NEW YORK, Sept. 15, 2021 /PRNewswire/ -- The global Home healthcare market accounted for USD 370.7 Billion in 2020 and is expected to reach USD 839.0 Billion by 2028, growing at a CAGR of around 10.1% between 2021 and 2028.
Home health care is a diversified industry which includes home nursing care, infusion services, companion care, and others. Home healthcare is particularly referred as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one's medication routine.
The global Home healthcare market has witnessed a significant growth during the pandemic. This is mainly attributed to the fact that the COVID-19 pandemic situation has led to the shortage of hospital beds, oxygen, medicines, and medical equipment, following the exponential rise in covid-19 cases. Hence, rising number of private sector hospital chains are rapidly started to provide home healthcare facilities especially for covid-19 patients.
The market would remain bullish in upcoming year. The significant increase in the global Home healthcare market size in 2020 is estimated on the basis of the COVID-19 outbreak. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
The global home healthcare market is mainly driven by increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices. With increasing health awareness among people, increase in a number of people diagnosed with chronic diseases such as diabetes cardiac disorders and respiratory diseases, the demand for home healthcare market is expected to grow in the near future. The population of geriatric people is growing rapidly across the world. Geriatric population is more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of home healthcare market. However, changing reimbursement policies and limited insurance coverage may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is expected open alluring avenues for the market growth over the next few years.
Based on product segments, home healthcare market has been segmented into diagnostics and monitoring home devices, therapeutics home healthcare devices, medical supplies, and home mobility assists devices. Diagnostic and monitoring devices include blood pressure monitors, pregnancy test kits, heart rate monitors, temperature monitors and others. In 2020, diagnostic and monitoring devices were the major segment of in the global home healthcare market in terms of revenue and is expected to continue its dominance in the global market over the forecast period. The medical supplies product segment was a second largest segment of home healthcare and constituted 27.89% share of the global demand in 2020. Further, it is expected to grow at the fastest pace in the forecast period. Conversely, the home mobility assists devices product segment held a smaller share of the global home healthcare market in 2020.
Rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, unskilled home healthcare services are the key services of the home healthcare market. Rehabilitation services segment dominated home healthcare market with the largest share in terms of total revenue generated in 2020. This was mainly due to increase demand from the geriatric or aging population.
Regional Analysis Preview
North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional markets for the home healthcare market. North America acquired the majority of share home healthcare market in 2020 and accounted for 41.05% of the overall market. North America followed by Europe and Asia-Pacific in terms of demand for home healthcare. In terms of revenue, Asia Pacific was predicted to be the fastest-growing region in the forecast period. Increasing investments in the healthcare sector by the European government supports the growth of home healthcare market in this region.
Some of the major players of the global home healthcare market include 3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc. among others.
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