Home Healthcare Market Size, Share & Trends Analysis Report By Component (Service, Equipment), By Region (Asia Pacific, Latin America, North America, Europe, Middle East & Africa), And Segment Forecasts, 2019 - 2026

Industry Insights

The global home healthcare market size was valued at USD 305.78 billion in 2018 and is expected to register a CAGR of 7.8% over the forecast period. Increasing cases of chronic diseases coupled with rise in geriatric population is anticipated to fuel the market growth. According an article by United Nations in 2017, elderly population accounted for nearly 13% of the global population and is anticipated to increase by 3% annually. Furthermore, elderly individuals are prone to chronic diseases and need more healthcare services, which is anticipated to drive the market.

For instance, nearly 65% of Medicare beneficiaries reported to have more than one chronic condition and nearly 43% reported to have three or more chronic conditions. Growing workforce pertaining to home healthcare service translates the increasing demand. As per statistics published by the U.S. Bureau of Labor Statistics, the ranks of personal care and home care aids are anticipated to reach 13.0 million by 2020, which translates to approximately 70.0% rise from 2010.

Hospital stay is expensive with average per stay cost being approximately USD 11,259 as per The Healthcare Cost and Utilization Project. Home healthcare is a cost-efficient alternative than hospital stays. For instance, according to the results of a study conducted at Brigham and Women’s Hospital (BWH) and Faulkner Hospital, the healthcare costs of home care were nearly 52% less than hospital stay costs for acute care patients. Thus, the cost-effectiveness of home healthcare is anticipated to fuel the market growth.

Furthermore, the inclusion of certain non-skilled in-home care services under the Medicare Advantage program by Centers for Medicare & Medicaid Services, has led to several market companies forming partnerships with payers to capitalize this opportunity, thereby, facilitating market growth. For instance, Right at Home, a Nebraska-based home care company, entered into a partnership with Kindred at Home, a company owned by Humana Inc.

Component Insights

Diagnostics equipment accounted for more than 38.0% of the overall market in 2018 and is estimated to witness lucrative growth over the forecast period owing to increasing prevalence of diabetes and cardiovascular and cardiopulmonary diseases. Increasing patient awareness levels, growing prevalence of chronic conditions requiring continuous monitoring, and technological advancements, such as Internet-of-Things (IoT), are further anticipated to drive the demand over the forecast period.

Rehabilitation services was the largest services segment in 2018 and is estimated to expand further due to increasing geriatric population and cases of trauma-related surgeries. Infusion therapy is estimated to expand at a rapid pace during the forecast period on account of increasing demand for enteral and parenteral nutrition.

Regional Insights

North America held the largest revenue share of in 2018 due to the presence of sophisticated medical infrastructure and high patient awareness levels coupled with relatively higher health expenditure in the region.Supportive initiatives by the Centers for Medicare & Medicaid Services are anticipated to propel the market growth further.

Asia Pacific is anticipated to witness the maximum CAGR over the forecast period. Progressive economy, large geriatric population base, availability of skilled labor at economic costs, and high prevalence of chronic diseases are the major factors augmenting the growth of this region. For instance, India accounts for nearly 20% of the world’s disease burden with non-communicable diseases accounting for 3 of the top 5 leading diseases in India.

Home Healthcare Market Share Insights

Some of the major companies in the market include 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.

These companies have undertaken various strategic initiatives, such as regional expansion, collaborations, service portfolio expansion, and M&A to increase their market shares. For instance, in 2016, National HealthCare Corporation opened an advanced nursing and assisted living center in Nashville, which also provides services in Davidson County, thus expanding the company’s geographical footprint.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research, Inc. has segmented the global home healthcare market report on the basis of component and region:

• Component Outlook (Revenue, USD Million, 2015 - 2026)

  • Equipment

    • Therapeutic

    • Diagnostic

    • Mobility Assist

  • Services

    • Rehabilitation

    • Unskilled Home Care

    • Respiratory Therapy Services

    • Infusion Therapy Services

    • Telemetry

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Sweden

    • Russia

    • Netherlands

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Singapore

    • Thailand

    • Philippines

    • Korea

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • Oman

    • Egypt

    • UAE