New York: The Report on Home Healthcare Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Home Healthcare Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Home Healthcare market gathered revenue around USD 181.0 Billion in 2020 and market is set to grow USD 275.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.0% during the prediction period 2021 to 2027.
NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.
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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. 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 services segment led the market with a revenue share of over 84% in 2020. The equipment segment, on the other hand, is estimated to register the fastest CAGR from 201 to 2028. The market by services is segmented into skilled home care and unskilled home care. Skilled home care services are provided by healthcare professionals. Unskilled home care services are provided for daily living aid to home-bound patients and are categorized as basic assistance care/personal care services. Skilled home healthcare services dominated the market in 2020 due to rising medical expenditure associated with hospital stays.
The home healthcare equipment market is segmented into three major categories; diagnostic, therapeutic, and mobility assist. The therapeutic segment led the market in 2020 and will expand further at a steady CAGR over the forecast period. This growth is due to the rising prevalence of diseases that require frequent usage of therapeutic equipment. For instance, the usage of insulin delivery devices, home dialysis equipment, and intravenous pumps.
Diagnostics accounted for approximately 39% of the overall home healthcare equipment market in 2020. It is expected to gain a lucrative share over the forecast period. The segment growth is credited to the increasing prevalence of diabetes and cardiovascular & cardiopulmonary diseases, growing patient awareness, increasing cases of long-term illnesses requiring frequent diagnosis, and high adoption of BP monitors & pregnancy & fertility tests.
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COVID-19 Impact on Home Healthcare Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Home Healthcare market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Home Healthcare market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Home Healthcare market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Home Healthcare market include:
Fresenius SE & Co. KGaA, GE Healthcare , Linde plc , F. Hoffmann-La Roche Ltd , A&D Company , BAYADA Home Health Care, Invacare Corporation , Abbott , Amedisys , Kindred at Home , LHC Group, Inc., OMRON Corporation , Koninklijke Philips N.V., Drive DeVilbiss Healthcare, Hamilton Medical, Sunrise Medical, Roma Medical, Caremax Rehabilitation Equipment Co., Ltd.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Testing, Screening, & Monitoring Products
- Blood Glucose Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Peak Flow Meters
- Heart Rate Monitors
- Fetal Monitoring Devices
- HIV Test Kits
- Home Sleep Testing Devices
- Coagulation Monitoring Products
- Ovulation and Pregnancy Test Kits
- Holter and Event Monitors
- Cholesterol Monitoring Devices
- Colon Cancer Test Kits
- Home Hemoglobin A1c Test Kits
- Drug and Alcohol Test Kits
- ECG/EKG Devices
- EEG Devices
- Temperature Monitors
- Hearing Aids
- Activity Monitors & Wristbands
- Therapeutic Products
- Oxygen Delivery Systems
- Sleep Apnea Therapeutic Devices
- Wound Care Products
- IV Equipment
- Dialysis Equipment
- Insulin Delivery Devices
- Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs))
- Mobility Care Products
- Walkers & Rollators
- Mobility Scooters
- Skilled Nursing Services
- Rehabilitation Therapy Services
- Hospice and Palliative Care Services
- Unskilled Care Services
- Respiratory Therapy Services
- Infusion Therapy Services
- Pregnancy Care Services
- Cardiovascular Disorders & Hypertension
- Respiratory Diseases
- Mobility Disorders
- Hearing Disorders
- Wound Care
- Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)
North America accounted for the highest revenue share of 42.92% in 2020. The presence of a large geriatric population in this region, sophisticated healthcare infrastructure, and relatively higher disposable income levels are some of the key factors driving the growth. Moreover, an increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare supports the regional market growth. For instance, the “Hospital at Home” program was initiated wherein the patients received treatment at home, this reduced the cost of care by nearly 30%.
Asia Pacific is estimated to be the fastest-growing regional market. Factors, such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care, are resulting in increasing adoption of home healthcare products and services. Moreover, companies are focusing on untapped countries, such as India and China. For instance, Apollo Homecare offers long-term plans for various categories, such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother & baby care, and elderly care. These programs include medical supervision and personalized healthcare services.
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The purpose of Nova one advisor’s Home Healthcare market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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