The Global Home Healthcare Market is forecast to reach USD 680.35 Billion by 2027.
The Global Home Healthcare Market is forecast to reach USD 680.35 Billion by 2027. The global Home Healthcare market is currently observing a tremendous pace owing to the growing prevalence of the telehealth system, the rising cost of the hospital beds, unavailability of the ambulance service in rural or remote areas, availability of the skilled nursing care at home, and overall affection for the home healthcare systems compared to hospital admissions coupled with growing geriatric population, pediatric deformity, the proliferation of chronic diseases, and the rising rate of novel pandemics globally.
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Tele-ICU has been one of the most trendy technology in the ICU management or critical care patient monitoring market, due to its cost-effective solutions against conventional 24/7 critical care team monitoring for a particular patient. Tele-ICU provides incessant technological advancements in centralized and remote patient monitoring through a number of hardware and software deployed in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems and reduce the burden of undergoing huge expenses of the critical care units, having treated the critical care patients right from their home.
Software & service providers of home healthcare system have been focusing on many innovative solutions that specially focuses on the COVID-19 patients. Many products providing companies that manufacture and supply the home healthcare facilities have already heightened their production capacity in order to meet huge demands from their customers. However, due to the coronavirus preventive lockdown situation, the manufacturing and the supply chains of home healthcare products have been critically affected. Although, during the third quarter of the current fiscal year, the production units is likely to take up a record peak to accumulate the target number of required order for delivery.
The Asia Pacific held a market share of 21.8% in 2019 due to increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, extremely low amount of critical care beds, and isolation per capita. The Asia Pacific region is expected to showcase a tremendous pace in the market amidst the coronavirus epidemic situation.
Further key findings from the report suggest
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- The increasing popularity of the ambulatory care hospitals, which releases the patients right after the surgery and let the patients take necessary medication and treatments at home, are widely being preferred especially for its considerably low expenses.
- China and India are expected to witness a huge surge in this market, as the market value is expected to double itself in India shortly. As more number of elderly population is expected to be residing in China and Asia Pacific region by 2050 along with that increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025.
- Infectious Diseases sub-segment is observing the highest demand now owing to the COVID-19 cases diagnosed worldwide. This sub-segment is projected to grow at a CAGR of 19.4% throughout the forecast period.
- In February 2019, Philips partners with DispatchHealth to provide seniors in Arizona U.S. with on-demand care at home, expanding its geographical reach home health care solutions.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
McKesson Medical-Surgical Inc., Medline Industries, Inc., 3M Healthcare, Brookdale Senior Living, Inc., Home Health Services Ltd., Genesis Healthcare Corp., Home Instead Senior Care, Inc., Care UK Limited, Becton, Dickinson And Company, ConvaTec Group PLC, and Extendicare, Inc. among many others.
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Home Healthcare Market Segmentation:
Product Outlook (Revenue, USD Million; 2019-2027)
- Homecare Diagnostic
- Therapeutics
- Mobility Care
Software Outlook (Revenue, USD Million; 2019-2027)
- Agency Software
- Clinical Management Systems
- Hospice Solutions
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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