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Home Healthcare Market Overview
The global home healthcare market size is expected to register significant growth in the coming years. This is attributed to the rising prevalence of chronic diseases, including diabetes, cardiovascular diseases, and respiratory diseases, increasing geriatric population, and surging patient pool. In addition to this, the demand for different home healthcare products and services is projected to increase due to the surging healthcare expenditure.
The different home healthcare products are therapeutic products, testing, screening, & monitoring products, and mobility care products. Out of these, the testing, screening, & monitoring products are predicted to account for the largest home healthcare market share in the near future. This because of the rapidly growing prevalence of diabetes and cardiovascular diseases, rising awareness among patients, and technological advancements, such as integration of internet of things in home healthcare products.
Pregnancy, rehabilitation, nursing, infusion, and respiratory are the different types of services offered by home healthcare domain. Among these, the rehabilitation services category dominated the home healthcare market in the past and is further projected to contribute considerably to the market in the coming years, owing to the increasing cases of trauma-related surgeries and rising geriatric population. The infusion therapy category is expected to advance at a significant pace in the coming years because of the increasing requirement for parenteral and enteral nutrition.
When geography is taken into consideration, North America accounted for the largest home healthcare market share in the past, which is ascribed to the presence of developed medical infrastructure and high awareness level of patients. Apart from this, the rising healthcare expenditure and supportive initiatives by the Centers for Medicare & Medicaid Services are also driving the growth of the regional market. The Asia-Pacific region is projected to grow at the fastest pace in the near future due to the high prevalence of chronic diseases, large aging population base, and availability of skilled labor at low cost.
Home Healthcare Market Dynamics
One of the major factors driving the home healthcare market growth is the surging geriatric population and high cost of hospitalization. As per the World Health Organization, as compared to 900 million in 2015, the number of people aged 60 years and above is expected to reach 2 billion by 2050. In addition, according to the Centers for Disease Control and prevention, approximately $3.3 trillion is spent by the U.S. government annually for the treatment of chronic diseases and the average cost of hospital stay is $15,000 per day for chronic diseases in the U.S.
These factors have led to an increased need for home healthcare products and services. As per the National Centre of Caregiving, the number of individuals utilizing home healthcare services is expected to reach about 27 million by 2050 in the U.S. Moreover, various government associations are also contributing significantly to the growth of the home healthcare market. For instance, the New York State Department of Health offers home healthcare programs, which include adult day care, medical services, and care management by registered nurses, to individuals in need.
Home Healthcare Market Competitive Landscape
The major players in the global home healthcare market in developing and launching new products and solutions to increase their share in the market. For example, in November 2018, Fisher & Paykel Healthcare Limited introduced “Airvo”, its new enter nasal high-flow therapy device for home settings. The device delivers warm and humid air which liquefies debris in the upper airway to help patients cough material out or swallow. Some other key players operating in the market are Phillips Healthcare, Merck and Co Inc., 3M Healthcare, Siemens Corporation, Abbott Laboratories, Cardinal Health Inc., Medtronic plc, and GE Healthcare.
Market Size Breakdown by Segment
Based on Product
Based on Services