Market growth is driven by an upsurge in demand for telehealth systems, coupled with a rapid adoption rate of endless numbers of home healthcare systems globally amid the COVID-19 outbreak owing to lack of sufficient isolation wards & critical units.
Market Size in 2019- USD 280.76 Billion in 2019, Market Growth - CAGR of 11.6% over the forecast period, Market Trends - Increase in demand for the home healthcare solutions for geriatric patients & contagious diseases.
The Global Home Healthcare Market size is forecast to reach USD 680.35 Billion by 2027. The global home healthcare market is, at present, observing a tremendous growth owing to the increasing prevalence of the telehealth system, the rising cost of hospital beds, unavailability of ambulance service in remote areas, availability of skilled home care professionals, overall preference for the home healthcare system compared to hospital admissions, growing geriatric population, the proliferation of chronic diseases, pediatric deformity, and the rising rate of novel pandemics.
Tele-ICU has been one of the most popular technologies in the ICU management or critical care patient monitoring market due to its cost-effective solutions against conventional 24/7 critical care team monitoring for a particular patient. Tele-ICU provides incessant technological advancements in centralized and remote patient monitoring through a number of hardware and software deployed in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems and reduce the burden of undergoing huge expenses of critical care units, having treated critical care patients right from their home.
The Asia Pacific held a market share of 21.8% in 2019 due to an increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, insufficient critical care beds, and isolation per capita. The Asia Pacific region is expected to showcase a tremendous pace in the market amidst the coronavirus pandemic situation.
The COVID-19 Impact:
The COVID-19 global pandemic has created a massive requirement for intensive care units and isolation wards in almost all countries around the world. Even top tier countries in healthcare facilities have observed a shortage in critical care units and insufficient isolation wards for contagious infections due to a record number of severe patient counts of coronavirus. Even after setting up and renovating the numerous general wards and isolation & intensive care units, many countries are still in desperate need of a number of such wards to cater to a huge population of coronavirus patients. Therefore, many countries have emphasized the need for incorporating the practice of home healthcare systems for both isolation of COVID-19 positive patients and other non-severe diseases and ailments.
Software & service providers of home healthcare systems have been working on many innovative solutions that specially focus on COVID-19 patients. Many companies that manufacture and supply home healthcare facilities have already heightened their production capacity in order to meet huge demands from customers. However, due to the coronavirus preventive lockdown situation, the manufacturing and supply of home healthcare products have been critically affected. During Q3 of the current fiscal year, production is likely to register record pace to reach the target number of required orders.
Further key findings from the report suggest
For the purpose of this study, Reports and Data has segmented the Home Healthcare Market on the basis of product, software, service, purpose, type, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
Software Outlook (Revenue, USD Million; 2017-2027)
Service Outlook (Revenue, USD Million; 2017-2027)
Purpose Outlook (Revenue, USD Million; 2017-2027)
Type Outlook (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue, USD Million; 2017-2027)
Reasons to Buy the Report
Market Size in 2019- USD 280.76 Billion in 2019, Market Growth - CAGR of 11.6% over the forecast period, Market Trends - Increase in demand for the home healthcare solutions for geriatric patients & contagious diseases.
The Global Home Healthcare Market size is forecast to reach USD 680.35 Billion by 2027. The global home healthcare market is, at present, observing a tremendous growth owing to the increasing prevalence of the telehealth system, the rising cost of hospital beds, unavailability of ambulance service in remote areas, availability of skilled home care professionals, overall preference for the home healthcare system compared to hospital admissions, growing geriatric population, the proliferation of chronic diseases, pediatric deformity, and the rising rate of novel pandemics.
Tele-ICU has been one of the most popular technologies in the ICU management or critical care patient monitoring market due to its cost-effective solutions against conventional 24/7 critical care team monitoring for a particular patient. Tele-ICU provides incessant technological advancements in centralized and remote patient monitoring through a number of hardware and software deployed in intensive care units. Incorporating a minimal amount of handy hardware can provide highly spontaneous solutions with advanced monitoring and alarming systems and reduce the burden of undergoing huge expenses of critical care units, having treated critical care patients right from their home.
The Asia Pacific held a market share of 21.8% in 2019 due to an increase in technological advancements, healthcare expenditure, growing cases of chronic diseases, insufficient critical care beds, and isolation per capita. The Asia Pacific region is expected to showcase a tremendous pace in the market amidst the coronavirus pandemic situation.
