As per our report, the size of the global home healthcare market to expand at a CAGR of 9.5% and will reach USD 465.64 billion by 2025. The adoption of home healthcare is increasing around the world at a significant level.
Home care is supportive of home care, and Nursing can be done by a qualified healthcare professional who meets your medical needs, or by a professional caregiver who provides daily assistance to make sure that daily activities are my own. It is beneficial for those patients who are not able to go out or people from a rural area. Home health staff helps patients how to take care of ourselves at home to get better early, they keep updating doctors about patients health daily, maintain records of each patient and much more. Technological innovation in the healthcare industry is gaining traction. Need for personalized care for chronic and lifestyle-based diseases, shifts in the traditional family system and rise of nuclear families driving demand for the market worldwide. Patients need not visit the hospital for a check-up, and with the help of technical devices, they'll be checked regularly.
Home healthcare services are playing a significant role in providing effective treatment procedures directly at their homes. It includes various services like physiotherapy, physical therapy, skilled nursing and others. These services have got little more demand due to the increasing cases of COVID-19. The whole world is fighting against the COVID-19, and this situation is showing a significant impact on the treatment procedures.
According to WHO, many countries are facing problems in providing treatment for chronic diseases like cancer and diabetes. So, the demand for home health care services is rising in both developed and developing countries. Government is creating awareness over the benefits included in the home healthcare in undeveloped countries to promote quality treatment and manage their illnesses.
MARKET DRIVERS
The rising ageing population, the prevalence of personal medical care, and increasing chronic incidences are propelling the home healthcare market growth.
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. The growing ageing population, the usage of patient-oriented medical services is equally demanding, which is helping the industry of home healthcare.
In-home healthcare market, the agency management software to overgrow over 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 as well as the support from the Government for home health care leading the Home Healthcare Market.
Furthermore, the increasing cost for medical treatment in a hospital is a significant factor prompting demand for the market. 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 the attention of many investors and entrepreneurs.
MARKET RESTRAINTS
Finding the right nursing staff with skills and care attitude is a challenging factor for the growth of the market. In-home health care industry new evolutionary healthcare devices are coming, which requires efforts and time is one the difficult tasks for companies. It's not an easy task for the companies to provide home health care facility to a large number of 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.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
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, services type, software and region.
Home Healthcare Market - By Product Type
Based on Product Type, Testing, screening & monitoring product type is leading 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 is elevating the growth of the market in this segment. Growing demand for effective treatment care from patients is also making the market growth to expand.
Home Healthcare Market - By Type
Based on Type, 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 the demand of the market. Growing privacy concerns and also to 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 is leading with the highest shares of the market by the adoption of 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 initiatives steps from the Government towards home healthcare services. Also, as per the research analysts at Market Data Forecast, The size of the North American Home Healthcare Market 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 is also to register 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.
TOP COMPANIES IN THE MARKET
Key market participants 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
In January 2020, Amedisys, a fourth largest hospice provider in 2019, has finally announced that it has acquired Asana hospice with good financial terms. With this acquisition, the company has extended its portfolio in eight locations and to operate care services in 33 states.
In February 2020, GE healthcare and preventive solutions have collaborated to come up with an innovative idea that is connecting heart from hospital to home virtually. As atrial fibrillation is one of the common complications in the aged population, this system will help to reduce heart-related risks.
In April 2020, AliveCor and OMRON announced that they are going to increase investment on the remote patient care to provide excellent cardiovascular monitoring for about 70% of the world’s population.
In January 2020, AdaptHealth Corp acquired McKesson where the patient care solutions. This acquisition will add Urological and Ostomy products which strengthen the portfolio of the company.
In July 2019, Amedisys signed an agreement to acquire home health regulatory assets to expand their access in New York. Under this agreement, the company to have a certificate from Premier Home Health Care Services, Inc. to operate home health care services.
In July 2019, Amedisys announced their plan to establish a partnership with ClearCare Inc. This agreement is to improve the quality in connecting personal care to the patients.
In June 2018, GE, a leading company in health care was to serve 150 countries across the world. It is to expand its services in medical imaging, data analytics and bio-manufacturing.
In November 2017, Almost Family, Inc., has announced that they have signed an agreement with Louisiana-based LHC Group, Inc. to provide innovative healthcare services. These two companies also estimated that their revenue would cross USD 1.8 billion in the first half of 2018.
In May 2016, Philips came up with an innovative product named ‘Always On’. It is an effort to monitor older people in their homes.
In June 2016, the Arkansas Department of Health announced that kindred healthcare had acquired In-home health care operations. It will expand kindred’s services, in-home healthcare.
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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