Home Healthcare Market Worth USD 274.7 Billion - Growing Demand for Healthcare Monitoring Products

Author : BloggerDJ
Publish Date : 2021-04-22


Home Healthcare Market Worth USD 274.7 Billion - Growing Demand for Healthcare Monitoring Products

This report aims to provide detailed insights into the global home healthcare market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Factors Driving Market Growth:

The Rapid growth in the elderly population, the rising incidence of chronic diseases, the growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices are the major factors driving the growth of home healthcare market.

Expected Revenue Growth:

The Home Healthcare Market is projected to reach USD 274.7 billion by 2025 from USD 181.9 billion in 2020, at a CAGR of 8.6% during the forecast period.

Browse in-depth TOC on "Home Healthcare Market"

197 – Tables
39 – Figures
253 – Pages

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In 2019, the dialysis equipment segment accounted for the largest share of the home healthcare therapeutic products market

Based on therapeutic products, the global home healthcare market is segmented into oxygen delivery systems, nebulizers, ventilators, sleep apnea therapeutic devices, wound care products, IV equipment, dialysis equipment, insulin delivery devices, and other products (ostomy devices and automated external defibrillators). Dialysis equipment accounted for the largest share of the home healthcare therapeutic products market in 2019. Technological advancements and the launch of new products that are safe and easy to use in home care settings, and growing awareness about home therapies are some other major factors driving the growth of the home dialysis market

The diabetes indication segment is expected to grow at the highest CAGR during the forecast period

By indication type, the global home healthcare market is segmented into cancer, respiratory diseases, mobility disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. The diabetes segment is expected to register the highest CAGR during the forecast period. The increasing number of diabetic patients mainly drives growth in this market. Moreover, monitoring blood sugar at home helps arrive at an overall diabetes treatment plan and aids in managing the medications for blood sugar, diet, and exercise.

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North America was the largest regional market for the home healthcare market in 2019

The market is segmented into four major regions—north America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for home healthcare in 2019. The large share of North America in the global market is attributed to the high healthcare expenditure, rising prevalence of chronic conditions, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Growth in the Asia Pacific market is driven primarily by the rising aging population, increased incidence of chronic diseases, rising disposable income, technological advancements, government initiatives to promote home healthcare, and increasing healthcare costs.

The global home healthcare market is highly fragmented. The prominent players in the overall market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), A&D Company (Japan), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), Kindred at Home (US), LHC Group, Inc. (US), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Drive DeVilbiss Healthcare (US), Hamilton Medical (Switzerland), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd(China), Vitalograph (UK), Advita Pflegedienst GmbH (Germany), RENAFAN GmbH (Germany), ADMR (France), Apex Medical Corporation (Taiwan), CONTEC MEDICAL SYSTEMS CO., LTD (China), and Löwenstein Medical Technology GmbH + Co. KG. (Germany).

COVID-19 impact on the home healthcare market

The COVID-19 pandemic has a mixed impact on the home healthcare market. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact few home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.

Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes. However, the scenario is different. There have been many home healthcare agencies and providers who have reported a decline in the business.  However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.

DRIVER: Rising aging population, high incidence of chronic diseases, and need to expand home healthcare access

The growth of the aging population segment will boost the demand for healthcare and significantly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. This will prove favorable to the market for home healthcare, which can enhance the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.

RESTRAINT: Patient safety concerns

In home care, the nurse-physician association involves lesser face-to-face contact, and the nurse is responsible for making assessments and communicating findings. This factor affects the degree of patient safety and outcomes. Another distinguishing characteristic of home healthcare is that clinicians offer medical care to each patient in a unique setting. However, there may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances.



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