The global home healthcare market is expected to expand at a CAGR of 9.5% during the forecast period and be worth USD 465.64 billion by 2027. The adoption of home healthcare is increasing around the world at a significant level.
Home healthcare provides a wide variety of healthcare facilities that can be assumed at home for sickness or accident. Home healthcare provides services to people and their families in their homes for advancement, preservation, or healing. Home healthcare is typically affordable, accessible, and more efficient than hospital care or specialist nursing facilities (SNF). Those accessing home healthcare offered by the Home Health Agency include chronically sick and disabled people of all ages, those suffering from hospitalization or severe illness, and the terminally ill. Home health nurses may assist patients with day-to-day activities (DLs) such as bathing, toileting, feeding, or guide and supervise aids in providing ADL treatment. In addition, nurses keep records of vital signs, perform emergency orders, take blood, record their activities and the patient's health status, and interact with the patient, relatives, and psychiatrist.
COVID-19 impact on the global home healthcare market:
Due to COVID-19, demand for home healthcare is growing exponentially.
Home health services provide broad-based care delivered by licensed medical practitioners, including specialist nursing care, physical therapy, occupational therapy, and speech therapy. In addition, the global pandemic COVID-19 raises the need for treatment services from beds to available physicians. In this scenario, homecare is serving as a boom for the healthcare sector, where home health providers will be able to support disabled and aging people in the safety of their homes. In addition, home-based care is a vital alternative to facility-based care, particularly for preventing infection during the COVID-19 pandemic.
COVID-19 has helped show that home care programs successfully keep seniors safe and well. When doctor's offices curtail appointments, caregivers may be on the front lines of patients at home. This care is attracting more recognition and gratitude from healthcare professionals worldwide. In addition, nursing homes and assisted living societies are unsafe in the wake of a pandemic; certain institutions have had diseases with catastrophic results. If it demonstrates its benefit relative to nursing homes and assisted living communities, it believes that the Medicare benefits and other federal reimbursement benefits will arise.
Besides, during COVID-19, several caregivers have been employed to monitor temperatures in offices or warehouses, and the role of the caregiver to grown as a result of this pandemic. They also helped with diet and drug pick-up. In the early period of the lockdown, there was a substantial drop in the nursing care industry. However, with outdoor medical capability passing its threshold and the government taking steps to train and hire home care nurses, the demand is projected to expand rapidly.
Factors such as a rapid increase in the aging population, an increasing prevalence of chronic illnesses, and a growing need for cost-effective healthcare delivery due to healthcare prices are majorly propelling the growth of the global home healthcare market.
According to the World Health Organization (WHO), there were 703 million people over 65 in 2019. The number of older people to double by 2050 to 1.5 billion. Patient-oriented medical services are equally demanding with the growing aging population, helping the home healthcare market.
Additionally, technical developments in-home care services, governments supporting home healthcare, COVID-19 impact on cost and unavailability of hospital beds, and ambulance services are further estimated to accelerate the global home healthcare market growth. In the COVID-19 pandemic, where coronavirus patients need medical assistance, many home health professionals chose to care for patients at home. Furthermore, stern payment plans, patient care concerns, and inadequate insurance rates are barriers to developing the home healthcare market.
In the global home healthcare market, agency management software is expected to grow significantly during the forecast period due to its increasing use in roaster planning, billing, remote patient monitoring, and operational record keeping. In addition, increasing medical costs, growing need for affordable treatment, chronic diseases, technological improvements in the pharmaceutical and medical science fields, and government support for home healthcare are further estimated to favor the growth rate of the global home healthcare market.
Furthermore, the increasing cost of medical treatment in hospitals and the rise in cancer patients and kidney diseases are projected to increase the market growth. In addition, maintenance, development, and other medical settings require significant investment; hence, the Home healthcare market is grabbing many investors' and entrepreneurs' attention.
The scarcity of the right nursing staff with skills and care attitudes is expected to hamper the growth rate of the global home healthcare market.
New evolutionary healthcare devices are coming into the global home healthcare market, which requires effort and time and is one of the most complex tasks for companies. Therefore, it's not easy for companies to provide home healthcare facilities to many people. Additionally, negligence in giving certificates to the caretakers from professionals, lack of sufficient knowledge over these services in rural areas, and rapid changes in the economic strategies are further expected to limit the global home healthcare market to a small extent.
