Home healthcare comprises a group of devices and services that enable patients to monitor vital signs and chronic health conditions regularly.
The global home healthcare market is estimated to account for US$ 303,605.9 Mn in terms of value by the end of 2020.
Global Home Healthcare Market: Drivers
Increasing expenditure in home healthcare is expected to propel growth of the global home healthcare market over the forecast period. For instance, according to the Centers for Medicare & Medicaid Services, the U.S. is expected to spend US$ 108.8 billion in home healthcare in 2019.
Global Home Healthcare Market: Opportunities
Development of low cost rapid genetic and blood testing for home and professional healthcare environment is expected to offer lucrative growth opportunities for players in the global home healthcare market. For instance, in July 2020, Ams, a supplier of high performance sensor solutions, provided the latest sensor technology to Midge medical, a Germany-based medical technology startup, to develop a disruptive technology for science-backed rapid genetic and blood testing in a home and professional healthcare environment at a lower cost.
Global Home Healthcare Market: Restraints
Although home care may be cheaper on the surface, the home may need fitting with ramps, railings and chairlifts, which can become costly and difficult to organize. This in turn is expected to hinder growth of the global home healthcare market.
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. Increasing expenditure in home healthcare is expected to propel growth of the global home healthcare market over the forecast period
Services segment held dominant position in the global home healthcare market in 2019, accounting for 81.3% share in terms of value, increasing incidence of chronic diseases along with increasing technological advancement is expected to drive the segment growth during the forecast period.
Major players in the global home healthcare market are focused on launching new updates to their products. For instance, in May 2018, Baxter International Inc. launched updates for remote patient management platform for home dialysis patients.
Major players in the global home healthcare market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in October 2019, Optum, a division of United Healthcare, acquired Vivify Health, a patient-monitoring start-up that offers remote patient monitoring products and other technologies to track patient’s health at home.
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.
To know the latest trends and insights related to Global Home Healthcare Market, click the link below:
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 June 2020, Regeneron Pharmaceuticals, Inc. received the U.S. Food and Drug Administration (FDA) approval for a 300 mg single-dose pre-filled pen for Dupixent (dupilumab) for use in certain patients with atopic dermatitis, asthma and chronic rhinosinusitis with nasal polyposis (CRSwNP), for at-home administration.
Scope of the report
Joining thousands of companies around the world committed to making the Excellent Business Solutions.