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Home Healthcare Market To Predict Global Expansion At 7.9% CAGR By 2030, Based on Growing Incidence of Target Diseases Requiring Long-Term Care And Rising Patient Awareness | Grand View Research, Inc.

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Home Healthcare Market To Predict Global Expansion At 7.9% CAGR By 2030, Based on Growing Incidence of Target Diseases Requiring Long-Term Care And Rising Patient Awareness | Grand View Research, Inc.

June 01
07:20 2022
Home Healthcare Market To Predict Global Expansion At 7.9% CAGR By 2030, Based on Growing Incidence of Target Diseases Requiring Long-Term Care And Rising Patient Awareness | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, increasing geriatric population and growing incidence of target diseases as well as orthopedic diseases are factors expected to fuel the home healthcare industry growth.

Home Healthcare Industry Overview

The global home healthcare market size was valued at USD 320.6 billion in 2021 and is expected to reach USD 634.9 billion by 2030, expecting to expand at a CAGR of 7.9% during forecast period.

The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to an expensive hospital stay.

 

Gather more insights about the market drivers, restrains and growth of the Global Home Healthcare Market

 

For instance, as per a report by The Commonwealth Fund, “hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high impact rendering driver of the market. Advancements in medicine have led to a shift from communicable to noncommunicable diseases in developing countries. Sedentary lifestyle and high consumption of alcohol are factors responsible for increase in the prevalence of lifestyle diseases. Growing incidence of target diseases requiring long-term care, such as Alzheimer’s disease and dementia, is expected to drive the market during the forecast period.

 

U.S. Home Healthcare Market size, by component, 2020-2030 (USD Billion)

 

Furthermore, awareness about home care services and devices for such conditions is increasing. Availability of portable devices such as heart rate monitors, respiratory aids, and blood glucose monitors has improved the efficiency and effectiveness of home care for lifestyle diseases. Value-based healthcare is another major factor contributing to the market. In most of the developed and developing nations, the central government is offering either partial or complete coverage for the in-home services. In the U.S., Medicare reimbursements are highly favorable in providing value-based healthcare for improved patient outcomes at a low cost. Thus, in-home care has become a modality of choice for treatment.

The advent of advanced home healthcare services in the country has enabled the delivery of high-quality healthcare in the comfort of one’s home. Moreover, patients can save 10% to 25% from their overall medical treatment costs by opting for home healthcare services. Modern-age networking has provided physicians with access to patient data from remote locations and the ability to provide immediate consultation.

 

Home Healthcare Market Segmentation 

Based on the Components Insights, the market is segmented into equipment and services

  • The equipment segment is expected to witness the highest CAGR of 8.8% over the forecast period. The segment is further segmented into therapeutic, diagnostic, and mobility assistance. The therapeutic segment is expected to hold the largest revenue share over the forecast period due to the rising prevalence of diseases that require frequent usage. For instance, the usage of insulin delivery devices, home dialysis equipment, and intravenous pumps.
  • Diagnostics accounted for the largest market share of the overall home healthcare equipment market in 2021 and is expected to gain a lucrative share over the forecast period, owing to the increasing prevalence of diabetes and cardiovascular and cardiopulmonary diseases, growing patient awareness, increasing prevalence of long-term illnesses requiring frequent diagnosis, and high adoption of BP monitors and pregnancy and fertility tests.
  • With the increasing geriatric population, the demand for home healthcare services is rising in several countries. Service providers focus on covering the entire scope to deliver the best services to the geriatric population. Individualized disease management programs are developed to address physical needs specific to Alzheimer’s disease and dementia (Memory Care Specialty Program) as well as manage symptoms related to heart diseases, focusing on pain control and quality of life (Cardiac Specialty Program). The market by services is segmented into skilled home care and unskilled home care.
  • Skilled home care services are provided by healthcare professionals. Unskilled home care services are provided for daily living aid to home-bound patients and are categorized as basic assistance care/personal care services. Skilled home healthcare services dominated the market in 2020 due to rising medical expenditure associated with hospital stays

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America dominated the market and accounted for a revenue share of more than 40.0% in 2021. The presence of a large geriatric population in this region coupled with sophisticated healthcare infrastructure and relatively higher disposable income levels are some of the key factors. Moreover, an increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare is also adding up to its large market share. For instance, Hospital at Home program was initiated wherein the patients received treatment at home, this reduced the cost of care by nearly 30%.
  • The Asia Pacific market is expected to grow fast over the forecast period. Factors such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care are resulting in an increase in home healthcare products and services.
  • Companies are also focusing more on untapped countries such as India, China. For instance, Apollo Homecare offers long-term plans for various categories such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother and baby care, and elderly care. These programs include medical supervision and personalized healthcare services.

 

Market Share Insights:

  • 2021: BAYADA Home Health Care announced partnership with Autism Society of Hawaii (US) new partnership would offer services throughout Hawaii for individuals with autism and other developmental disabilities at home, school, in the community, and in their centers.
  • 2020: Lincare, a subsidiary of Linde, offers home respiratory care in the US. In response to the COVID-19 pandemic, the company offers in-home services to COVID-19 vulnerable patients. It is also helping to ease the burden on hospitals by transferring respiratory patients and others from in-patient to in-home care.

 

Key Companies Profile:

The market is highly fragmented due to the presence of a large number of multinational as well as local market players. Moreover, the consolidation activities undertaken by multinational companies are estimated to increase competition amongst new and local market players. The leading players are constantly looking to increase their share in the market.

Some of the prominent players in the home healthcare market include:                  

  • Manufacturers
    • McKesson Medical-Surgical Inc.

    • Fresenius Medical Care

    • Medline Industries, Inc.

    • Medtronic PLC

    • 3M Healthcare

    • Baxter International Inc.

    • B. Braun Melsungen AG

    • Arkray, Inc.

    • F. Hoffmann-La Roche AG

    • Becton, Dickinson And Company

    • Acelity L.P.

    • Hollister Inc.

    • ConvaTec Group PLC

    • Molnlycke Health Care

  • Service Providers
    • Brookdale Senior Living, Inc.
    • Home Health Services Ltd.
    • Sunrise Carlisle, LP
    • Extendicare, Inc.
    • Care UK Limited
    • Senior Care Centers of America
    • Genesis Healthcare Corp.
    • Sompo Holdings, Inc.
    • Kindred Healthcare, Inc.
    • Home Instead Senior Care, Inc.

 

Order a free sample PDF of the Home Healthcare Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry

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