The report highlights the trends prevailing in the market, along with market drivers and deterrents.
According to our latest market research study on “Home Healthcare Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Service, and Indication,” the market is expected to reach US$ 621,565.89 million by 2028 from US$ 315,139.27 million in 2020; it is estimated to grow at a CAGR of 8.9% from 2020 to 2028. The report highlights the trends prevailing in the market, along with market drivers and deterrents.
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.
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Home Healthcare Market Competitive Landscape and Key Development
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.
The growth of the home healthcare market is attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, and growing development in the medical device industry. As per the United Nations (UN) estimation, by 2060, the geriatric population will reach 1.8 billion, which will account for 17.8% of the world’s total population. Chronic diseases, such as cardiovascular disorders, diabetes, autoimmune disorders, and various types of cancer and neurological disorders are leading to death and disability worldwide. These clinical conditions affect patients’ overall quality of life. As per the World Health Organization (WHO), over 50% of the global population is estimated to be suffering from at least one chronic disease. As per the Centers for Disease Control and Prevention (CDC), in the US, 6 in 10 people suffered from at least one chronic disease in 2019. Cardiovascular diseases (CVDs) are a significant cause of mortality globally owing to the hectic lifestyle. Diabetes is one of the life-threatening diseases and can lead to various complications in different parts of the body and can increase the overall risk of premature death. As per the International Diabetes Federation (IDF), in 2019, ~463 million adults were suffering from diabetes, and the number is expected to reach 700 million by 2045. Countries such as the US, Japan, South Korea, Canada, the UK, Spain, and France are significantly experiencing growth in the geriatric population. The countries mentioned above, along with the developing countries such as China, India, Saudi Arabia, the UAE, and Brazil, offer significant growth opportunities for the home healthcare players to provide innovative devices. In addition, the increasing adoption of telemedicine and mHealth technologies is driving the growth of the home healthcare market.
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.
Home Healthcare Market: Segmental Overview
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.
Based on service, the global home healthcare market is segmented into skilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. The skilled nursing segment held the largest market share in 2020. However, the hospice and palliative care segment is expected to dominate the market by 2028. Hospice and palliative care segment are expected to grow during the forecast period owing to increasing jobs and services for nurses and caregivers. The growing advancements in medical devices are helping in offering training to the nurses to enhance their skills.
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