Home Healthcare Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 – 2027)

The Home Healthcare Market is Segmented by Product and Services (Equipment, (Therapeutics, Diagnostics, and Mobility Care), Software, and Services (Rehabilitation Services, Respiratory Therapy Services, Infusion Therapy Services, Other Services), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Home Healthcare Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 12.5 %
Home Healthcare Market Major Players

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Market Overview

Home Healthcare Market is expected to register a CAGR of 12.5% during the forecast period, 2022-2027.

The COVID-19 pandemic put enormous strain on already overburdened and understaffed hospitals and healthcare systems around the world. Home health hub technology made it possible for patients to stay safe in their own homes during the pandemic while putting less strain on hospitals, emergency rooms, and front-line healthcare workers, which had a positive effect on the market. According to the study titled "COVID-19′s impact on home health services, caregivers and patients: lessons from the French experience" published in the Lancet Regional Health in August 2021, Home-based care has been in high demand ever since the Covid-19 pandemic began in order to relieve hospital overcrowding and enable patients with chronic illnesses or non-severe Covid-19 to receive treatment and monitoring at home. Thus, the COVID-19 had a favourable effect on the home health hub market. With social distancing as the new norm and hospital visits not only highly risky but also expensive; telemedicine solutions have become a convenient alternative. This has generated greater demand for home healthcare solutions. In 2020, Baptist Health and BAYADA Announced Home Health Care Partnership to provide home healthcare services in Northeast Florida.

The market for home healthcare is being driven by the increase in disposable income, the prevalence of surgery, and technological developments in the field. For instance, according to the PETERSON-KFF Health System Tracker data published in February 2022, the United States health care spending increased 9.7% to reach USD 4.1 trillion in 2020, a much faster rate than the 4.3% increase seencompared to the previous year. The acceleration in 2020 was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The private business share of health spending accounted for 16.7% of total health care spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%.

The global population is ageing rapidly, owing to reducing birth rates and increasing life expectancy, and it may result in high prevalence of chronic diseases which will create demand for home healthcare services and software. The geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to chronic diseases. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. Elderly people are a rapidly growing proportion of the world’s population

Furthermore technological advances in the home healthcare expected to boost the market growth. In 2020, Cadila Healthcare launched India's first pressurized metered-dose inhaler Forglyn pMDI, for patients suffering from chronic obstructive pulmonary disease. Similarly, in 2020, the UAE and Israel health-tech firms launched the homecare solution, HBKiCare. HBKiCare is the remote healthcare platform monitors vital signs and activities, detects falls and location, offers AI-based insights and voice activation.

Thus, all aforemention factors expected to boost the market growth over the forecast period. However, lack of awareness among the developing and underdeveloped countries restraint the market growth.

Scope of the Report

Home health care (HHC) is intended to deliver a variety of health services and equipment to the patient while they are at home. The HHC services are majorly helpful when an individual requires a prolonged stay in healthcare facilities. These HHC services include various equipment, therapies, and diagnosis along with software to help the physicians to plan efficient treatment procedures in the home-care settings. The Home Healthcare Market is Segmented by Product and Services (Equipment, (Therapeutics, Diagnostics, and Mobility Care), Software, and Services (Rehabilitation Services, Respiratory Therapy Services, Infusion Therapy Services, Other Services), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Product and Services
Equipment
Therapeutic
Diagnostic
Mobility Care
Software
Services
Rehabilitation Services
Respiratory Therapy Services
Infusion Therapy Services
Other Services
Geography
North America
United states
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Diagnostic Equipment Segment is Expected to Hold the Largest Market Share in the Home Healthcare Market And Expected to do Same in the Forecast Period.

With the number of Covid-19 infections rising and the healthcare infrastructure and resources limited, home healthcare could help to address a portion of the present healthcare requirement. For instance, in April 2020, CVS Health entered a partnership with UCLA Health to enhance its existing capacity and capabilities to treat more patients in home-based settings, in turn, easing the burden of the COVID-19 crisis on hospitals.

The diagnostic segment is expected to account for the most significant revenue over the forecast period due to a rise in the prevalence of chronic disorders, such as infectious diseases, diabetes, arthritis, cardiopulmonary, and cardiovascular conditions, which require continuous monitoring for efficient treatment. The rise in technological advancements in recent years led to the launch of new products for self-monitoring, like multi-parameter diagnostic monitors, home pregnancy, and fertility kits. According to a survey conducted by the World Health Organization for the time period from 24 January 2022 to 06 February 2022, approximately 12,368 people were positive for influenza viruses. Out of these, 8,423 (68.1%) people were typed as influenza A and 3,945 (31.9%) people as influenza B. Furthermore, 171 (6.4%) were influenza A(H1N1), and 2,483 (93.6%) were influenza A (H3N2).