The COVID-19 Impact:
The COVID-19 global pandemic has created a massive requirement for intensive care units and isolation wards in almost all countries around the world. Even top tier countries in healthcare facilities have observed a shortage in critical care units and insufficient isolation wards for contagious infections due to a record number of severe patient counts of coronavirus. Even after setting up and renovating the numerous general wards and isolation & intensive care units, many countries are still in desperate need of a number of such wards to cater to a huge population of coronavirus patients. Therefore, many countries have emphasized the need for incorporating the practice of home healthcare systems for both isolation of COVID-19 positive patients and other non-severe diseases and ailments.
Software & service providers of home healthcare systems have been working on many innovative solutions that specially focus on COVID-19 patients. Many companies that manufacture and supply home healthcare facilities have already heightened their production capacity in order to meet huge demands from customers. However, due to the coronavirus preventive lockdown situation, the manufacturing and supply of home healthcare products have been critically affected. During Q3 of the current fiscal year, production is likely to register record pace to reach the target number of required orders.
Further key findings from the report suggest
- The increasing popularity of ambulatory care hospitals, which release patients right after surgery and advice patients to take necessary medication and treatments at home, are widely being preferred owing to their considerably low expenses, thus adding impetus to the home healthcare market.
- China and India are expected to witness a massive surge in the home healthcare market. Factors such as the geriatric population in China and other Asia Pacific regions that are anticipated to rise by 2050, increased healthcare spending, and the decision of the Government of India to increase public health spending by 2.5% of GDP by 2025 are driving the market growth in the region.
- The Infectious Diseases sub-segment is observing the highest growth presently, owing to the mounting number of COVID-19 cases diagnosed worldwide. This sub-segment is projected to grow at a CAGR of 19.4% through the forecast period.
- In February 2019, Philips partnered with DispatchHealth to provide seniors in Arizona, U.S., with on-demand care at home, expanding its geographical reach for home healthcare solutions.
- Key participants include Medline Industries, Inc., 3M Healthcare, McKesson Medical-Surgical Inc., Brookdale Senior Living, Inc., Home Health Services Ltd., Genesis Healthcare Corp., Home Instead Senior Care, Inc., Care UK Limited, ConvaTec Group PLC, Becton, Dickinson And Company, and Extendicare, Inc. among others.
For the purpose of this study, Reports and Data has segmented the Home Healthcare Market on the basis of product, software, service, purpose, type, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
- Homecare Diagnostic
- Therapeutics
- Mobility Care
Software Outlook (Revenue, USD Million; 2017-2027)
- Agency Software
- Clinical Management Systems
- Hospice Solutions
Service Outlook (Revenue, USD Million; 2017-2027)
- Rehabilitation
- Infusion Therapy
- Unskilled Care
- Respiratory Therapy
- Pregnancy Care
- Skilled Nursing
- Telemetry
- Hospice & Palliative Care
Purpose Outlook (Revenue, USD Million; 2017-2027)
- Chronic Diseases
- Infectious Diseases
- Psychological Diseases
- Geriatric Diseases
- Paediatric Diseases
- Fertility Treatments & Pregnancy
- Intensive & Critical Care
- Injuries & Accidental Deformity
- Nutrition & General Consultancy
- Others
Type Outlook (Revenue, USD Million; 2017-2027)
- Home Healthcare Monitoring
- Home Healthcare Services
- Home Healthcare Software Solutions
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Middle East and Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Home Healthcare Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Home Healthcare Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Home Healthcare Market Segmentation & Impact Analysis
Chapter 5. Home Healthcare Market By Product Insights & Trends
Chapter 6. Home Healthcare Market By Software Insights & Trends
Chapter 7. Home Healthcare Market By Services Insights & Trends
Chapter 8. Home Healthcare Market By Purposes Insights & Trends
Chapter 9. Home Healthcare Market By Type Insights & Trends
Chapter 10. Home Healthcare Market Regional Outlook
Chapter 11. Competitive Landscape
Chapter 12. Company Profiles
Companies Mentioned
- McKesson Medical-Surgical Inc.
- Medline Industries Inc.
- 3M Healthcare
- Brookdale Senior Living Inc.
- Home Health Services Ltd.
- Genesis Healthcare Corp.
- Home Instead Senior Care Inc.
- Care UK Limited
- Becton
- Dickinson Co.pany Co.vaTec Group PLC
- Extendicare Inc.,
