The global home healthcare market size is anticipated to reach USD 515.6 billion by 2027, registering a CAGR of 7.9%, according to a new report by Grand View Research, Inc. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, rising geriatric population and growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, is expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.
The elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Besides, maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following merger and acquisition strategy to enter the market, in order to provide cost-effective service and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stay is another key factor driving home healthcare market growth. In the past several years, the number of nursing facilities has reduced, while the in-home nursing programs have doubled.
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Services dominated the component segment in 2019 attributed to the growing demand for skilled nurse in-home healthcare for services like physical and occupational therapy
Growing demand for the skilled nurses at home for rehabilitation service, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment. Mainly, patients suffering major trauma due to accidents or those suffering from strokes opt for rehabilitation services for improving their way of talking, walking, and feeding themselves all over again
Key manufacturers operating in the market are Medline Industries, Inc.; McKesson Medical-Surgical Inc.; Medtronic Plc; Baxter International Inc.; Becton, Dickinson And Company; Cardinal Health; and GE Healthcare
The key service providers are Brookdale Senior Living, Inc.; Home Health Services Ltd.; Sunrise Carlisle, LP; Extendicare, Inc.; Care UK Limited; Senior Care Centers of America; Genesis Healthcare Corp.; Sompo Holdings, Inc.; Kindred Healthcare, Inc.; and Home Instead Senior Care, Inc. The key software solution providers are Allscripts Healthcare Solutions, Inc.; Epic Systems Corporation; Cerner; and McKesson Corporation
Grand View Research has segmented the global home healthcare market based on components and Regions:
Home Healthcare Component Outlook (Revenue, USD Million; 2016 - 2027)
Home respiratory therapy equipment
Insulin delivery devices
Home IV pumps
Home dialysis equipment
Diabetic care unit
Multi para diagnostic monitors
Home pregnancy and fertility kits
Apnea and sleep monitors
Heart rate meters
Home medical furniture
Walking assist devices
Skilled home healthcare
Physical, occupational, and/or speech therapy
Hospice & palliative care
Other skilled home care services
Unskilled home healthcare
Home Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players in the Home Healthcare Market:
McKesson Medical-Surgical Inc.
Fresenius Medical Care
Medline Industries, Inc.
Baxter International Inc.
B. Braun Melsungen AG
F. Hoffmann-La Roche AG
Becton, Dickinson And Company
ConvaTec Group PLC
Molnlycke Health Care
Brookdale Senior Living, Inc.
Home Health Services Ltd.
Sunrise Carlisle, LP
Care UK Limited
Senior Care Centers of America
Genesis Healthcare Corp.
Sompo Holdings, Inc.
Kindred Healthcare, Inc.
Home Instead Senior Care, Inc.
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