Home Healthcare Market Research Report

Author : Mubaz Gmi | Published On : 04 May 2021

Home Healthcare Market:

Growth opportunities in the home healthcare market look promising over the next six years. This is mainly due to the rising aging population, provision of better services with skilled professionals for patients, and increased prevalence of chronic disease worldwide.

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Home Healthcare Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The augmenting incidences of chronic diseases throughout the world is one of the major drivers contributing to the growth of the global home healthcare market. The prevalence rate of obesity and overweight in India doubled between 1998-2016 owing to the unhealthy diet plans of individuals. In accordance with the World Health Organization, the occurrence of chronic diseases by the end of 2021 is likely to augment by 60 %. Moreover, the expanding aged population will further strengthen the market size. For example, as per WHO, the population aged 60 years will reach 2 billion by the end of 2050, owing to the rise in average life expectancy percentage. Also, the widespread outbreak of coronavirus has resulted in robust growth of the market due to the strict lockdown and social distancing norms, which persuaded the patients to choose home healthcare than visiting hospitals and clinics.

The Bureau of Labor Statistics asserted that the increasing workforce in healthcare services has boosted demand for personal home healthcare aides and generated more than 4 million jobs in the home care industry. Additionally, as per the home healthcare market analysis, factors like better services and skilled professionals for patients suffering from various diseases are fuelling the market growth. For instance, CDC reveals that 6-7% of the U.S. population suffered from coronary disease and preferred home health care services, which also adds to market growth.

However, security issues accompanying the home healthcare devices and solutions can at times be difficult to handle from a remote location and may lead to a high degree of damage to the patient are likely to curb the home healthcare market size.

Regional Drivers

Based on the regional coverage, North America is projected to lead the market over the forecast period. Healthcare accounts to be the largest industry in the U.S., with maximum consumer spending of more than 8.5% of total expenditure, which is fuelling the market growth. Also, the country invests more than 80% of its healthcare funds in chronic disease, and home healthcare is largely used to regulate and protect patients against chronic disease, which is indirectly raising the home healthcare industry growth.

Home Healthcare Market’s leading Manufacturers:

  • KONINKLIJKE PHILIPS N.V.
  • Amedisys
  • Invacare Corporation
  • A & D Company, Limited.
  • Linde plc
  • Fresenius SE & Co. KGaA
  • LHC Group
  • Abbott
  • BAYADA Home Health Care
  • Hoffmann-La Roche Ltd
  • GENERAL ELECTRIC COMPANY

Home Healthcare Market Segmentation:

Segmentation by Component:

  • Equipment
  • Services

Segmentation by Services:

  • Traditional home health and home nursing care
  • Home hospice
  • Home therapy services
  • Home-maker services
  • Other

Segmentation by Region:

  • North America
    • United States of America
    • Canada

 

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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