. With the dramatic increase in the aging population worldwide, the demand for home healthcare agencies is increasing for better patient outcomes. In addition, the increasing prevalence of chronic diseases among the elderly is another major factor contributing to market growth.

The therapeutic devices dominated the equipment segment in 2019. The increasing number of patients suffering from chronic or acute respiratory illnesses or with urinary incontinence or end-stage renal disease (ESRD) demand advanced devices for treatment. In addition, reduced service charges for in-home healthcare when compared to hospital or nursing homes is another key factor boosting the therapeutic equipment market. According to the University of California, SF, around 750,000 patients per year in the U.S., and 2 million patients globally are affected by the end-stage renal disease (ESRD).

The diagnostics equipment segment is anticipated to witness lucrative growth during the forecast period attributed to the increasing prevalence of diabetes and cardiovascular diseases which needs continuous monitoring. In addition, increasing patient awareness levels towards screening process and technological advancements, integration of microfluidics, sensors, Internet-of-Things (IoT), smartphones and wearables bring point-of-care testing to the patients and represent a strong opportunity for providing sensitive, low-cost, rapid, and connected diagnostics.

Regional Insights

North America dominated the home healthcare market with a share of around 42% in 2019. In North America, the U.S. held the largest market share in 2019 attributed to shifting trends towards in-home healthcare from nursing homes, technological advancement, and the presence of advanced medical infrastructure. In addition, high patient awareness levels coupled with increasing healthcare expenditure and the implementation of the streamlined regulatory framework are also driving the market in the region. Supportive initiatives by the Centers for Medicare and Medicaid Services are anticipated to propel market growth further.

Germany held the largest market share in Europe in 2019 followed by France. This is mainly due to increasing expenditure towards in-home healthcare in the country and growing demand for the skilled nursing workforce for in-house care.

The Asia Pacific is anticipated to witness the highest growth rate during the forecast period. The growing economy, high prevalence of chronic diseases, aging population, and skilled labor availability at economic costs, are the major factors enhancing the growth of this region. Japan held the largest market share attributed to the growth of the aging population and medical care associated with it. It is anticipated that by the year 2050 around 40% of the population in Japan will grow over 65 years of age. It is prominent in Tokyo where the percentage of 65 years old population is 25% in the year 2020 and is expected to be 30% of the total population by the year 2035.

Manufacturers

• • McKesson Medical-Surgical Inc.

  • Fresenius Medical Care

  • Medline Industries, Inc.

  • Medtronic PLC

  • 3M Healthcare

  • Baxter International Inc.

  • B. Braun Melsungen AG

  • Arkray, Inc.

  • F. Hoffmann-La Roche AG

  • Becton, Dickinson And Company

  • Acelity L.P.

  • Hollister Inc.

  • ConvaTec Group PLC

  • Molnlycke Health Care

Service Providers: -

• • Brookdale Senior Living, Inc.

  • Home Health Services Ltd.

  • Sunrise Carlisle, LP

  • Extendicare, Inc.

  • Care UK Limited

  • Senior Care Centers of America

  • Genesis Healthcare Corp.

  • Sompo Holdings, Inc.

  • Kindred Healthcare, Inc.

  • Home Instead Senior Care, Inc.

Market Segmentation

Component Outlook

• • Equipment

    • Therapeutic

      • Home respiratory equipment

      • Insulin delivery devices

      • Home IV pumps

      • Home dialysis equipment

      • Others

    • Diagnostic

      • Diabetic care unit

      • BP monitors

      • Multi para diagnostic monitors

      • Home pregnancy and fertility kits

      • Apnea and sleep monitors

      • Holter monitors

      • Heart rate meters

      • Others

    • Mobility assist

      • Wheelchair

      • Home medical furniture

      • Walking assist devices

  • Services

    • Skilled home healthcare

      • Physician/primary care

      • Nursing care

      • Physical, occupational, and/or speech therapy

      • Nutritional support

      • Hospice & palliative care

      • Other skilled home care services

    • Unskilled home healthcare

Regional Outlook

• • North America

    • The U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • Sweden

    • France

    • Italy

    • Russia

    • Netherlands

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Singapore

    • Thailand

    • Philippines

    • Korea

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • Oman

    • Egypt

    • UAE

In this report, our team research the global home healthcare market by type, application, region and manufacturer 2014-2018 and forecast 2020-2027. For the region, type and application, the sales, revenue and their market share, growth rate are key research objects; we can research the manufacturers' sales, price, revenue, cost and gross profit and their changes. What's more, we will display the main consumers, raw material manufacturers, distributors, etc.

Home health care is a diversified industry which includes home nursing care, infusion services, companion care, and others. Home healthcare is particularly referred as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring ones medication routine.

The global home healthcare market is mainly driven by increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices. With increasing health awareness among people, increase in a number of people diagnosed with chronic diseases such as diabetes cardiac disorders and respiratory diseases, the demand for home healthcare market is expected to grow in the near future. The population of geriatric people is growing rapidly across the world. Geriatric population is more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of home healthcare market. However, changing reimbursement policies and limited insurance coverage may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is expected open alluring avenues for the market growth over the next few years.

The Americas is expected to witness a growth in the global home healthcare market due to the increasing adoption of long-termhome careservices and growing awareness about healthcare. The growth of the aging population will further propel the growth prospects for the market for the next four years. This in turn, will drive the purchase volume of crutches, canes, and wheelchairs by aging population.

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.

Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.

Key Questions Answered in the Report

The report addresses key questions concerning the market evolution and overarching trends shaping global home healthcare market growth. Some of the key questions answered in the report include-

• What is the overall structure of the home healthcare market?
• What was the historical value and what is the forecasted value of the market?
• What are the key product level trends in the home healthcare market?
• What are the market level trends in the market?
• Which of the market players are leading and what are their key differential strategies to retain their stronghold?
• Which are the most lucrative regions in the home healthcare market space?