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The home healthcare market size is estimated to grow at a CAGR of 12.64% between 2022 and 2027. The market size is forecast to increase by USD 312.33 million. The growth of the market depends on several factors, including quality of home healthcare increasing patient satisfaction, growing demand to prevent infections and ensure patient safety and the rise in geriatric population.
This home healthcare market report extensively covers market segmentation by Type (products, services, and solutions), Application (medical treatment and preventive healthcare) and Geography (North America, Europe, Asia, and Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The quality of home healthcare increasing patient satisfaction is notably driving the market growth, although factors such as limited insurance coverage and reimbursements may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Quality of home healthcare and increasing patient satisfaction is the key factor driving the growth of the home healthcare market share. The high quality of home healthcare services has improved patient satisfaction, which has enhanced adoption. To improve the satisfaction of patients, caregivers and HCPs address the patient's physical, psychological, and healthcare requirements.
High-quality products, services and solutions are also offered at reduced prices by suppliers. In order to improve patient satisfaction, vendors are applying quality controls and analysing their product offerings on a number of parameters such as privacy and dignity during service, consideration of patient preference during the selection of service, assessment of patient and caregiver needs before finalizing service, design and plan of service delivery based on patient needs etc. Therefore, service providers are improving their service offerings which will drive the growth of the global home healthcare market during the forecast period.
Increased incidences of life-threatening diseases are the primary trend shaping the home healthcare market growth. Significant lifestyle diseases include stroke, heart attack, obesity, diabetes, hypertension, and liver cirrhosis. Chronic diseases such as stroke, heart disease, diabetes, and chronic respiratory diseases were the major causes of death in 2020.
In the last 50 years, the incidences of chronic non-communicable diseases have increased thereby posing a threat to the young population as well. However, with appropriate treatment and medical care, these chronic diseases can be cured, or their severity can be reduced. The rise in lifestyle diseases causes the admission rates in healthcare facilities. To address the high demand for healthcare facilities, manufacturers and suppliers introduce advanced products and expand market penetration through efficient distribution networks. The rising incidences of lifestyle diseases in APAC and MEA have encouraged vendors to increase their market reach and enter emerging markets, which will drive the market during the forecast period.
Limited insurance coverage and reimbursements are a major challenge to the home healthcare market. Different types of healthcare services such as hospital-based diagnostic, medical advice, surgery or treatment and medicines shall be covered by health insurance and reimbursement. For hospital treatment, healthcare costs are partly or fully reimbursed in a number of countries.
For instance, in the US, Medicare and Medicaid completely reimburse healthcare expenses for hospital-based treatments. However, insurance and reimbursements are not like home healthcare. The policies are not the same in each region. In underdeveloped countries, services are provided by several local vendors that do not come under any insurance. Hence, the bills provided by these vendors cannot be claimed by patients, which affects reimbursements. Similarly, preventive healthcare products such as nutrients and supplements that people use without prescriptions are also not reimbursed. In several countries, due to limited insurance coverage and reimbursements, healthcare expenses are not reimbursed. This is affecting the adoption of home healthcare, which will challenge the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Home Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A and D Holon Holdings Co Ltd.: The company offers home healthcare products such as UA-1200BLE blood pressure monitors and UT-201BLE-A thermometers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the products segment will be significant during the forecast period. Due to the wide application and easy availability, products contribute to most of the revenue of the global home healthcare market. Several products are used in home healthcare, such as patient monitoring devices, POC products, assistive devices, and preventive healthcare products.
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The product segment was valued at USD 123.10 million in 2017 and continued to grow until 2021. The segment holds the highest market share because products reduce patient dependency on HCPs. For instance, the blood glucose level can be measured by patients using glucometers at their home. Thus, patients can purchase such products from online stores or retail outlets and use them without any aid from HCPs. Due to the increasing demand for products, vendors are making significant investments. Recently launched products such as mobility aids, hospital beds, and pressure relief devices are being adopted by end-users. Hospital beds are also used for home healthcare to provide comfort during treatment and recovery. The adoption of pressure-relief mattresses is rising to prevent bedsores and improve comfort, which will drive the growth of the segment during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the home healthcare market is driven by the growth of the ageing population, rising adoption of long-term healthcare services, and increasing awareness about healthcare. The availability of favourable reimbursements and insurance has also driven the growth of the market in North America. Due to favourable reimbursements provided by Medicare and Medicaid, patient engagement has improved in North America. As a result, an increase in patient engagement has raised the demand for home healthcare in the US. The growing competition among these vendors is forcing them to offer their products at competitive prices, improving the availability and accessibility of products through different channel distribution networks and resulting in the introduction of new products and services.
The COVID-19 pandemic negatively impacted the regional home healthcare market in 2020 and 2021. Numerous users, primarily academic research institutes and industries that manufacture non-essential and essential items have partially shut down their operations. The reduced manufacturing led to supply chain disruptions, which negatively impacted the growth of the regional market temporarily. However, in 2021, home healthcare products and services were being increasingly adopted by individuals with COVID-19 as a part of treatment and daily telemedicine counselling. However, healthy individuals are increasingly buying thermometers and pulse oximeters to monitor their temperature and saturation levels. Hence, the increased sales of thermometers, pulse oximeters, and telemedicine activities during the pandemic are anticipated to contribute to the growth of the regional market during the forecast period.
The home healthcare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global home healthcare market as a part of the global healthcare equipment market. The parent, global healthcare equipment market covers products and companies engaged in research and development (R and D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Home Healthcare Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.64% |
Market growth 2023-2027 |
USD 312.33 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.24 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
A and D Holon Holdings Co Ltd., Abbott Laboratories, Apollo Hospitals Enterprise Ltd., ARKRAY Inc., B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Cardinal Health Inc., Exergen Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, Home Medical Products Inc., Invacare Corp., Johnson and Johnson Services Inc., Medline Industries LP, OMRON Corp., Pulsenmore Ltd., ResMed Inc., Rotech Healthcare Inc., and Stryker Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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