Growth opportunities in the home healthcare market look promising over the next six years. This is mainly due to the rising aging population, provision of better services with skilled professionals for patients, and increased prevalence of chronic disease worldwide.
Home Healthcare Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting incidences of chronic diseases throughout the world is one of the major drivers contributing to the growth of the global home healthcare market. The prevalence rate of obesity and overweight in India doubled between 1998-2016 owing to the unhealthy diet plans of individuals. In accordance with the World Health Organization, the occurrence of chronic diseases by the end of 2021 is likely to augment by 60 %. Moreover, the expanding aged population will further strengthen the market size. For example, as per WHO, the population aged 60 years will reach 2 billion by the end of 2050, owing to the rise in average life expectancy percentage. Also, the widespread outbreak of coronavirus has resulted in robust growth of the market due to the strict lockdown and social distancing norms, which persuaded the patients to choose home healthcare than visiting hospitals and clinics.
The Bureau of Labor Statistics asserted that the increasing workforce in healthcare services has boosted demand for personal home healthcare aides and generated more than 4 million jobs in the home care industry. Additionally, as per the home healthcare market analysis, factors like better services and skilled professionals for patients suffering from various diseases are fuelling the market growth. For instance, CDC reveals that 6-7% of the U.S. population suffered from coronary disease and preferred home health care services, which also adds to market growth.
However, security issues accompanying the home healthcare devices and solutions can at times be difficult to handle from a remote location and may lead to a high degree of damage to the patient are likely to curb the home healthcare market size.
Regional Drivers
Based on the regional coverage, North America is projected to lead the market over the forecast period. Healthcare accounts to be the largest industry in the U.S., with maximum consumer spending of more than 8.5% of total expenditure, which is fuelling the market growth. Also, the country invests more than 80% of its healthcare funds in chronic disease, and home healthcare is largely used to regulate and protect patients against chronic disease, which is indirectly raising the home healthcare industry growth.
Home Healthcare Market’s leading Manufacturers:
- KONINKLIJKE PHILIPS N.V.
- Amedisys
- Invacare Corporation
- A & D Company, Limited.
- Linde plc
- Fresenius SE & Co. KGaA
- LHC Group
- Abbott
- BAYADA Home Health Care
- Hoffmann-La Roche Ltd
- GENERAL ELECTRIC COMPANY
Home Healthcare Market Segmentation:
Segmentation by Component:
- Equipment
- Services
Segmentation by Services:
- Traditional home health and home nursing care
- Home hospice
- Home therapy services
- Home-maker services
- Other
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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