Home Healthcare Market – Overview
Home Healthcare includes a vast number of healthcare services that are provided to the patient in their home in case of illness or injuries. Home healthcare is typically less expensive, convenient, and just as effective as a hospital or a nursing facility.
It includes speech therapy, skilled nursing, and occupational and physical therapy. It helps older adults with various mundane activities like dressing, bathing, and eating. It can also include assistance with cleaning, monitoring one’s medication regimen, housekeeping, and cooking.
Home healthcare is an increasingly viable option that is being preferred by more and more patients due to the increasing healthcare costs and the expanding geriatric population. Moreover, the digitization of data has made it simpler for individuals to contact clinicians and physicians and gain precise and accurate diagnosis from the comforts of their home.
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According to the in-depth report published by the Market Research Future (MRFR), the global home healthcare market is projected to expand at an impressive CAGR of 8.1% during the forecast period, i.e. 2017 to 2023.
Technological advancements in healthcare and diagnosis equipment and changing government initiatives encouraging the adoption of home healthcare are most likely to boost the market demand. The patient demand has prompted prominent market players to take notice. However, concerns related to patient safety can impede the growth of the market.
Detailed Competitive Analysis
The report identifies various key market players including Fresenius SE & Co KGaA (Germany), GE Healthcare (U.S.), F. Hoffmann-La Roche AG (Switzerland), Abbott (U.S.), B. Braun Melsungen AG (Germany), Koninklijke Philips N.V. (The Netherlands), 3M (U.S.), Medtronic PLC (U.S.), A&D Company (Japan), McKesson Corporation (U.S.), Kinnser Software (U.S.), Becton Dickinson Company (U.S.), Apple (U.S.), Omron Corporation (Japan), LG Electronics (South Korea), and others.
On Feb 2019, Air Liquide continued on its pursuit of developing its home healthcare activity in Europe with a big acquisition of Megamed AG and Sleep & Health SA, two historic market players who are based in Switzerland. This will help patients and healthcare professional’s needs to be addressed in a better manner.
Home Healthcare Market – Segmentation
The global Home Healthcare market includes the following segmentation: product, software, and service.
Based on Product, the market includes screening and monitoring and therapeutic and testing, products. The former is further segmented into pulse oximeters & heart rate monitors, blood glucose monitors, holter and event monitors, cholesterol monitoring devices, sleep apnea monitors, blood glucose monitors, and others.
The latter is further sub-segmented into respiratory therapy equipment, insulin delivery devices, dialysis equipment, IV equipment, wound care products, and others.
Based on software, the home healthcare market includes clinical management systems, hospice solutions, agency software, and telehealth solution.
Based on services, the market segmentation comprises unskilled care services, rehabilitation therapy services, skilled nursing services, infusion therapy services, respiratory therapy services, and pregnancy care services.
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Detailed Regional Analysis
The regional market segmentation of the global home healthcare market is divided into four major regions – APAC, the Middle East and Africa (MEA), Europe, and North America.
The American region, comprising of North and South America, hold the largest percentage of share in the global market. Between these two American regions, North America is the largest market holder due to the increasing prevalence of chronic diseases and rising government expenses upon the home healthcare sector.
Europe stands tall as the second largest market following the America owing to the pouring support from the government alongside private sectors for R&D activities and well-developed technologies.
The APAC region is slated to be the fastest growing region among the four mentioned above with a CAGR of 8.7%. This is on account of the rising geriatric population and the massive population of patients.
Moreover, the availability of a skilled labor population has been observed herein, which contributes in favor of the market growth as well. The MEA holds the least market share globally because of the low economic conditions, especially in the African region.
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