Home Healthcare Market Worth $515.6 Billion by 2027 | CAGR: 7.9%: Grand View Research, Inc.

SAN FRANCISCO, March 18, 2020 /PRNewswire/ -- The global home healthcare market size is anticipated to reach USD 515.6 billion by 2027, registering a CAGR of 7.9%, according to a new report by Grand View Research, Inc. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, rising geriatric population and growing prevalence of chronic diseases such as Alzheimer's, dementia, and orthopedic conditions, is 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.

Key suggestions from the report:

• Services dominated the component segment in 2019 attributed to the growing demand for skilled nurse in-home healthcare for services like physical and occupational therapy
• The rehabilitation services held the largest market share in 2019 and are estimated to expand further during the forecast period. Growing demand for the skilled nurses at home for rehabilitation service, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment. Mainly, patients suffering 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 clinical management systems dominated the software segment in 2019. This is attributed to its feature to provide all in one solution for home healthcare agencies. The agency software is anticipated to witness high growth during the forecast period
• Key manufacturers operating in the market are Medline Industries, Inc.; McKesson Medical-Surgical Inc.; Medtronic Plc; Baxter International Inc.; Becton, Dickinson And Company; Cardinal Health; and GE Healthcare
• The key service providers are Brookdale Senior Living, Inc.; Home Health Services Ltd.; Sunrise Carlisle, LP; Extendicare, Inc.; Care UK Limited; Senior Care Centers of America; Genesis Healthcare Corp.; Sompo Holdings, Inc.; Kindred Healthcare, Inc.; and Home Instead Senior Care, Inc. The key software solution providers are Allscripts Healthcare Solutions, Inc.; Epic Systems Corporation; Cerner; and McKesson Corporation.

Read 244 page research report with ToC on "Home Healthcare Market Size, Share & Trends Analysis Report By Component (Services, Equipment, Software), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry

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. Besides, maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following merger and acquisition strategy to enter the market, in order to provide cost-effective service and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stay is another key factor driving home healthcare market growth. In the past several years, the number of nursing facilities has reduced, while the in-home nursing programs have doubled. 

Grand View Research has segmented the global home healthcare market based on component and region:

• Home Healthcare Component Outlook (Revenue, USD Million, 2016 - 2027)
• Equipment
• Therapeutic
• Home respiratory therapy equipment
• Insulin delivery devices
• Home IV pumps
• Home dialysis equipment
• Others
• Diagnostic
• Diabetic care unit
• BP monitors
• Multi para diagnostic monitors
• Home pregnancy and fertility kits
• Apnea and sleep monitors
• Holter monitors
• Heart rate monitor
• Other
• Mobility Assist
• Wheel chair
• Home medical furniture
• Walking assist devices
• Services
• Rehabilitation Services
• Unskilled Home Care
• Respiratory Therapy Services
• Infusion Therapy Services
• Telemetry
• Software
• Clinic management systems
• Agency management software
• Hospice solutions
• Home Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Sweden
• France
• Italy
• Russia
• Netherlands
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• Singapore
• Thailand
• Philippines
• South Korea
• Malaysia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Oman
• Egypt
• UAE

Find more research reports on Medical Devices Industry, by Grand View Research:

• Healthcare Finance Solutions Market – The global healthcare finance solutions market size was valued at USD 99.9 billion in 2018 and is anticipated to grow at a CAGR of 7.6% over the forecast period.
• Pediatric Home Healthcare Market– The global pediatric home healthcare market size was valued at USD 30.9 billion in 2018 and is expected to grow at a CAGR of 8.3% during the forecast period.
• Healthcare Biometrics Market– The global healthcare biometrics market size was valued at USD 2.1 billion in 2016 and is expected to witness a CAGR of 24.2% over the forecast period.

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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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