(MENAFN- iCrowdNewsWire) Home Healthcare Market Overview
According to the reports on the home healthcare market by MRFR, the market is projected to reach a size of USD 273.9 billion by 2027 while growing at a CAGR of 11.6% during the forecast period from 2019 to 2027.
Home healthcare is a viable option being preferred by patients given the burgeoning geriatric population and increasing healthcare costs. Home healthcare offers a range of services, including speech therapy, skilled nursing, physical therapy, and occupational therapy. The data digitization has provided an ease to the communication between patients and clinicians and physicians to gain precise diagnoses from the luxuries of their homes. The global home healthcare market has been witnessing massive growth over recent time, attributing mainly to the technological developments in healthcare and diagnosis equipment.
The market growth is supported by the growth in the number of government initiatives endorsing home healthcare. Additionally, factors like the need to expand home healthcare access, high incidence of chronic diseases, and increasing aging population are also expected to fuel the market growth during the projected timeframe. However, the home healthcare market's growth is projected to be impeded by the growing safety concerns among people. Nevertheless, the rising focus by major market players on untapped developing regions is anticipated to provide lucrative opportunities to grow in the review timeframe.
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Home Healthcare Market Segment Analysis
The global home healthcare market is divided into numerous segments based on indication, service, product, and region.
By services, the global market is divided into hospice & palliative care, skilled nursing, pregnancy care, respiratory therapy, unskilled care, infusion therapy, and rehabilitation services.
Based on indication, the global market for home healthcare is divided into hearing disorders, diabetes, wound care, pregnancy, cardiovascular diseases & hypertension, mobility disorders, respiratory diseases, cancer, and other indications.
By product, the global market for home healthcare is bifurcated into mobility care products, therapeutic products, and testing, screening, & monitoring products.
Home Healthcare Market Regional Insights
The global home healthcare market is divided into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
The North American region held the top position in the home healthcare market in 2020, with the maximum market share of over 42.92%. The regional market’s growth is being driven by the factors like relatively higher disposable income levels, sophisticated healthcare infrastructure, and the presence of a large geriatric population in the region. Furthermore, a rising number of government initiatives targeting to curb healthcare expenditures by indorsing home healthcare is anticipated to propel the regional market’s growth over the forecast timeframe. For example, the “Hospital at Home” program was started wherein the patient got treatment at home, which reduced the cost of care by approximately 30%.
The Asia-Pacific region is likely to record the highest growth rate over the review timeframe. The regional market’s growth is driven by factors like the rising prevalence of chronic diseases requiring long-term care, expensive in-hospital healthcare facilities, and weak healthcare infrastructure. Furthermore, the players in the region are focusing more on untapped countries such as China and India. For example, Apollo Homecare provides long-term plans for different categories such as elderly care, mother & baby care, lung rehab, neuro rehab, heart rehab, and ortho rehab. These programs include personalized healthcare & medical supervision services.
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Home Healthcare Market Competitive Analysis
The global home healthcare market has an intensely competitive landscape with numerous active players spread worldwide. The list of prominent leaders in the global market for home healthcare includes companies such as 3M (U.S.), Koninklijke Philips N.V. (The Netherlands), Apple (U.S.), F. Hoffmann-La Roche AG (Switzerland), Kinnser Software (U.S.), A & D Company (Japan), LG Electronics (South Korea), Fresenius SE & Co KGaA (Germany), Medtronic PLC (U.S.), Abbott (U.S.), Omron Corporation (Japan), GE Healthcare (U.S.), Becton Dickinson Company (U.S.), McKesson Corporation (U.S.), B. Braun Melsungen AG (Germany), and others. These leading market players are adopting strategies like mergers and partnerships to grow their consumer base.
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