The Home Health Care Market size, is estimated to be $308 billion in 2018, and is said to be growing at a CAGR of 7.37% during the forecast period 2019-2025, to reach a revenue of $505.58 billion in 2025. The growth of the Home Health Care Market is owing to an increasing prevalence of chronic diseases, especially among the elderly people. The home health care include not just elderly care, but also, special needs patient care, antepartum services, and more.
By Equipment – Segment Analysis
On the basis of equipment, diagnostic equipment is the fastest growing segment with a CAGR of 4.5%. As the prevalence of diabetes, heart and respiratory diseases increase, the demand for diagnostic equipment have also increased. They can be used by these patients, at their home, to monitor the heart rate, sugar levels, and respiratory patterns. Equipment such as fetal monitoring equipment is now commonly being used by mothers to monitor the heartbeat of the baby continuously, in the comfort of their homes.
By Services – Segment Analysis
On the basis of service, rehabilitation services holds the largest share in the services segment in 2018 and is estimated to expand further due to increasing geriatric population and cases of trauma-related surgeries. Rehabilitation services include physical therapy, occupational therapy, and speech therapy, among others.
By Geography – Segment Analysis
North America holds 32% of the home health care market share, in 2018, based on the geographic region. This is due to the advanced medical facilities and high level of patient awareness. In North America, the health expenditure is also higher which further contributes to the market here.
Drivers – Home Health Care Market
Ø Increasing cases of chronic diseases among geriatric population
Rise in acute chronic diseases especially among geriatric population is said to contribute to the growth of the market. According to WHO, chronic diseases are among the most prevalent. Diseases such as cancer, diabetes, heart disease, and stroke are said to be the leading cause of deaths among elderly in many regions.
Ø Rising prevalence of respiratory disorders
Another major factor driving the home health care market is, the increasing number of respiratory disorders such as asthma and chronic obstructive pulmonary diseases. According to WHO, respiratory diseases are the third leading cause of death worldwide. As, the incidence of respiratory and cardiac diseases have increased, the use of devices such as peak flow meters, pulse oximeters and holter monitors have increased in homes.
Challenges – Home Health Care Market
Ø The lack of adoption of modern technology and unfavorable reimbursement policies in health care, hinder market growth
Ø Lack of skilled medical professionals and insufficient awareness among the patients are other factors that tend to restrain the market.
Home Health Care Industry Outlook
Companies are adopting strategies such as expansions and collaborations to enhance their position in the home health care industry. Companies are also investing in new technologies as well as in their research and development activities. The companies are also acquiring or partnering with native companies in order to gain presence in these markets.
Home Health Care top 10 companies are F. Hoffmann-La Roche AG; Sunrise Medica, Almost Family, Inc, National HealthCare Corporation, Acelity L.P., Inc., Koninklijke Philips N.V, Omron Healthcare, Inc., Odyssey Healthcare, Inc. Cardinal Health Inc. and 3M Healthcare.
Ø In 2016, National HealthCare Corporation established an advanced nursing and assisted living center in Nashville, which also provides services in Davidson County, thus expanding the company’s geographical footprint.
Home Health Care Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Home Health Care Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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