Global Home Healthcare Market by Component (Services, Equipment) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global home healthcare market was worth USD 299.0 Billion in 2020. It is projected to grow at 7.88% compound annual growth rate (CAGR), between 2021 and 2028. Market growth is expected to be driven by the growing elderly population, rising incidence of target diseases such as Alzheimer's and dementia, and orthopedic diseases. Governments and health agencies are concerned about rising healthcare costs. The cost-effective alternative to costly hospital stays is home healthcare. According to The Commonwealth Fund's report, "hospital at-home" programs allow patients to receive emergency care at home without the need for hospitalization. This is possible with less complications and a 30% decrease in cost. This increases patient comfort and is expected to be a major market driver.

Modern medicine has led to a shift in the focus of developing countries from communicable to not-communicable diseases. Lifestyle diseases are becoming more common due to sedentary lifestyles and excessive alcohol consumption. Market growth is expected to be driven by the increasing incidence of long-term diseases such as Alzheimer's and dementia. Awareness about home care services is growing. The availability of portable devices such as heart rate monitors and respiratory aids has made home care more efficient and effective for people with lifestyle diseases.

Another important factor that contributes to the market is value-based healthcare. The central government offers either partial or full coverage for in-home services in most developed and developing countries. Medicare reimbursements in the United States are very favorable as they provide value-based healthcare that improves patient outcomes and is affordable. In-home care is now a popular choice of treatment.

The COVID-19 Home Healthcare Market Impact is 1.64% lower from 2019 to 2020

Advanced home healthcare services have made it possible to deliver high-quality healthcare from the comfort of your own home. Home healthcare services can help patients save between 10 and 25% on their medical treatment costs. Modern-age networking allows physicians to access patient data remotely and to offer immediate consultation.

Component Insights

With a market share of more than 84%, the services segment led with a revenue share exceeding 84% in 2020. According to estimates, the equipment segment will grow at the fastest rate between 201 and 2028. Segmentation of the market by services includes skilled and unskilled in-home care. Healthcare professionals provide skilled home care services. Healthcare professionals provide skilled home care services for homebound patients. These services can be categorized as basic assistance/personal care services. Due to the rising cost of hospital stays, skilled home healthcare services dominated this market in 2020.

The market for home healthcare equipment can be divided into three main categories: diagnostic, therapeutic, or mobility assist. In 2020, the therapeutic segment dominated the market and will continue to grow at a steady CAGR during the forecast period. This is due to an increasing number of patients who require therapeutic equipment. This includes intravenous pumps, insulin delivery devices, and home dialysis equipment.

In 2020, diagnostics accounted to 39% of the global home healthcare equipment market. This segment is expected to grow in value over the forecast period. This segment's growth can be attributed to increasing rates of diabetes and other cardiovascular & cardiopulmonary conditions, rising patient awareness, increasing numbers of long-term diseases that require frequent diagnosis, and high use of BP monitors & pregnancy & fertilization tests.

The demand for home healthcare services is increasing in many countries due to the growing number of geriatrics. To provide the best possible services for the elderly, service providers must cover all areas. Individualized disease management programs can be developed to address specific needs related to Alzheimer's disease or dementia (Memory Care Specialty Program), as well as to manage symptoms related to heart disease (Cardiac Specialty Program).

Regional Insights

North America had the largest revenue share at 42.92% in 2020. This is due to the region's large geriatric population, advanced healthcare infrastructure, and relatively high disposable income. The regional market growth is supported by an increasing number government initiatives that aim to reduce healthcare costs and promote home healthcare. The "Hospital at Home” program, where patients were treated at home, saw a reduction in healthcare costs of nearly 30%.

Asia Pacific is the fastest growing region market. Home healthcare services are being increasingly adopted due to factors such as poor healthcare infrastructure, high-cost in-hospital facilities, and chronic conditions that require long-term care. Companies are also focusing their efforts on developing countries like India and China. Apollo Homecare, for example, offers long-term plans in a variety of categories such as heart rehab, ortho rehab, heart rehabilitation, neuro rehab and lung rehab, as well as mother & baby care and elderly care. These programs offer personalized healthcare services and medical supervision.

Market Share Insights & Key Companies

Due to the presence of many multinational and local players, the market is extremely fragmented. Multinational companies consolidating their market share is expected to increase competition between local and new players. Leading players are always looking to expand their market share. Nightingales Home Health Services (India), for instance, recently opened its Chennai operations. Portea Medical offers COVID-19 testing at-home to expand its services. Service providers tend to be more focused on expanding their geographic reach than increasing their service offerings. The market is unregulated and could lead to hostile takeovers or unfair competition. The following are some of the major players in the global home health market:

• Manufacturers

  • McKesson Medical-Surgical, Inc.

  • Fresenius Medical Care

  • Medline Industries, Inc.

  • Medtronic PLC

  • 3M Healthcare

  • Baxter International, Inc.

  • B. Braun Melsungen AG

  • Arkray, Inc.

  • F. Hoffmann-La Roche AG

  • Becton, Dickinson and Company

  • Acelity L.P.

  • Hollister, Inc.

  • ConvaTec Group PLC

  • Molnlycke Health Care

Up Market Research published a new report titled “Home Healthcare Market research report which is segmented by Component (Services, Equipment), By Players/Companies Molnlycke Health Care, McKesson Medical-Surgical Inc, Medline Industries Inc, Baxter International Inc, Acelity LP, Becton Dickinson And Company, ConvaTec Group PLC, Arkray Inc, Medtronic PLC, 3M Healthcare, B Braun Melsungen AG, Hollister Inc, F Hoffmann-La Roche AG, ManufacturersMcKesson Medical-Surgical IncFresenius Medical CareMedline Industries IncMedtronic PLC3M HealthcareBaxter International IncB Braun Melsungen AGArkray IncF Hoffmann-La Roche AGBecton Dickinson And CompanyAcelity LPHollister IncConvaTec Group PLCMolnlycke Health Care, Fresenius Medical Care”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Home Healthcare Market Report Segments:

The market is segmented by Component (Services, Equipment).

Home Healthcare Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Home Healthcare Market

Overview of the regional outlook of the Home Healthcare Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Home Healthcare Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Home Healthcare Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Services

                2. Equipment

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Home Healthcare Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Home Healthcare Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.