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The home healthcare market share is expected to increase by USD 169.86 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.28%.
This home healthcare market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the home healthcare market segmentation by application (medical treatment and preventive healthcare), type (products, services, and solutions), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The home healthcare market report also offers information on several market vendors, including Abbott Laboratories, Amedisys Inc., Apollo Hospitals Enterprise Ltd., ARKRAY Inc., B. Braun SE, Baxter International Inc., Cardinal Health Inc., Exergen Corp., F. Hoffmann La Roche Ltd., Home Medical Products Inc., LifeScan IP Holdings LLC, Medline Industries LP, OMRON Corp., Pulsenmore Ltd., ResMed Inc., Rotech Healthcare Inc., Stryker Corp., A&D Co. Ltd., Becton Dickinson and Co., Fresenius SE & Co. KGaA, and Invacare Corp. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global home healthcare market. During the COVID-19 pandemic, the demand in the home healthcare market has been impacted significantly, but a holistic analysis of drivers will help in estimating exact demands and refining marketing strategies to gain a competitive advantage.
Key Home Healthcare Market Driver
The enhanced quality of home healthcare and increasing patient satisfaction is a key factor driving the global home healthcare market growth. The high quality of home healthcare services has led to increased patient satisfaction, which has improved their adoption. To increase patient satisfaction, caregivers and HCPs (healthcare professionals) need to address the patient's physical, psychological, and healthcare requirements. The involvement of skilled professionals has also improved the quality of services. Vendors are also offering high-quality products, services, and solutions at lower prices. Vendors employ quality control metrics and analyze their offerings on various parameters to increase patient satisfaction. Service providers are focusing on these parameters as patient satisfaction is measured by them. They are improving their service offerings by providing skilled professionals and high-quality services, which is driving the growth of the global home healthcare market.
Key Home Healthcare Market Trend
Increased prevalence of life-threatening diseases will fuel the global home healthcare market growth. The CDC defines lifestyle diseases as those diseases that are caused by unhealthy habits such as smoking, consumption of alcohol, and lack of exercise. Major lifestyle diseases include stroke, heart attack, obesity, diabetes, hypertension, and cirrhosis of the liver. Chronic diseases such as stroke, heart disease, diabetes, and chronic respiratory diseases were the leading causes of death in 2020. Furthermore, the prevalence of chronic non-communicable diseases has increased in the last 50 years, thereby posing a threat to the younger population as well. With appropriate treatment and medical care, these chronic and infectious diseases can be cured, or their severity can be reduced. The increase in the prevalence of lifestyle diseases drives the admission rates in healthcare facilities. To meet the high demand for healthcare services, manufacturers and suppliers introduce advanced products and increase market penetration through efficient distribution networks. The rising incidence of lifestyle diseases in APAC and MEA has encouraged vendors to expand their market reach and enter emerging markets, which will drive the market during the forecast period.
Key Home Healthcare Market Challenge
The lack of home HCPs is a major challenge to the global home healthcare market growth. During the forecast period, the worldwide home healthcare market is anticipated to expand at a CAGR of 9.37%. The number of home HCPs to take care of patients, however, does not match the demand. Due to a dearth of developed facilities and trained home HCPs, there is a supply-demand imbalance. Globally, the number of HCPs is expected to reach 80 million by 2030. These HCPs include doctors, surgeons, healthcare specialists and consultants, nurses, and other caregivers. According to the basic threshold level, approximately 35 skilled HCPs should be available for every 7,000 people. However, more than 80 countries are below the threshold level. For instance, across 46 countries in Sub-Saharan Africa, there were 125 medical schools, while 11 countries did not have any medical schools and 17 countries had only one medical school. The healthcare industry even in developed countries faces a lack of skilled HCPs. Thus, the lack of skilled HCPs could affect the market growth during the forecast period.
This home healthcare market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global home healthcare market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the home healthcare market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the home healthcare market encompasses successful business strategies deployed by the key vendors. The home healthcare market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The home healthcare market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the home healthcare market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The value chain of the global healthcare equipment market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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33% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the home healthcare market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The enhanced quality of home healthcare and increasing patient satisfaction will facilitate the home healthcare market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020 and 2021, COVID-19 negatively impacted the home healthcare market. Many industries, especially academic research institutes and those that manufacture non-essential and essential items, partially shut down their operations. This led to an economic downturn and hampered trade in North America. The reduced manufacturing operations led to supply chain disruptions and negatively impacted market growth temporarily. However, in 2021, owing to the mass vaccination drives and various other government initiatives, the lockdown restrictions were removed, and business operations returned to normalcy. The increased sales of thermometers, pulse oximeters, and telemedicine activities during the pandemic are expected to contribute to the growth of the market during the forecast period.
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The home healthcare market share growth by the medical treatment segment will be significant during the forecast period. The growth of the segment is primarily driven by the increasing cost of healthcare in most countries. The ability to treat several diseases at home with minimal or no assistance from professionals reduces patients' dependence on hospitals. Products such as ventilators, nebulizers, oxygen delivery systems, dialysis equipment, and inhalers are used to treat various diseases at home. The US was the largest market for medical treatment through home healthcare. It will continue to dominate the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the home healthcare market size and actionable market insights on the post-COVID-19 impact on each segment.
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Home Healthcare Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.28% |
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Market growth 2022-2026 |
$169.86 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.3 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 33% |
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Key consumer countries |
US, Canada, UK, Germany, France, and China |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Amedisys Inc., Apollo Hospitals Enterprise Ltd., ARKRAY Inc., B. Braun SE, Baxter International Inc., Cardinal Health Inc., Exergen Corp., F. Hoffmann La Roche Ltd., Home Medical Products Inc., LifeScan IP Holdings LLC, Medline Industries LP, OMRON Corp., Pulsenmore Ltd., ResMed Inc., Rotech Healthcare Inc., Stryker Corp., A&D Co. Ltd., Becton Dickinson and Co., Fresenius SE & Co. KGaA, and Invacare Corp. |
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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, and Market condition analysis for the forecast period. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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