SEATTLE, Oct. 13, 2021 /PRNewswire/ -- According to Coherent Market Insights, the home healthcare market is expected to be valued at US$ 279,541.7 million in 2019, and is projected to exhibit a CAGR of 8.2% over the forecast period (2019–2027).
Home healthcare is direct personal care given by a trained caregiver in the person home where the client or patient is staying, rather than medical care given in specialized group settings such as nursing homes or clinics. Home healthcare is also sometimes referred to as domiciliary care, direct care or community care. It differs from traditional medical care in that it does not involve a physician, nurse or other health care professional. Rather, family members, friends or other caregivers provide this direct care in an informal setting - often a residential home, care facility or similar setting. In this setting, there is no uniformity of medical or mental health care and services provided. Rather, home health aides provide personal care to the client in his or her own home.
The global home healthcare market is estimated to account for 525,833.3 Mn in terms of value by the end of 2027.
Increasing prevalence of chronic diseases is expected to propel growth of the global home healthcare market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.
Moreover, increasing preference for home healthcare is also expected to aid in growth of the market. For instance, according to a survey in September conducted by Morning Consult, along with The Partnership for Quality Home Healthcare and the National Association for Home Care & Hospice, over nine in 10 (of the Medicare beneficiaries who took part in the poll) prefer to receive post-hospital short-term health care at home. Just 3% said they would prefer post-hospital nursing home care.
Raising funding for expansion is expected to offer lucrative growth opportunities for players in the global home healthcare market. For instance, in October 2021, Honor, the U.S.-based senior care network company, raised US$ 70 million in Series E funding to invest in its operations, technology capabilities and its ongoing expansion across the Home Instead network.
Acquisition of major players is also expected to offer lucrative growth opportunities for players in the global home healthcare market. For instance, in October 2021, Aveanna Healthcare, a home health care services company, announced to acquire Comfort Care Home Health for US$ 345 million.
Vaccine mandates may lead to major losses for home-based care providers in the U.S. Although home-based care providers are focused on offering staff-education for Covid-19 practices, they are still struggling to keep workers who refuse to get vaccinated against the COVID-19 virus.
The U.S is also witnessing launch of new home health brands. For instance, in August 2021, Best Life Brands, a holding company, launched Boost Home Healthcare, a franchise brand that will operate as Best Life Brands' first home health provider.
Major players operating in the global home healthcare market include, 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum (United Healthcare), Outset Medical, and Regeneron Pharmaceuticals, Inc.
Major players operating in the global home healthcare market are focused on adopting M&A strategies to expand their product portfolio. For instance, in October 2021, Pharos Capital Group, a private equity firm, acquired THEMA Health Services, a home health and palliative care provider that operates across Arizona U.S.
Major players operating in the global home healthcare market are also focused on launching new products and services to expand their product portfolio. For instance, in April 2021, Seniors Helping Seniors, a personal care franchise company, launched "Seniors Helping Seniors 360," a new business model that mixes both medical and non-medical care services.
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.