Acumen Research and Consulting recently published report titled “Home Healthcare Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
Global home healthcare market recorded market value of US$ 200.0 Bn in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period of 2021 to 2028
Big calls for home healthcare amid COVID-19
According to the report released by the Partnership for Quality Home Healthcare, the numbers of Medicare beneficiaries prefer to recover in an environment that is safe, comfortable, and familiar. Even in pre-covid times, medical emergency that fuelled nursing homes and overwhelmed hospitals, large number of senior patients favored having the option of high-quality home healthcare. In US, from the Eastern Shore to Appalachia, nearly 70,000 Marylanders on Medicare have already received advanced clinical services at home to treat acute illness, chronic conditions, and permanent disability.
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Amid another COVID-19 wave, it is strongly driven by the highly contagious delta variant, majority of the seniors are concerned about protection from the virus. With roughly 80% of the corona virus deaths occurring majority of the patients over the age of 65, including a high number of patients in nursing home, seniors has shown interest for home healthcare to ultimately reduce potential for exposure. Apart from that, estimates suggest that expansion of home healthcare can save up to US$ 144 Mn to US$ 247 Mn per year. Such factors impact positively for the ultimate growth of global home healthcare market.
North America accounted maximum revenue share of almost 41.5% in 2020 and is predicted to continue this trend till the forecast period
North America dominance for home healthcare is due to a new option for Medicare beneficiaries pinpointing home care act. Recently, the “Choose Home Care Act” bill was announced in August 2021 that allows more American seniors to come home safely post-hospitalization. This is one of the important legislation that ensures Medicare beneficiaries have increased access to care at home following hospitalization. This was a needed policy that has strengthened and modernizes Medicare. The Act promises significant cost saving to the Medicare program-and American taxpayers. As much as US$247 Mn in annual savings has been generated by offering skilled nursing, therapy, primary care, continuous remote patient monitoring, meals, home adaptations and non-emergent transportation at home.
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In Canada, favorable government support and initiatives related to funding has gained significant importance in the home healthcare market as a whole. For instance, in December 2020, Government of Canada and partners have invested US$1.8 Mn focusing on strengthening preparedness in long-term care. Such factors impact positively for the growth of home healthcare market in Canada.
Asia Pacific to register fastest growing CAGR for home healthcare market
Rising number of people suffering from heart issues, diabetes, and different respiratory related disorders has raised demand for home healthcare in APAC region. Apart from that, home healthcare service is on the rise in India amid COVID-19 pandemic. As the pandemic not only forced professionals to work from home, but also have pushed people suffer from various ailments resulting in option for home healthcare services instead in-patient hospital treatment. This is just the beginning of home healthcare system in India offering lucrative opportunities in the coming years.
China is spending high on the healthcare system and the present research on home healthcare devices is focused on products equipped with sensor and internet technology. Home based healthcare has always been supported by the Chinese government in order to encourage better patient care. For instance, in 2016, home healthcare devices market in China accounted for around US$ 15 Bn with the share of almost 27.3% of total Chinese medical devices industry. The major factors driving the market include growing geriatric population, growing healthcare spending per capita and strong awareness marketing programs. This is a great platform for improvement of home healthcare market in China.
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The global home healthcare market is segmented based on component. By component, the market is classified into equipment and services. Based on equipment, the market is segregated as therapeutic, diagnostic, and mobility assists. By services, the market is segmented as rehabilitation, unskilled home care, respiratory therapy services, infusion therapy services, and telemetry.
Based on component, services segment account for approx. 80% share of the market
Noticeable developments in healthcare industry including assistive technology are likely to become an important contribution to the healthcare of elderly at home. Majority of the research study concluded that in home healthcare, large amounts of information is easy to be transmitted to and fro from the home in order to ensure the safety and effectiveness of the services. This is the key factor that is responsible for the growth of segment ultimately impacting the overall market growth.
The prominent players of the global home healthcare market include National Healthcare Corp., Almost Family Inc., Omron Healthcare Inc., B. Braun Melsungen AG, Critical Homecare, Abbott Laboratories, Sunrise Medical Inc., BD, 3M Health Care, Odyssey Healthcare Inc., Baxter, Apria Healthcare Group, Medtronic, Arkray Inc., Cardinal Health Inc., Roche diagnostics Corp., Nxstage Medical, Inc., Air Liquide, Amedisys, Inc., Arcadia Health Care, and Bayer AG.
As the market is highly competitive and fragmented due to the presence of large number of multinational as well as local players, the leading players are constantly looking to increase their share in the market.
- In July 2020, Omron Healthcare Inc., announced collaboration with Mount Sinai Health System aiming to help high-risk patients monitor their blood pressure from home with VitalSight. VitalSight is the latest home blood pressure monitor for OMRON with high accuracy rate.
- In October 2020, Arcadia Health Care, announced partnership with PatientPing a leader of nation’s most comprehensive care collaboration platform. The collaboration aims to help customers achieve improved post-acute and transitions of care outcomes.
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