Home Healthcare Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Region (North America, APAC, Europe), And Segment Forecasts, 2021 - 2028

Report Overview

The global home healthcare market size was valued at USD 299.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.88% from 2021 to 2028. The growing geriatric population and rising incidence of target diseases, such as dementia and Alzheimer’s, as well as orthopedic diseases are factors expected to fuel the market growth.  Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to expensive hospital stays. For instance, as per a report by The Commonwealth Fund, “hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high-impact rendering driver of the market.

Advancements in medicine have led to a shift from communicable to noncommunicable diseases in developing countries. A sedentary lifestyle and high consumption of alcohol are factors responsible for an increase in the prevalence of lifestyle diseases. The growing incidence of target diseases requiring long-term care, such as Alzheimer’s disease and dementia, is expected to drive the market during the forecast period. Furthermore, awareness about home care services and devices for such conditions is increasing. Availability of portable devices, such as heart rate monitors, respiratory aids, and blood glucose monitors,0 has improved the efficiency & effectiveness of home care for lifestyle diseases.

Value-based healthcare is another major factor contributing to the market. In most of the developed and developing nations, the central government is offering either partial or complete coverage for the in-home services. In the U.S., Medicare reimbursements are highly favorable in providing value-based healthcare for improved patient outcomes at a low cost. Thus, in-home care has become a modality of choice for treatment.

COVID-19 Home Healthcare Market Impact: 1.64% decline from 2019 to 2020

The advent of advanced home healthcare services in the country has enabled the delivery of high-quality healthcare in the comfort of one’s home. Moreover, patients can save 10 to 25% from their overall medical treatment costs by opting for home healthcare services. Modern-age networking has provided physicians with access to patient data from remote locations and the ability to provide immediate consultation.

Component Insights

The services segment led the market with a revenue share of over 84% in 2020. The equipment segment, on the other hand, is estimated to register the fastest CAGR from 201 to 2028. The market by services is segmented into skilled home care and unskilled home care. Skilled home care services are provided by healthcare professionals. Unskilled home care services are provided for daily living aid to home-bound patients and are categorized as basic assistance care/personal care services. Skilled home healthcare services dominated the market in 2020 due to rising medical expenditure associated with hospital stays.

The home healthcare equipment market is segmented into three major categories; diagnostic, therapeutic, and mobility assist. The therapeutic segment led the market in 2020 and will expand further at a steady CAGR over the forecast period. This growth is due to the rising prevalence of diseases that require frequent usage of therapeutic equipment. For instance, the usage of insulin delivery devices, home dialysis equipment, and intravenous pumps.

Diagnostics accounted for approximately 39% of the overall home healthcare equipment market in 2020. It is expected to gain a lucrative share over the forecast period. The segment growth is credited to the increasing prevalence of diabetes and cardiovascular & cardiopulmonary diseases, growing patient awareness, increasing cases of long-term illnesses requiring frequent diagnosis, and high adoption of BP monitors & pregnancy & fertility tests.

With the growing geriatric population, the demand for home healthcare services is rising in several countries. Service providers focus on covering the entire scope to deliver the best services to the geriatric population. Individualized disease management programs are developed to address physical needs specific to Alzheimer’s disease and dementia (Memory Care Specialty Program) as well as manage symptoms related to heart diseases, focusing on pain control and quality of life (Cardiac Specialty Program).

Regional Insights

North America accounted for the highest revenue share of 42.92% in 2020. The presence of a large geriatric population in this region, sophisticated healthcare infrastructure, and relatively higher disposable income levels are some of the key factors driving the growth. Moreover, an increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare supports the regional market growth. For instance, the “Hospital at Home” program was initiated wherein the patients received treatment at home, this reduced the cost of care by nearly 30%.

Asia Pacific is estimated to be the fastest-growing regional market. Factors, such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care, are resulting in increasing adoption of home healthcare products and services. Moreover, companies are focusing on untapped countries, such as India and China. For instance, Apollo Homecare offers long-term plans for various categories, such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother & baby care, and elderly care. These programs include medical supervision and personalized healthcare services.

Key Companies & Market Share Insights

The market is highly fragmented due to the presence of a large number of multinational as well as local players. Moreover, the consolidation activities undertaken by multinational companies are estimated to increase competition amongst new and local market players. The leading players are constantly looking to increase their share in the market. For instance, Nightingales Home Health Services (India) recently launched its operations in Chennai. Portea Medical is offering at-home COVID-19 testing services to expand its service offerings. Currently, service providers are focused on geographical expansions over increasing service offerings. Moreover, the market is largely unregulated, which may lead to unfair competition and hostile takeovers. Some of the prominent players in the global home healthcare market include:

• Manufacturers

  • McKesson Medical-Surgical, Inc.

  • Fresenius Medical Care

  • Medline Industries, Inc.

  • Medtronic PLC

  • 3M Healthcare

  • Baxter International, Inc.

  • B. Braun Melsungen AG

  • Arkray, Inc.

  • F. Hoffmann-La Roche AG

  • Becton, Dickinson And Company

  • Acelity L.P.

  • Hollister, Inc.

  • ConvaTec Group PLC

  • Molnlycke Health Care

• Service Providers

  • Brookdale Senior Living, Inc.

  • Home Health Services Ltd.

  • Sunrise Carlisle, LP

  • Extendicare, Inc.

  • Care U.K. Limited

  • Senior Care Centers of America

  • Genesis Healthcare Corp.

  • Sompo Holdings, Inc.

  • Kindred Healthcare, Inc.

  • Home Instead Senior Care, Inc.

Home Healthcare Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global home healthcare market report on the basis of component and region:

• Component Outlook (Revenue, USD Million, 2016 - 2028)

  • Equipment

    • Therapeutic

      • Home Respiratory Therapy Equipment

      • Insulin Delivery Devices

      • Home IV Pumps

      • Home Dialysis Equipment

      • Others

    • Diagnostic

      • Diabetic Care Unit

      • BP Monitors

      • Multi Para Diagnostic Monitors

      • Home Pregnancy & Fertility Kits

      • Apnea & Sleep Monitors

      • Holter Monitors

      • Heart Rate Monitors

      • Others

    • Mobility Assist

      • Wheelchair

      • Home Medical Furniture

      • Walking Assist Devices

  • Services

    • Skilled Home Healthcare Services

      • Physician Primary Care

      • Nursing Care

      • Physical/Occupational/Speech Therapy

      • Nutritional Support

      • Hospice & Palliative Care

      • Others

    • Unskilled Home Healthcare Services

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • The Netherlands

    • China

    • Japan

    • India

    • Australia

    • Singapore

    • Malaysia

    • Thailand

    • Philippines

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa (MEA)

    • South Africa

    • Saudi Arabia

    • Oman

    • UAE

    • Egypt