The Global Home Healthcare Market is forecast to reach USD 680.35 Billion by 2027. The global Home Healthcare market is currently observing a tremendous pace owing to the growing prevalence of the telehealth system, the rising cost of the hospital beds, unavailability of the ambulance service in rural or remote areas, availability of the skilled nursing care at home, and overall affection for the home healthcare systems compared to hospital admissions coupled with growing geriatric population, pediatric deformity, the proliferation of chronic diseases, and the rising rate of novel pandemics globally.
Tele-ICU has been one of the most trendy technology in the ICU management or critical care patient monitoring market, due to its cost-effective solutions against conventional 24/7 critical care team monitoring for a particular patient. Tele-ICU provides incessant technological advancements in centralized and remote patient monitoring through a number of hardware and software deployed in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems and reduce the burden of undergoing huge expenses of the critical care units, having treated the critical care patients right from their home.
The Asia Pacific held a market share of 21.8% in 2019 due to increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, extremely low amount of critical care beds, and isolation per capita. The Asia Pacific region is expected to showcase a tremendous pace in the market amidst the coronavirus epidemic situation.
Further key findings from the report suggest:
- The increasing popularity of the ambulatory care hospitals, which releases the patients right after the surgery and let the patients take necessary medication and treatments at home, are widely being preferred especially for its considerably low expenses.
- China and India are expected to witness a huge surge in this market, as the market value is expected to double itself in India shortly. As more number of elderly population is expected to be residing in China and Asia Pacific region by 2050 along with that increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025.
- Infectious Diseases sub-segment is observing the highest demand now owing to the COVID-19 cases diagnosed worldwide. This sub-segment is projected to grow at a CAGR of 19.4% throughout the forecast period.
- In February 2019, Philips partners with DispatchHealth to provide seniors in Arizona U.S. with on-demand care at home, expanding its geographical reach home health care solutions.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
McKesson Medical-Surgical Inc., Medline Industries, Inc., 3M Healthcare, Brookdale Senior Living, Inc., Home Health Services Ltd., Genesis Healthcare Corp., Home Instead Senior Care, Inc., Care UK Limited, Becton, Dickinson And Company, ConvaTec Group PLC, and Extendicare, Inc. among many others.
Home Healthcare Market Segmentation:
Product Outlook (Revenue, USD Million; 2019-2027)
- Homecare Diagnostic
- Therapeutics
- Mobility Care
Software Outlook (Revenue, USD Million; 2019-2027)
- Agency Software
- Clinical Management Systems
- Hospice Solutions
Services Outlook (Revenue, USD Million; 2019-2027)
- Rehabilitation
- Infusion Therapy
- Unskilled Care
- Respiratory Therapy
- Pregnancy Care
- Skilled Nursing
- Telemetry
- Hospice & Palliative Care
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Home Healthcare market over the forecast period?
- What are the major factors driving the growth of the Global Home Healthcare Market?
- What are the key challenges impacting the global Home Healthcare market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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