Market Synopsis:
Market Research Future (MRFR)’s new study projects that the global home healthcare market is set to expand at a CAGR of 8.1% during the forecast period 2017 to 2023. The valuation of the global market is expected to reach USD 4,14,681.2 Mn by the end of 2023. A rapid inclination towards home healthcare services has been witnessed recently which has led to the growth of the global home healthcare market. The market is expected to encounter a similar trend over the next couple of years.
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The rising geriatric population coupled with rising healthcare expenditure is likely to drive the proliferation of the home healthcare market during the projection period. Furthermore, homecare solutions have emerged as a cost-effective alternative to expensive stay in hospitals. It is likely to augment the home healthcare market in the foreseeable future.
The unavailability of trained professionals at the eleventh hour remains an impediment to the market expansion. However, the market participants are focusing on technological advancements that enable instant consultation with skilled professionals at crucial moments. The future of the market looks attractive with technological innovations and government support paving the way for new growth opportunities.
Market Segmentation:
By product, the home healthcare market is segmented into testing, screening and monitoring products and therapeutic products.
By service, the home healthcare market has been segmented into skilled nursing services, rehabilitation therapy services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services.
By software, the home healthcare market has been segmented into clinical management systems, agency software, telehealth solutions, and hospice solutions.
Regional Insights:
The home healthcare market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas holds the major share of the global market and is poised to retain its pole position towards the end of the assessment period. The factors that are favoring the proliferation of the home healthcare market in the region include the consolidation of key players, increasing healthcare expenditure, the large-scale prevalence of chronic diseases, growing government initiatives, etc. The regional market encompasses North America and South America, out of which, North America’s home healthcare market is likely to exhibit a relatively higher growth rate over the next couple of years.
Europe has secured the second spot in the global home healthcare market. It is expected to grow substantially in the forthcoming years due to the presence of well-developed technologies and increasing support from government and private organizations for research & development.
Asia Pacific is projected to strike the highest CAGR over the assessment period. The growth-inducing factors supporting the regional home healthcare market include growing geriatric population, huge patient pool, and availability of skilled labor force. Meanwhile, the Middle East & Africa is prognosticated to account for the least share of the home healthcare market owing to the prevailing poor economic conditions, especially in the African region.
Competitive Dashboard:
Some of the key players profiled in this report are Koninklijke Philips N.V. (The Netherlands), A&D Company (Japan), Fresenius SE & Co KGaA (Germany), F. Hoffmann-La Roche AG (Switzerland), Abbott (U.S.), B. Braun Melsungen AG (Germany), Becton Dickinson Company (U.S.), GE Healthcare (U.S.), McKesson Corporation (U.S.), Omron Corporation (Japan), LG Electronics (South Korea), Kinnser Software (U.S.), Medtronic PLC (U.S.), Apple (U.S.), and 3M (U.S.).
Industry News:
In October 2018, Tower Health, which owns Reading Hospital in the U.S., has announced the reorganization and expansion of its home health services that enables a patient to recover from home.
In November 2018, Dubai Health Authority (DHA) has launched smart home care technologies that allow home care team to contact doctors via smart applications for instant consultation.
In November 2018, the Centers for Medicare and Medicaid Services has announced the launch of a new value-based payment system for home health agencies.
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