Market Entry-Home Healthcare Industry in Russia: Analysis of Growth, Trends and Progress (2020 - 2025)

About the Market

Major factors driving the growth of this market include the rise in aging population, increasing incidences of chronic diseases, growing demand for affordable healthcare delivery systems due to the mounting healthcare costs, technological advancements, and government initiatives to promote home healthcare. Conversely, changing reimbursement policies, limited insurance coverage, and patient safety concerns are restricting the growth of this market. Based on products, the market is segmented into testing, screening, and monitoring, therapeutic, and mobility care products. The testing, screening, and monitoring product segment was expected to account for the largest share of the home healthcare market, in 2015, due to the emphasis on preventive medicine. The potential to reduce healthcare complications and ensure the portability of devices, with high accuracy is expected to create a significant demand for monitoring and testing devices. Developed regions like North America and Europe are expected to dominate the market. However, the emerging nations are poised to be the fastest-growing over the forecast period. Key market players include Philips Healthcare, Kindred Healthcare, Linde Group, Almost Family Inc., Abbott Laboratories, LHC Group, Johnson & Johnson, A&D Company, Amedisys Inc., Fresenius SE & Co. KGaA, Omron Healthcare, McKesson Corporation, Apria Healthcare Group, Kinnser Software Inc., and Roche Holdings AG.

About the Geography

Russia is the largest country in terms of area and has a democratic government with a very strong president. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, has seen diminishing growth rates since then due to exhaustion of Russia’s commodity-based growth model.

Russia is seeking to develop in an adverse political and economic environment. The government is trying to transition from an economy based on oil and raw material extraction to an economy based on technology. To achieve this, continual improvement of the attractiveness of investment in Russia remains one of the government’s key strategies. As a part of this, they have created special economic zones, ‘advanced development’ territories, and developed tax incentive systems.

The Russian economy is going through a difficult period with international sanctions, drop in oil prices and other limitations. The major challenges for doing business include the vastness of the country, which means different levels of economic and social factors, high levels of corruption and extreme climatic conditions. The Russian economy is trying to get rid of inefficiencies at all levels including government spending and there is an enormous push for localization of production to diversify the economy.

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