Home Healthcare Market to Reach USD 274.7 billion by 2025 - Rising Focus on Telehealth
This study involved four major activities in estimating the current size of the home healthcare market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
[257 Pages Report] 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%
Market growth is driven by 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.
1. Rising focus on telehealth
2. Untapped developing regions
COVID-19 impact on the home healthcare market
The COVID-19 pandemic has a mixed impact on the home healthcare market. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact few home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.
Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes. However, the scenario is different. There have been many home healthcare agencies and providers who have reported a decline in the business. However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.
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The geographical regions mapped in the report are:
1. North America
4. Rest of the World (RoW)
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.
Some key players mentioned in the research report are:
The prominent players operating in this market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Amedisys (US), Kindred at Home (US), and LHC Group, Inc. (US)
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1. In 2019, Fresenius Medical Care (Germany) acquired NxStage Medical, Inc. (US). This acquisition strengthens the company’s business in the US. It enables Fresenius Medical Care to leverage it's manufacturing, supply chain, and marketing competencies across the dialysis products, services, and care coordination businesses, especially in-home dialysis and critical care.
2. In 2020, Lincare, a subsidiary of Linde, offers home respiratory care in the US. In response to the COVID-19 pandemic, the company offers in-home services to COVID-19 vulnerable patients. It is also helping to ease the burden on hospitals by transferring respiratory patients and others from in-patient to in-home care.
3. LHC Group Inc (US) entered into a joint venture agreement with University Health Care System (US). This joint venture agreement was aimed to strengthen home health and hospice services across eight cities in Georgia and South Carolina.