The global Home Healthcare Market was valued at USD 237.0 billion in 2017 and is projected to reach USD 353.5 billion by 2022, at a CAGR of 8.3% during the forecast period. Market growth is driven mainly by the growing geriatric population, increasing incidences of chronic diseases, and the rising demand for affordable healthcare delivery systems (due to rising healthcare costs).
Browse 290 market data Tables and 44 Figures spread through 306 Pages and in-depth TOC on “Home Healthcare Market by Product (BP & Heart Rate Monitor, Ovulation Kit, HIV Test, ECG, Nebulizer, Hearing Aids, Pedometer, Cane, Crutches, Wheelchair), Software, Services (Rehabilitation, Pregnancy, Palliative), & Telehealth – Global Forecast to 2022”
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The therapeutic products segment dominated the home healthcare products market in 2017
Based on product, the market is segmented into therapeutic products; testing, screening, & monitoring products; and mobility care products. The therapeutic products segment dominated the market in 2017 majorly due to the high and growing prevalence of chronic diseases (such as kidney failure, respiratory diseases, diabetes, and cancer) and the subsequent growth in the demand for therapeutic products that can be used for long-term care in home care settings.
The infusion therapy services segment is expected to grow at the highest CAGR in the home healthcare services market
Based on service, the home healthcare market is segmented into rehabilitation therapy services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. The infusion therapy services segment is estimated to grow at the highest CAGR during the forecast period.
The rising focus on reducing healthcare costs, as well as developments in the clinical administration of infusion therapy, have enabled the administration of this therapy in alternate settings. In the case of individuals requiring long-term infusion therapy, inpatient care is costly and prevents these patients from leading a normal lifestyle and resuming work activities. As a result, the demand for home infusion therapy is increasing at a high rate.
Untapped developing regions
Home healthcare is an established trend in the developed regions of North America and Europe. Due to favorable regulations and policies in these regions, homecare is rapidly being adopted. As the home healthcare market in developed countries is nearly saturated, market players have shifted their focus towards the developing regions, especially the emerging economies of Asia and the Pacific region.
Asia has a huge population and a correspondingly huge patient base for medical conditions such as diabetes, asthma, and blood pressure, all of which require continuous monitoring. As the concept of home healthcare in countries like India and China is still in the early growth phase, market players can capitalize on a wide range of opportunities in these markets. For instance, in April 2017, Quadria Capital (Singapore) invested USD 40 million (INR 250 crore) in Dabur family-owned HealthCare at Home (HCAH). In June 2015, India Home Health Care (IHHC) invested USD 10 million (over INR 600 million) to expand its presence in 50 cities of India. In addition, in February 2015, Nightingales Home Health Services (US) announced an investment of USD 40 to USD 50 million in the Indian market by expanding its home health services in 16 major cities in India. Such strategic alignments help global market players gain entry in the emerging economies and strengthen their businesses by expanding their customer base.
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North America is expected to dominate the home healthcare market in the coming years
In 2017, North America was the largest regional market for home healthcare products and services, followed by Europe. The healthcare delivery scenario has changed dramatically in North America over the last ten years. Owing to the significant growth in healthcare costs, coupled with technological advancements and rising patient volume, home healthcare has emerged as a strong platform in the region for delivering quality and affordable healthcare to patients.
The home healthcare market is highly competitive, with the presence of several small and big players. Prominent players in this market include Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Fresenius (Germany), Omron (Japan), and Roche (Switzerland).