Home Healthcare Article Brief
Home healthcare and home-based care have been a new trend in the US and other countries. Increasing disease burden and rising healthcare costs have boosted the home healthcare market and enabled patients to reimagine their future. According to physicians who serve Medicare fee-for-service (FFS) and Medicare Advantage (MA) patients, USD 265 billion in care services for Medicare FFS and MA beneficiaries could shift from traditional facilities to the home by 2025 without a reduction in quality or access. Home healthcare could create value for payers, healthcare facilities and physician groups, technology companies, and investors. It also could improve patients’ quality of care and experience.
The home healthcare market size is estimated to reach USD 568 billion by 2030, and is predicted to grow at a CAGR of 6.3% from 2022 to 2030. The aging population, rising rates of target diseases like dementia and Alzheimer's, and orthopedic conditions are all predicted to drive market expansion. The COVID-19 pandemic's effects on the global home healthcare market share have conflicted.
Devices and services, the two market segments, have had various effects. Some home healthcare equipment sales, including blood pressure monitors, pulse oximeters, blood glucose monitors, and temperature monitors, have benefited from COVID-19. Due to increased awareness of the potential dangers of infection, people worldwide are buying more of these products. The home medical device sector has seen increased sales due to the epidemic. Governments and health organizations are working to reduce healthcare expenses since one of their top worries is the rising cost of treatments. An affordable alternative to an expensive hospital stay is home healthcare.
The home healthcare market forecast indicates that the current forecast period of 2022 to 2030 will increase demand for home healthcare due to the old and geriatric population. The elderly population is more likely to develop acute and chronic illnesses, increasing demand for market goods and services during the forecast period. The home healthcare market analysis predicts that it can expand healthcare services, equipment, supply accessibility, and overall worldwide reach.
Additionally, utilizing these goods and services will lower the number of unnecessary visits, hospitalizations, and readmissions. In the context of the global healthcare market research, there will also be a drop in the time and money spent traveling to meet healthcare professionals. All these elements are likely to add up and increase the likelihood that the home healthcare market will grow competitively.
The home healthcare market saw significant investment from North America, which in 2020 accounted for the most critical market share. More than 40% of the pediatric home healthcare market share is thought to come from the same region. Over the forecast period, the Asia-Pacific market is anticipated to experience rapid growth. There is a surge in home healthcare products and services due to inadequate infrastructure, expensive in-hospital healthcare facilities, and chronic conditions requiring long-term care.
Companies are also putting more emphasis on underdeveloped nations like China and India. Due to the existence of numerous local and multinational market competitors, the market is highly fragmented. The competition between new and local market competitors is also predicted to intensify due to the consolidation efforts of multinational corporations.
The following are a few of the leading home healthcare solution companies in the home healthcare market:
- Medtronic PLC
- Hoffmann-La Roche AG
- Braun Melsungen AG
- LG Electronics
- Becton Dickinson Company
- Fresenius SE & Co KGaA
- Koninklijke Philips N.V.
- Abbott
- Kinnser Software
- Omron Corporation
- GE Healthcare
- McKesson Corporation
- A&D Company
- Apple