As per our report, the size of the global home healthcare market size to expand at a CAGR of 9.5% and worth USD 465.64 billion by 2026. The adoption of home healthcare is increasing around the world at a significant level.
Home health care provides a wide variety of health care facilities that can be assumed at home for sickness or accident. Home health care provides services to people and their families in their homes for advancement, preservation, or healing. Home health care is typically affordable, more accessible, and more efficient than hospital care or specialist nursing facilities (SNF). Those accessing home health care offered by the Home Health Agency include chronically sick and disabled people of all ages, those suffering from hospitalization or serious illness, and terminally ill people. 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. Nurses keep records of vital signs, perform emergency orders, take blood, record the activities they perform and the patient's health status, and interact with the patient, relatives, and psychiatrist.
Home health services provide broad-based care delivered by licensed medical practitioners, including specialist nursing care, physical therapy, occupational therapy, and speech therapy. Due to COVID-19, demand for home health care is growing exponentially. 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. Home-based care is an important alternative to facility-based care, particularly for preventing infection during the COVID-19 pandemic.
COVID-19 has helped to show that home care programs are successful in keeping 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 around the world. 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 Benefit 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 grow 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.
MARKET DRIVERS:
Factors such as a rapid increase in the aging population, an increasing prevalence of chronic illnesses, a growing need for cost-effective delivery of healthcare due to the healthcare prices are majorly promoting the growth of the global home healthcare market.
According to the World Health Organization (WHO), there were 703 million people over the age of 65 in 2019. The number of older people to double by 2050 to 1.5 billion. With the growing aging population, patient-oriented medical services are equally demanding, helping the industry of home healthcare.
Additionally, technical developments in-home care services, governments supporting home healthcare, COVID-19 impact on cost and unavailability of the hospital beds, unavailability of the ambulance service increases the demand for the home healthcare market. In a pandemic situation where coronavirus patients need medical services, many home health professionals chose to take care of patients at home. Furthermore, Stern payment plans, patient care concerns, and inadequate insurance rates serve as barriers to developing the home health industry.
In-home healthcare market, the agency management software to overgrow the forecast period due to its increasing use in roaster planning, billing, remote patient monitoring, and operational record keeping. The Increasing medical costs, increasing demand for affordable treatment, chronic diseases, technological improvements in the pharmaceutical and medical science fields, and the support from the Government for home health care lead the Home Healthcare Market.
Furthermore, the increasing cost for medical treatment in a hospital is a significant factor prompting demand for the market. The rise in cancer patients and kidney diseases is also one of the critical factors is fueling the need of the market globally. Maintenance, development, and other medical settings require significant investment; hence, the home health care market is grabbing many investors' and entrepreneurs' attention.
MARKET RESTRAINTS:
Scarcity of right nursing staff with skills and care attitude is expected to hamper the growth rate of the global home healthcare market.
In-home health care industry, new evolutionary healthcare devices are coming, which requires effort and time is one of the difficult tasks for companies. It's not an easy task for companies to provide home health care 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.
MARKET CHALLENGES:
Many barriers can discourage physicians from taking part in home-based treatment. Compared to the hospital or workplace setting, treatment for patients at home requires longer appointments and a reduced panel scale.
The big problem facing home health service providers 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 their 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 difficult to address the critical care needs of patients at home. Also, New forthcoming healthcare equipment requires time, commitment, and an adequate atmosphere for installing these products. It is challenging to handle these problems at home for many patients. 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.
MARKET OPPORTUNITIES:
Amid COVID-19, Home healthcare acts as a blessing to the healthcare industry, helping both 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.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
|
Segments Covered |
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 |
|
Regions Covered |
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, type service type, software, and region.
Home Healthcare Market - By Product Type:
Based on Product Type, Testing, screening & monitoring, product type leads with the highest shares of the home healthcare market. The rise in the availability of various diagnostic procedures directly at home, which gives reports immediately, elevates the growth of the market in this segment. Growing demand for effective treatment care from patients is also making the market growth expand.
Home Healthcare Market - By Type:
Based on Type, the Home telehealth monitoring devices type is holding dominant shares of the market with the rise in the support from the IT sector in launching different software. Increasing capital income in both developed and developing countries is significantly influencing the demand of the market.
Home Healthcare Market - By Services Type:
Based on Services Type, the Rehabilitation therapy service type is ruling with the highest shares of the market. Increasing awareness over the availability of specialized care treatment services at home is surging market demand. Growing privacy concerns and also have personal care through professional caregivers is accelerating the growth of the home healthcare market.
Home Healthcare Market - By Software:
Based on Software, Agency software leads with the highest shares of the market by adopting cloud-based deployment mode in every application. The rise in support from government organizations is also spurring the demand of the market.
Home Healthcare Market - By Region:
In 2019, North America was the market leader in the global home healthcare market. With the rise in the initiative’s steps from the Government towards home healthcare services. Also, as per the research analysts at Market Data Forecast, the North American Home Healthcare Market size is predicted to reach USD 147.45 billion by the end of 2023, registering a healthy CAGR of 7.50%. Increasing capital income both in developed and developing countries is leveraging the demand of the market.
The Asia Pacific is leading the market after North America due to the acceptance of the latest technologies. The rising elderly population is also an important attribute magnifying the demand of the market.
European Home Healthcare Market is growing tremendously from the past decade and registering a significant growth rate in foreseen years. The increasing cost of healthcare in hospitals is straight broadening the demand of the market.
The Middle East and Africa regions to have inclined growth rates in the coming years.
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 MARKET DEVELOPMENTS:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product
5.1.1 Introduction
5.1.2 Testing, Screening, & Monitoring Products
5.1.3 Therapeutic Products
5.1.4 Mobility Care Products
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2 Type
5.2.1 Introduction
5.2.2 Home Telehealth Monitoring Devices
5.2.3 Home Telehealth Services
5.2.4 Home Telehealth Software
5.2.5 Y-o-Y Growth Analysis, By Type
5.2.6 Market Attractiveness Analysis, By Type
5.2.7 Market Share Analysis, By Type
5.3 Software
5.3.1 Introduction
5.3.2 Agency Software
5.3.3 Clinical Management Systems
5.3.4 Hospice Solutions
5.3.5 Y-o-Y Growth Analysis, By Software
5.3.6 Market Attractiveness Analysis, By Software
5.3.7 Market Share Analysis, By Software
5.4 Services
5.4.1 Introduction
5.4.2 Rehabilitation Therapy Services
5.4.3 Infusion Therapy Services
5.4.4 Unskilled Care Services
5.4.5 Respiratory Therapy Services
5.4.6 Pregnancy Care Services
5.4.7 Skilled Nursing Care Services
5.4.8 Hospice
5.4.9 Palliative Care Services
5.4.7 Y-o-Y Growth Analysis, By Services
5.4.8 Market Attractiveness Analysis, By Services
5.4.9 Market Share Analysis, By Services
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Type
6.1.3.4 By Softwares
6.1.3.5 By Services
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Type
6.1.4.4 By Softwares
6.1.4.5 By Services
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Type
6.1.5.4 By Softwares
6.1.5.5 By Services
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Apria Healthcare Group
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 A&D Company Limited
8.3 Almost Family Inc
8.4 Amedisys Inc
8.5 General Electric Company (GE)
8.6 Kinnser Software Inc
8.7 Linde Group
8.8 Omron Corporation
8.9 Roche Holding AG
8.10 Philips Healthcare
8.11 Mckesson Corporation
8.12 LHC Group Inc
8.13 Kindred Healthcare
8.14 Fresenius Se & Co Kgaa
8.15 Abbott Laboratories
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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