SAN FRANCISCO, Sept. 28, 2021 /PRNewswire/ — The global home healthcare market size is expected to reach USD 545.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.88% over the forecast period. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases, such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth.
Key Insights & Findings:
- Services dominated the component segment in 2020. Growing demand for skilled nurses for rehabilitation services, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment
- Mainly, patients with major trauma due to accidents or those suffering from strokes opt for rehabilitation services for improving their way of talking, walking, and feeding themselves all over again
- The demand for home therapeutic equipment is increasing due to the rising prevalence of chronic conditions, such as respiratory diseases, kidney disorders, and diabetes
- Advancement in technology is likely to favor market growth. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms, which help the home health agency
- North America is the most matured regional market. The presence of a large geriatric population, sophisticated healthcare infrastructure, and relatively higher patient disposable income levels are some of the key factors driving the regional market
- Europe held a significant share in 2020. With the ongoing COVID-19 pandemic, the demand for nurses, attendants, physicians, physiotherapists, and caregivers is expected to rise, with home care services being considered a safer alternative to hospital services
Read 252 page market research report, “Home Healthcare Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Region (North America, APAC, Europe), And Segment Forecasts, 2021 – 2028“, by Grand View Research
As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.
The elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Moreover, the maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following a merger and acquisition strategy to enter the market and provide cost-effective services and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stays is another key factor driving the market growth. During the COVID-19 pandemic, the majority of the nursing facilities were significantly impacted, while the in-home services aided the majority of healthcare providers to offer their services in a safe environment.
The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period.
Grand View Research has segmented the global home healthcare market on the basis of component and region:
- Home Healthcare Component Outlook (Revenue, USD Million, 2016 – 2028)
- Home Respiratory Therapy Equipment
- Insulin Delivery Devices
- Home IV Pumps
- Home Dialysis Equipment
- Diabetic Care Unit
- BP Monitors
- Multi Para Diagnostic Monitors
- Home Pregnancy & Fertility Kits
- Apnea & Sleep Monitors
- Holter Monitors
- Heart Rate Monitors
- Mobility Assist
- Home Medical Furniture
- Walking Assist Devices
- Skilled Home Healthcare Services
- Physician Primary Care
- Nursing Care
- Physical/Occupational/Speech Therapy
- Nutritional Support
- Hospice & Palliative Care
- Unskilled Home Healthcare Services
- Home Healthcare Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- The Netherlands
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Home Healthcare Market
- McKesson Medical-Surgical, Inc.
- Fresenius Medical Care
- Medline Industries, Inc.
- Medtronic PLC
- 3M Healthcare
- Baxter International, Inc.
- B. Braun Melsungen AG
- Arkray, Inc.
- F. Hoffmann-La Roche AG
- Becton, Dickinson And Company
- Acelity L.P.
- Hollister, Inc.
- ConvaTec Group PLC
- Molnlycke Health Care
- Service Providers
- Brookdale Senior Living, Inc.
- Home Health Services Ltd.
- Sunrise Carlisle, LP
- Extendicare, Inc.
- Care U.K. Limited
- Senior Care Centers of America
- Genesis Healthcare Corp.
- Sompo Holdings, Inc.
- Kindred Healthcare, Inc.
- Home Instead Senior Care, Inc.
Check out more studies related to home care, conducted by Grand View Research:
- North America Home Healthcare Market – The North America home healthcare market size was valued at USD 756.8 million in 2014 and is expected to grow at a rate of 10.9 % over the forecast period. Growing base of geriatric population, triggering the incidence rate of target diseases, and the increasing need to curb healthcare expenditure as an economically viable initiative are some high impact rendering drivers of this market.
- Pediatric Home Healthcare Market – The global pediatric home healthcare market size was valued at USD 37.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2021 to 2028. The availability of advanced technologies for providing continuous care and medical assistance at home to Children with Medical Complexities (CMC) is expected to fuel market growth.
- Long Term Care Market – The global long term care market size was valued at USD 983.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. The market for long term care (LTC) is expected to boom owing to the aging baby boomers, increasing disabilities among the geriatric population, the dearth of skilled nursing staff, government funding, and increased collaborations of private insurers with various governments.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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