Home Healthcare Market - Share, Size and Industry Analysis

Chronic diseases such as diabetes, cardiac disorder, and respiratory diseases are major health concerns worldwide. Home healthcare devices and services help in the diagnosis and mitigation of these diseases.

Statistics:

The global home healthcare market is estimated to account for US$ 525,833.3 Mn in terms of value by the end of 2027.

Global Home Healthcare Market: Drivers

Increasing prevalence of chronic diseases is expected to propel growth of the global home healthcare market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Moreover, increasing geriatric population is also expected to aid in growth of the global home healthcare market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Statistics:

North America held dominant position in the global home healthcare market in 2019, accounting for 35.7% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Home Healthcare Market Share (%) Value, By Region, 2019

HOME HEALTHCARE MARKET

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Global Home Healthcare Market: Restraints

Home medical devices may lead to fatal health disorders and also misguide treatment therapy, which is expected to hinder growth of the global home healthcare market.

Moreover, low accuracy of home healthcare devices is also expected to limit growth of the market.

Home Healthcare Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2020:	US$ 303,605.9 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	8.2%	2027 Value Projection:	US$ 525,833.3 Mn
Geographies covered:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East: GCC Countries, Israel, Rest of Middle East Africa: North Africa, Central Africa, South Africa
Segments covered:	By Type: Device Types: Diagnostics and Monitoring Home Devices, Therapeutics Home Healthcare Devices, Mobility Assist Devices, Medical Supplies. Services: Rehabilitation Services, Telehealth and Telemedicine Services, Infusion Therapy Services, Respiratory Therapy Services, Unskilled Home Healthcare Services.
Companies covered:	3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum (United Healthcare), Outset Medical, and Regeneron Pharmaceuticals, Inc.
Growth Drivers:	Increasing prevalence of chronic diseases Approval and launch of new products
Restraints & Challenges:	Lack of accuracy of home healthcare devices

Global Home Healthcare Market: Opportunities

Availability of portable medical microcarts is expected to offer lucrative growth opportunities for players in the global home healthcare market. For instance, in July 2019, Henry Schein Medical, Medpod, and Uber Health collaborated to allow physicians to order portable medical microcarts to be driven to patients' homes for remote examinations.

Moreover, reimbursements for home healthcare devices is also expected to aid in growth of the market. For instance, in July 2020, the Centers for Medicare & Medicaid Services, U.S., put forward a proposed rule, under which home-based dialysis equipment and supplies for patients with end state kidney disease would be eligible for additional Medicare reimbursements.

Statistics:

The global home healthcare market was valued at US$ 279,541.7 Mn in 2019 and is forecast to reach a value of US$ 525,833.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.

Figure 2: Global Home Healthcare Market Value (US$ Mn), 2016 – 2027

HOME HEALTHCARE MARKET

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Market Trends/Key Takeaways

Major players in the global home healthcare market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted Class II clearance for Current Health’s Artificial Intelligence (AI)-based wearable remote patient monitoring platform (RPM), for post-acute care in hospital and home care setting.

Major players in the global home healthcare market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2020, AdaptHealth, the U.S.-based home medical equipment provider, acquired the Patient Care Solutions (PCS) business of McKesson, which added urological and ostomy products to AdaptHealth’s home medical equipment product portfolio.

Global Home Healthcare Market: Competitive Landscape

Major players operating in the global home healthcare market include, 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum (United Healthcare), Outset Medical, and Regeneron Pharmaceuticals, Inc.

Global Home Healthcare Market: Key Developments

Major players in the global home healthcare market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2020, Outset Medical received the U.S. Food and Drug Administration clearance for patient use in the home with its Tablo hemodialysis system.

Frequently Asked Questions

The Global Home Healthcare market size was estimated at US$ 303,605.9 million in 2020 and is estimated to exhibit a CAGR of 8.2% between 2020 and 2027.

Services segment held the major market share in 2019 owing to technological advancement in product design and increasing product approvals is expected to propel growth of the market.

Major factor driving the growth of Global Home Healthcare market during the forecast period increasing prevalence of chronic diseases, increasing research & development , and adoption of expansion strategies from major companies.

Major factors hampering the growth of the Global Home Healthcare market during the forecast period constitutes of low accuracy of home healthcare devices.

North America market is expected to generate the highest revenue during the forecast period.

Some of the key players operating in the market are 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum (United Healthcare), Outset Medical, and Regeneron Pharmaceuticals, Inc.