The global home healthcare market size is projected to reach USD 298.2 billion by 2026 from USD 198.9 billion in 2021, at a CAGR of 8.4% during the forecast period. Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.
On the other hand, changing reimbursement policies, limited insurance coverage, and concerns regarding patient safety are factors limiting the growth of the market to a certain extent. The growing popularity of telehealth and untapped developing regions present significant growth opportunities for players in the home healthcare market.
OPPORTUNITY: Growing demand for home care therapeutic devices
Rising healthcare costs have resulted in increased patient preference for home-based treatments. Products such as nebulizers, ventilators, and continuous positive airway pressure (CPAP) devices are used by patients to treat, diagnose, and monitor various respiratory diseases in-home care settings. These devices, along with home care services, provide cost-effective healthcare to patients.
The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to the players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products, including nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=696
This study involved four major activities in estimating the current size of the home healthcare market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the home healthcare market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research
- The revenues generated from the home healthcare business of leading players have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Recent Developments:
- In 2021, Invacare introduced the AVIVA STORM RX, a next-generation rear-wheel drive power wheelchair and next-generation Alber e-motion power assist device.
- In 2021, Abbott’s BinaxNOW COVID-19 rapid self-test kit requires no specialized instrument and can be used at home with a first-of-its-kind complementary app called NAVICA.
- In 2021, BAYADA Home Health Care announced partnership with VCU Health System would strengthen in-home health and hospice care in the Richmond metropolitan area of the US.
- In 2021, BAYADA Home Health Care announced partnership with Autism Society of Hawaii (US) new partnership would offer services throughout Hawaii for individuals with autism and other developmental disabilities at home, school, in the community, and in their centers.
Competitive Landscape:
The competitive landscape includes the analysis of the key growth strategies adopted by major players to expand their global presence and increase their shares in the market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
Key Players in Home Healthcare Market:
Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), A&D Company (Japan), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed (US), LHC Group, Inc. (US)
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=696
Regional Growth Analysis:
The home healthcare market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of North America in the global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/home-healthcare-equipment-market-696.html