PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273628
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273628
According to Stratistics MRC, the Global Home Healthcare Market is accounted for $226 billion in 2022 and is expected to reach $411 billion by 2028 growing at a CAGR of 10.5% during the forecast period. Home healthcare refers to a range of medical services that can be offered to patients to treat a disease or injury in the convenience of their own home. There are countless options available to patients who want to receive home health care. Depending on the situation of each patient, care can range from nursing to specialised medical treatments, such as laboratory workups. The doctor will decide on the course of treatment and any home treatments the patient might need. Depending on the patient's health, home healthcare may be provided for a short period of time or for a long period of time.
According to WHO, it is estimated in between 2015 to 2050, population above 60 years will approximately double from 12% to 22% across the globe. As per the study, it is also observed that each elder patient suffered from at least two or more major chronic disorders which further fuel the growth of the market.
Numerous chronic diseases, including diabetes, cancer, cardiovascular diseases, and others, are significantly increasing the burden on nations around the world. The average rate of hospital admission is rising as a result of this scenario. But these illnesses are expensive to treat. This has caused patients to change their preferences in favour of more affordable treatment models, like home health care. Additionally, treatment at homecare settings has various essential benefits over hospital treatment. One such benefit is that the former reduces the risk of acquired infection by many folds. Post-surgery recovery and other serious illnesses may weaken patients' immune system and make them prone to various infections.
Despite the fact that choosing home healthcare services has many benefits, patients are less likely to use them due to growing concerns about fraud. The types of fraud in home healthcare vary, but the majority will involve billing for services that were either not rendered or were not medically necessary.
The increasing number of senior citizens and the trend towards nuclear homes are expected to propel the home healthcare market to significant growth. Instead of relocating to nursing homes or assisted living facilities, the elderly population is increasingly choosing to age in place. The high cost of long-term care and the desire to preserve independence and autonomy are the main causes of this. Nuclear homes, or households without any children and where every adult is employed, are also on the rise. Because they frequently lack the time to care for elderly or disabled family members, these families are more likely to use professional home healthcare services.
When diagnosing a disease, measurement accuracy is crucial because a deviation could result in over-treating the patient. It is anticipated that more people will prefer self-diagnosis as home healthcare device adoption rises in Latin America. Patients engage in self-diagnosis rather than seeing doctors or going to clinics. Thus, an increase in self-monitoring raises the possibility of improper use of home medical equipment. Because hypertension can cause complications like a heart attack, kidney failure, and heart failure, a patient is unlikely to experience a symptom of hypertension unless their blood pressure is measured at a doctor's office. It's crucial to make an accurate diagnosis of these diseases.
The COVID-19 pandemic has had a mixed impact on the global home healthcare market. Devices and services, the two market segments, have had various effects. The sales of some home healthcare products, including blood pressure monitors, pulse oximeters, blood glucose monitors, and temperature monitors, have benefited from COVID-19. Due to increased awareness of the potential complications in case of infection, people all over the world are buying more of these products. The home medical device market has seen increased sales as a result of the pandemic.
The diagnostic & monitoring devices segment is expected to hold the largest market share in the home healthcare market and is expected to do the same in the forecast period. The diagnostic segment is expected to account for the most significant revenue over the forecast period due to a rise in the prevalence of chronic disorders, such as infectious diseases, diabetes, arthritis, cardiopulmonary and cardiovascular conditions, which require continuous monitoring for efficient treatment.
Products intended for use in humans for the prevention, diagnosis, treatment, or amelioration of a disease, ailment, defect, or injury are referred to as therapeutic goods. affecting, preventing, or altering a physiological process. Testing a person's susceptibility to a disease or ailment is used in the treatment of diseases or disorders by therapeutic substances or techniques, and the advantages are improved relationships with others, better sleep, happier and more fulfilled lives, and improved communication skills these are propelling the segment growth.
North America dominated the market and accounted for a revenue share of 42.73% in 2022. The region's large geriatric population, sophisticated healthcare system, and relatively higher levels of disposable income are some of the major contributing factors. Additionally, a significant portion of government initiatives to promote home healthcare and reduce healthcare costs are contributing to the industry's large market share. For instance, when the Hospital at Home programme was started, patients received care at home, which resulted in a nearly 30% reduction in healthcare costs.
During the forecast period, the Asia Pacific market is anticipated to grow at the fastest rate. There is an increase in home healthcare products and services as a result of factors like underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care. Companies are also putting more of an emphasis on underdeveloped nations like China and India. For instance, Apollo Homecare provides long-term plans for a number of categories, including mother and baby care, elderly care, lung rehab, ortho rehab, heart rehab, and neuro rehab. These programmes offer individualised healthcare services and medical oversight.
Some of the key players in Home Healthcare market include: 3M Healthcare, Amedisys Home Health and Hospice Care, Amwell, Apple Inc., Arkray, Inc., Axxess, B. Braun Melsungen AG, Becton, CVS Pharmacy, Dickinson And Company, F. Hoffmann-La Roche AG, Fresenius SE & Co KGaA, Hollister Inc., McKesson Medical-Surgical Inc., Medline Industries, Inc., Medtronic PLC, Molnlycke Health Care and Resmed Inc.
In November 2022, The Pennant Group, Inc. acquired Wisconsin Home Health Provider to provide skilled home health and community health services in Kenosha, Wisconsin.
In March 2022, Axxess launched a fully independent palliative care software solution. Axxess Palliative Care is the latest innovation in Axxess' complete suite of solutions developed for organizations that provide care in the home.
In February 2022, CVS Pharmacy launched six home healthcare products as an extension of the company's CVS Health product line. The new products include convertible shower chairs, easy-fold travel walkers, and canes with comfort grips.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.