Home Healthcare Market Increasing Homecare Settings Contributes Significantly to Market Growth
The home healthcare market was valued at US$ 315,139.27 million in 2020 and is projected to reach US$ 621,565.89 million by 2028; it is expected to grow at a CAGR of 8.9% from 2020 to 2028.
Home healthcare comprises a wide range of healthcare services for illness in homecare settings. The goal of home healthcare is to treat injury and improve health outcomes of a patient. These services are more convenient and less expensive and are efficient treatment for chronic diseases and serious illness, elderly population, and nutrition therapy of a patient.
The home healthcare market is segmented on the bases of indication, product type, service, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the market, emphasizing on parameters such as market trends, technological advancements, and market dynamics along with the analysis of competitive landscape of world’s leading market players.
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A few prominent players operating in the home healthcare market are Fresenius SE & Co. KGaA; General Electric Company; LINDE; F. HOFFMANN-LA ROCHE LTD.; A&D Company, Limited; LHC Group, Inc.; BAYADA Home Health Care; Invacare Corporation; Abbott Care; Amedisys; and Kindred Healthcare, LLC.
Market players are launching new and innovative products and services to sustain their position in the home healthcare market. For instance, in April 2021, Humana announced an agreement to fully acquire Kindred at Home. Humana will acquire the remaining 60% of Kindred at Home. The company purchased 40% ownership stake in 2018, and since then has collaborated closely with Kindred at Home. The transaction is expected to close in the third quarter of 2021.
The COVID-19 pandemic is having the mixed impact on the home healthcare market. Since the home healthcare sector comprises both products and services, each has its own set of effects. The outbreak pandemic will positively impact on sales variety of home healthcare monitoring devices, such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. On the other side, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
Increasing Homecare Settings Contributes Significantly to Market Growth
Growing support from the government to encourage home care settings by offering all the required comfort for patients, increasing product launches for home care settings, and growing initiatives to expand the home care setting are the prominent factors supporting the growth of the home healthcare market. Countries such as the US, the UK, Canada, and Israel have supported hospital-at-home programs. In addition, the outbreak of the COVID-19 has promoted the adoption of homecare settings owing to shortage of hospitals and medical devices for patients worldwide. Given that, due to COVID-19 situation, the US Centers for Medicare & Medicaid Services (CMS) launched a new hospital-at-home initiative in November 2020. The hospital-at-home initiative will offer flexibilities to hospitals to provide patients with hospital-level care in their homes or home care setting.
Based on product type, the global home healthcare market is segmented into therapeutic, diagnostic, and mobility assist. In 2020, the therapeutic segment held the largest share in the market. Moreover, the market for the diagnostic segment is expected to grow at the highest rate by 2028. A physician may recommend the benefits of home health therapy services following surgery, injury, or illness. Home therapy provides three different forms of care treatment—physical therapy, occupational therapy, and speech therapy. This factor is likely to boost the demand for home healthcare across the world during the forecast period.
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