Technological Advancements and Focus on Telehealth Advancing the Home Healthcare Market
This report aims to provide detailed insights into the global home healthcare market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The Home Healthcare Market 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.
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Key Factors Driving Market Growth:
The Rapid growth in the elderly population, the rising incidence of chronic diseases, the growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices are the major factors driving the growth of home healthcare market.
In 2019, the dialysis equipment segment accounted for the largest share of the home healthcare therapeutic products market
Based on therapeutic products, the global home healthcare market is segmented into oxygen delivery systems, nebulizers, ventilators, sleep apnea therapeutic devices, wound care products, IV equipment, dialysis equipment, insulin delivery devices, and other products (ostomy devices and automated external defibrillators). Dialysis equipment accounted for the largest share of the home healthcare therapeutic products market in 2019. Technological advancements and the launch of new products that are safe and easy to use in home care settings, and growing awareness about home therapies are some other major factors driving the growth of the home dialysis market
The diabetes indication segment is expected to grow at the highest CAGR during the forecast period
By indication type, 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 register the highest CAGR during the forecast period. The increasing number of diabetic patients mainly drives growth in this market. Moreover, 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.
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Regional Growth Analysis:
North America was the largest regional market for the home healthcare market in 2019
The market is segmented into four major regions—north America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for home healthcare in 2019. The large share of North America in the global market is attributed to the high healthcare expenditure, rising prevalence of chronic conditions, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Growth in the Asia Pacific market is driven primarily by the rising aging population, increased incidence of chronic diseases, rising disposable income, technological advancements, government initiatives to promote home healthcare, and increasing healthcare costs.
The global home healthcare market is highly fragmented. The prominent players in the overall market include 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).