In addition, rising patient awareness levels towards screening process and technological advancements, integration of microfluidics, Internet-of-Things (IoT), sensors, smartphones and wearables bring point-of-care testing to the patients and represent a strong opportunity for providing sensitive, low-cost, rapid, and connected diagnostics. For instance, in 2020, Bione launched a rapid COVID-19 at-home Screening test kit. The easy-to-use kit displays accurate results within minutes, instrumental in the timely screening of the deadly virus. In June 2021, Ro, the at-home diagnostics company Kit has been acquired by the healthcare technology. The acquisition builds on the existing strengths of the company, including nationwide telehealth, pharmacy, lab processing, and in-home testing and care services, and expands the diagnostics capabilities and lab infrastructure of Ro's vertically-integrated primary care platform. With the help of Kit's at-home, self-administered testing solutions, Ro will be able to support chronic and preventive care virtually and in patients' homes while facilitating patient-centric primary care experiences for a wider range of conditions.This resulted in a high demand for these diagnostic equipment driving the market revenue over the forecast period.

Home Healthcare Market: Number of Diabetic Population (in million), by Region, 2021

North America Dominates the Market and Expected to do Same in the Forecast Period.

Factors such as the high adoption of sophisticated technology, the prevalence of chronic and lifestyle diseases, rising healthcare spending, physician shortages, and increasing demand for better healthcare services are all contributing to North America's big share of the worldwide market. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020, with nearly 612,390 deaths. In 2020, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States

With travel restrictions and the risk of contagion on stepping outside, there has been a significant escalation in the demand for at-home health screening and monitoring devices. In June 2020, Datametrex AI Limited has secured non-exclusive rights to sell RapiGEN Inc. COVID-19 home test kit in Canada. These test kits are Food and Drug Administration registered, suitable for point of care testing, no extra equipment is needed, and are easy to use with results in 5-10 minutes. Also, in 2020, EverlyWell, Nurx launched at-home COVID-19 test kits in United States.

Furthermore, growing prevalence of the infectious diseases expected to rising the demand for home healthcare diagnostics product. According to the Center for Disease Control and Prevention (CDC), during the year 2020, the number of new tuberculosis cases found in the United States was around 7,174, a rate of 2.2 per 100,000 persons, which are significantly high. however, rise in the healthcare spending is supports the growth of the market. 

The key market players use a variety of strategies, including partnerships, mergers, and acquisitions, to help the market grow. In Febraury 2020, HospiceWorks Inc. has officially launched a new software platform made specifically for the hospice industry called HospiceWorks. The cloud-based software was designed with a complex built-in business rules engine to execute complicated tasks with eaase of use while helping care teams improve the delivery of patient care.

Thus, the above mentionedfactors are expected to boost the market growth in the North America region.

Home Healthcare Market - Growth Rate by Region

Competitive Landscape

The home healthcare market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by adopting various strategies, such as mergers and acquisitions, and research collaborations with other companies to launch innovative products and consolidate their market positions across the world. Some of the companies currently dominating the market are Amwell, ResMed Inc., Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, and Apple Inc.

Recent Developments

  • In March 2022, Axxess, launched a fully independent palliative care software solution. Axxess Palliative Care is the latest innovation in Axxess' complete suite of solutions developed for organizations that provide care in the home.
  • In February 2022, CVS Pharmacy launched six home healthcare products as an extension of the company's CVS Health product line. The new products include convertible shower chairs, easy-fold travel walkers, and canes with comfort grips

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Disposable Income and High Incidence of Surgical Procedures

      2. 4.2.2 Rapid Technological Advancements in Home Healthcare

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Awareness among the Developing and Underdeveloped Countries

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD Million)

    1. 5.1 By Product and Services

      1. 5.1.1 Equipment

        1. 5.1.1.1 Therapeutic

        2. 5.1.1.2 Diagnostic

        3. 5.1.1.3 Mobility Care

      2. 5.1.2 Software

      3. 5.1.3 Services

        1. 5.1.3.1 Rehabilitation Services

        2. 5.1.3.2 Respiratory Therapy Services

        3. 5.1.3.3 Infusion Therapy Services

        4. 5.1.3.4 Other Services

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United states

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle-East and Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle-East and Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 3M Healthcare

      2. 6.1.2 Amedisys Home Health and Hospice Care

      3. 6.1.3 Amwell

      4. 6.1.4 Apple Inc.

      5. 6.1.5 Arkray, Inc.

      6. 6.1.6 B. Braun Melsungen AG

      7. 6.1.7 Becton, Dickinson And Company

      8. 6.1.8 F. Hoffmann-La Roche AG

      9. 6.1.9 Fresenius SE & Co KGaA

      10. 6.1.10 Hollister Inc.

      11. 6.1.11 McKesson Medical-Surgical Inc.

      12. 6.1.12 Medline Industries, Inc.

      13. 6.1.13 Medtronic PLC

      14. 6.1.14 Molnlycke Health Care

      15. 6.1.15 Resmed Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Home Healthcare Market market is studied from 2019 - 2027.

The Global Home Healthcare Market is growing at a CAGR of 12.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, Apple Inc, Resmed Inc, Amwell are the major companies operating in Global Home Healthcare Market.

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