COVID-19 Impact on Home Healthcare Market: Rising focus on Telehealth Services
Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.
The global home healthcare market size is projected to reach USD 274.7 billion by 2025 from USD 181.9 billion in 2020, at a CAGR of 8.6% during the forecast period. Home Healthcare Market by Product (Dialysis Equipment, Ventilators, ECG, Canes, Wheelchairs, Activity Monitors, Nebulizers, BP Monitors), Service (Infusion Therapy, Skilled Nursing, Hospice), Indication, Region - Global Forecast to 2025.
On the other hand, changing reimbursement policies, limited insurance coverage, and concerns regarding patient safety are factors limiting the growth of the market to a certain extent. The growing popularity of telehealth and untapped developing regions present significant growth opportunities for players in the home healthcare market.
Based on services, the global home healthcare market is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. Skilled nursing services accounted for the largest share of the home healthcare services market in 2019.
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Skilled medical care in home settings can provide a comforting solution over residing in a hospital, nursing home, or an assisted living community. The favorable insurance coverage for skilled nursing services is expected to support the growth of this market during the forecast period.
Based on indication, the global home healthcare market is segmented into cancer, respiratory diseases, mobility disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. The diabetes segment is expected to grow at the highest CAGR during the forecast period.
The high growth of this segment is attributed to the increasing number of diabetic patients. Monitoring blood sugar at home helps arrive at an overall diabetes treatment plan and aids in managing the medications for blood sugar, diet, and exercise.
Region Covered in Home Healthcare Market
The home healthcare market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe.
The large share of North America in the global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure.
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Key Players in Home Healthcare Market
Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), A&D Company (Japan), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), Kindred at Home (US), LHC Group, Inc. (US), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Drive DeVilbiss Healthcare (US), Hamilton Medical (Switzerland), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd(China), Vitalograph (UK), advita Pflegedienst GmbH (Germany), RENAFAN GmbH (Germany), ADMR (France), Apex Medical Corporation (Taiwan), CONTEC MEDICAL SYSTEMS CO., LTD (China), and Löwenstein Medical Technology GmbH + Co. KG. (Germany).