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Global Home Healthcare Market to reach USD 469.3 billion by 2025.
Global home healthcare market is valued at USD 239 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 8.80 % over the forecast period 2018-2025. Major trend for the global home healthcare market is increasing the prevalence of chronic diseases. Since, homecare for health offers personal care of chronic infectious and is very common and comfortable for the aging population. As a result, the adoption of home care would increase thereby, aiding the growth of the market across the forecast period.
Increasing geriatric population is considered as a key driver for the global home healthcare market across the globe. Since elderly people prefer home healthcare as they are unable to travel to hospitals and clinics hence all the needed medication facilities are preferred at their homes. According to the Population Reference Bureau, in the year 2016 the number of American aged 65 or more is approx. 46 million which is projected to become more than double and will reach approx. 98 million by the year 2060, share in the total population of the people aged 65 and older age group will rise approx. from 15% to 24 %. Similarly, the Office for National Statistics United Kingdom estimates, in 2016 the population of the United Kingdom is 65.6 million and is projected to reach 74 million by 2039.
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In 2016, 18% of UK population were aged 65 and over and 2.4 % of population were aged 85 and over. As geriatric population is more prone to the aforementioned complex diseases hence, they require continuous critical care diagnosis and treatment, and thus are expected to contribute towards the market growth. However, changing reimbursement policies is expected to hinder the growth of the market during the forecast period.
Based on segmentation, the home healthcare market is segmented into product, services, software and type of telehealth solution. The product segment of global home healthcare market is classified into testing, screening, & monitoring products, therapeutic product and home healthcare mobility care products of which mobility care segment is expected to grow at a highest CAGR owing to the growing demand for personal independence and ease of use.
On the basis of service segment, the market is diversified into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, unskilled care services, respiratory therapy services, infusion therapy services and pregnancy care services of which infusion therapy services hold the leading position due to its cost-effectiveness feature. The software segment is classified into agency software, clinical management systems and hospice solutions. The type of telehealth solution segment is diversified into home telehealth software, home telehealth services
and home telehealth monitoring devices.
The regional analysis of home healthcare market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America dominates the home healthcare market owing to the well-established medical infrastructure along with the increasing healthcare expenditure. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to government efforts to improve healthcare infrastructure and unmet medical needs in emerging economies. As a result, the adoption of home healthcare would increase across Asia-Pacific region over the forecast period.
The leading market players include-
o GE Healthcare
o A&D Company
o Bayada Home Health Care
o Abbott Laboratories
o Kindred Healthcare
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
o Testing, Screening, & Monitoring Products
o Therapeutic Products
o Home Healthcare Mobility Care Products
o Skilled Nursing Services
o Rehabilitation Therapy Services
o Hospice and Palliative Care Services
o Unskilled Care Services
o Respiratory Therapy Services
o Infusion Therapy Services
o Pregnancy Care services
o Agency Software
o Clinical Management systems
o Hospice solutions
By Type of telehealth solution:
o Home telehealth software
o Home Telehealth services
o Home telehealth monitoring devices
o North America
o Asia Pacific
o Middle East & Africa
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Home Healthcare Market in Market Study:
o Key Consulting Companies & Advisors
o Large, medium-sized, and small enterprises
o Venture capitalists
o Value-Added Resellers VARs
o Third-party knowledge providers
o Investment bankers
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