Global Home Health Market Growing Business Demand and Upcoming Opportunities
The Home Health market was valued at USD 181.9 billion in 2020, and it is expected to reach a value of USD 515.6 billion by 2027, at a CAGR of 7.90% over the forecast period (2022 - 2027).
The patient centric approach of the home healthcare market along with other benefits such as enhanced patient result, long term care, cost proficiency, end of superfluous hospitalization, and the rising trend to use home health care is estimated to show positive market growth.
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Global Home Health Market Segmentation
The Global Home Health market is segmented based on Product, Service, Component, Indication, and Region. Based on Product it is categorized into: Testing, Screening, & Monitoring Products, Mobility Care Products, Therapeutic Products. Based on Service it is categorized into: Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services. Based on Component it is categorized into: Equipment, Services. Based on Indication it is categorized into: Cardiovascular Disorders & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care, Other Indications . Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Global Home Health Market: Impact of COVID 19
The impact of COVID-19 pandemic on the home healthcare market is mixed . The market consistimg of both products and services sees different impacts. COVID-19 has a positive impact on some home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. On the other hand, some of the service providers have registered a loss of business. This decline is expected to last for some time until the market revives again.
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Global Home Health Market: Regional Dynamics
North America dominated the home healthcare market with a share of around 42% in 2019. In North America, the U.S. held the largest market share in 2019. Germany held the largest market share in Europe in 2019 followed by France. This is mainly due to increasing expenditure towards in-home healthcare in the country and growing demand for the skilled nursing workforce for in-house care. Asia Pacific is expected to register positive growth in the near future.
Global Home Health Market: Competitive Landscape
· The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
· 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.
· 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.
· In June 2021, AlayaCare raised $225 Million to Accelerate the Digital Transformation of Home Health Care. AlayaCare will use the funding to continue global expansion, hire additional staff and further invest in innovation capabilities.
Key players in home Health market are:
· McKesson Medical-Surgical Inc
· F. Hoffmann-La Roche Ltd
· Fresenius Medical Care
· Medtronic PLC
· 3M Healthcare
· Baxter International Inc
· B. Braun Melsungen AG
· Arkray, Inc
· Becton, Dickinson And Company
· Acelity L.P.
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