Home Healthcare Market, By Component (Services (Rehabilitation, Pregnancy, Palliative), Equipment (BO, Monitors, HIV Test Kit, Pregnancy Test Kit), Software, opportunities and forecast 2020-2026. Population aging across the world coupled with increased patient inclination towards value-based healthcare are expected to fuel the market growth. According to World Health Organization (WHO), there were approximately 703 million persons aged over 65 years in 2019. The number of elder persons is likely to double to 1.5 billion by the year 2050. The aging population demands the extra patient-centric services that in turn increases demand for the home healthcare agencies and workers this is estimated to drive the growth of the home healthcare market.
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The Bureau of Labor Statistics (BLS) states that growing workforce relating to healthcare service interprets the increasing demand for various home health and private healthcare aides and is likely to outpace healthcare sector’s evolution, with over 4 million jobs only in home healthcare sector. In recent years, the chronic diseases which require long-term action have substituted infections as the principal cause of age-related death, this shift is not restricted to developed world. Treating and managing various chronic illnesses has turn into a major concern. Approximately 50% of home healthcare patients have one chronic illness, and the number is anticipated to keep growing in future. Chronic diseases, that affect older adults, contribute to disabilities, increase long-term care costs, and diminish the quality of life, thus opening range of opportunities for home healthcare companies.
By component, the market has been segmented into services, equipment, and software. Among the component, the services dominated the market in 2019. With the dramatic surge in aging population worldwide, demand for home healthcare is increasing for the better patient outcomes. Additionally, the increasing occurrence of chronic disease amongst the elderly is another main factor leading to the market growth.
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In North America, held largest market share in 2019 accredited to shifting trends to in-home healthcare from nursing homes, presence of advanced medical infrastructure and technological advancement. Additionally, high patient consciousness levels coupled with the increasing healthcare expenditure and implementation of streamlined regulatory framework are driving the market growth in the region. Furthermore, supportive initiatives by Centers for Medicare and Medicaid Services (CMMS) are projected to propel the market growth.
Germany followed by France held largest market share in the Europe in 2019. This is largely due to the increasing expenditure in home healthcare in the country and the growing demand for skilled nursing workforce for the in-house care.
The contributors to the market are divided as service providers, manufacturers, and software solution providers. Key manufacturers in the market include McKesson Medical-Surgical Inc.; Medline Industries, Inc.; Fresenius Medical Care; Medtronic PLC; Baxter International Inc.; 3M Healthcare; B. Braun Melsungen AG; F. Hoffmann-La Roche AG; Arkray, Inc.; Becton, Dickinson And Company; Acelity L.P.; ConvaTec Group PLC; Hollister Inc.; and Molnlycke Health Care.
The key service providers include Home Health Services Ltd.; Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Care UK Limited; Extendicare, Inc.; Senior Care Centers of America; Sompo Holdings, Inc.; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; and Home Instead Senior Care, Inc.
Epic Systems Corporation;
Allscripts Healthcare Solutions, Inc.;
Home Health Services Ltd.;
Sunrise Carlisle, LP;
Care UK Limited;
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