Many barriers can discourage physicians from taking part in home-based treatment. For example, treatment for patients at home requires longer appointments and a reduced panel scale compared to the hospital or workplace setting. Home health service providers' big problem is the shortage of qualified HCPs who can meet the degree of expertise required for home care facilities. Home health practitioners operate in rural areas and are usually away from superior physicians. This requires additional skill and an experienced hand to support the patient with adequate care. It is challenging to build up a team of such professional HCPs that is counterproductive to the customer-trust aspect.
The lack of service facilities, including life-sustaining and support-sustaining medical devices (DMEs), makes it challenging to address the critical care needs of patients at home. Also, New forthcoming healthcare equipment requires time, commitment, and a good atmosphere for installing these products. Therefore, it is challenging for many patients to handle these problems at home. Besides, several illnesses need a 24/7 examination, and, in this situation, it is not possible to offer healthcare, or it is very complicated for both healthcare providers and patients.
Amid COVID-19, home healthcare is a blessing to the healthcare industry, helping patients and healthcare providers feel comfort, independence, and social distancing. Despite this, the increasing need for affordable healthcare options, technical advances, and numerous new treatment processes will generate a range of opportunities for the global home healthcare market.
Market Size Available
2021 to 2027
2022 to 2027
By Product Type, Type, Services Type, Software, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
The research report on the global home healthcare market has been segmented and sub-segmented based on product type, service type, software, and region.
Home Healthcare Market - By Product Type:
Based on product type, the testing, screening & monitoring product type is predicted to lead the global home healthcare market during the forecast period. The rise in the availability of diagnostic procedures directly at home, which gives reports immediately, elevates the market's growth in this segment. In addition, the growing demand for effective treatment care from patients is also making the market growth expand.
Home Healthcare Market - By Type:
Based on the type, the home telehealth monitoring devices segment is projected to dominate the global home healthcare market due to the rise in support from the IT sector in launching different software. In addition, increasing capital income in both developed and developing countries significantly influences market growth.
Home Healthcare Market - By Services Type:
Based on service type, the rehabilitation therapy service segment led the global home healthcare market in 2021. Increasing awareness over the availability of specialized care treatment services at home, growing privacy concerns, and personal care through professional caregivers are accelerating the growth of the home healthcare market.
Home Healthcare Market - By Software:
Based on the software, the agency software is expected to lead the global home healthcare market during the forecast period. Due to the growing adoption of cloud-based deployment mode in every application. and the rise in support from government organizations.
Home Healthcare Market - By Region:
In 2020, the North American home healthcare market was the market leader in the global market, owing to the rise in the initiatives from the governments of North American countries towards home healthcare services. Also, as per the research analysts at Market Data Forecast, the North American Home Healthcare Market size is predicted to be worth 158.51 billion by 2026, registering a healthy CAGR of 7.50%. In addition, increasing capital income in developed and developing countries is leveraging the market's growth. As a result, the U.S. home healthcare market is projected to showcase a CAGR of 7% and dominate the North American market during the forecast period. On the other hand, the Canadian home healthcare market is expected to exhibit a CAGR of 6.98% from 2021 to 2026.
The Asia Pacific home healthcare market is expected to be the most lucrative regional market globally and is estimated to register a CAGR of 12.56% from 2021 to 2026. This regional market is expected to favor the acceptance of the latest technologies and the rising elderly population. On the other hand, the Indian home healthcare market is expected to show a CAGR of 21.24% during the forecast period. As a result, it is predicted to account for a significant share of the APAC market.
The European Home Healthcare Market grew tremendously over the past decade and is predicted to register a CAGR of 8.37% from 2021 to 2026. The increasing cost of healthcare in hospitals is broadening the market's growth. UK and Germany are predicted to dominate and account for the most significant European market share during the forecast period.
The Latin American home healthcare market is forecasted to witness a CAGR of 9.87% from 2021 to 2026. Mexico and Brazil are estimated to showcase dominance during the forecast period in this region.
The Home Healthcare market in the Middle East and Africa region is expected to have an inclined growth rate during the forecast period.
KEY MARKET PARTICIPANTS:
Companies playing a significant role in the global home healthcare market profiled in this report are Almost Family Inc., Amedisys Inc., General Electric Company (GE), Kinner Software Inc., Omron Corporation, Linde Group, Roche Holding AG, Philips Healthcare, Mckesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.
RECENT HAPPENINGS IN THIS MARKET:
As per our research report, the size of the global home healthcare market is predicted to achieve USD 465.64 billion by 2027.
Yes, the global market for home healthcare is expected to rise at a CAGR of 9.5% from 2022 to 2027.
The North American regional market accounted for the largest share of the global home healthcare market in 2021.
Yes, this report includes the COVID-19 impact on the global home healthcare market.
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