Home Healthcare Market 2020 and Forecast 2021-2027

  • TBI569245
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Home Healthcare Market

The global home healthcare market size was valued at USD 170.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2027. Population aging around the world and increased patient preference for value-based healthcare are anticipated to fuel market growth. According to the World Health Organization (WHO), there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion by 2050. The aging population demands more patient-centric healthcare services, which in return increases the demand for healthcare workers and agencies and is anticipated to drive market growth. The Bureau of Labor Statistics states that a growing workforce pertaining to healthcare service translates to the increasing demand for home health and personal healthcare aides and is expected to outpace the healthcare sector’s growth, with more than 4 million jobs only in the home healthcare sector. 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 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. In the U.S., Medicare is the largest single payer of home healthcare services. Medicare spending accounts for more than 40% of home health spendings. Medicaid payments are divided into three main categories: the traditional home health benefit (mandatory), the personal healthcare option, and home and community-based waivers as an optional program. Collectively, these three home healthcare service categories hold a small share of total Medicaid payments. In Europe, the central government offers some reimbursement benefits for this service. People are free to choose the providers and even the type of healthcare. But the central government does not completely cover the services being provided to the patients attributed to the division of home care into two parts i.e. healthcare and social care. Each part of service is covered by different financial sources and hence different rules govern eligibility, allocation, and administration.

Component Insights: Home Healthcare Market

By component, the home healthcare market has been segmented into equipment and services wherein the services segment lead the market with a share of 80% in 2019. With the dramatic increase in the aging population worldwide, the demand for home healthcare agencies is increasing for better patient outcomes. In addition, the increasing prevalence of chronic disease among the elderly is another major factor contributing to market growth. The therapeutic devices lead the equipment segment in 2019. The increasing number of patients suffering from chronic or acute respiratory illnesses or with urinary incontinence or end-stage renal disease (ESRD) demand advanced devices for treatment. In addition, reduced service charges for in-home healthcare when compared to hospital or nursing homes is another key factor boosting the therapeutic equipment market. According to the University of California, SF, around 750,000 patients per year in the U.S., and 2 million patients globally are affected by end-stage renal disease (ESRD). The diagnostics equipment segment is anticipated to witness lucrative growth during the forecast period attributed to the increasing prevalence of diabetes and cardiovascular diseases which needs continuous monitoring. In addition, increasing patient awareness levels towards screening process and technological advancements, integration of microfluidics, sensors, Internet-of-Things (IoT), smartphones and wearables bring point-of-care testing to the patients and represent a strong opportunity for providing sensitive, low-cost, rapid, and connected diagnostics.

Regional Insights: Home Healthcare Market

North America lead the home healthcare market with a share of around 42% in 2019. In North America, the U.S. held the largest market share in 2019 attributed to shifting trends towards in-home healthcare from the nursing homes, technological advancement, and presence of advanced medical infrastructure. In addition, high patient awareness levels coupled with increasing healthcare spending and the implementation of the streamlined regulatory framework are also driving the market in the region. Supportive initiatives by the Centers for Medicare and Medicaid Services are anticipated to propel market growth further. Germany held the largest market share in Europe in 2019 followed by France. This is mainly due to increasing spending towards in-home healthcare in the country and growing demand for the skilled nursing workforce for in-house care. Asia Pacific is anticipated to witness the highest growth rate during the forecast period. Growing economy, high prevalence of chronic diseases, aging population, and skilled labor availability at economic costs, are the major factors enhancing the growth of this region. Japan held the largest market share attributed to the growth of the aging population and medical care associated with it. It is anticipated that by the year 2050 around 40% of the population in Japan will grow over 65 years of age. It is prominent in Tokyo where the percentage of 65 years old population is 25% in the year 2020 and is expected to be 30% of the total population by the year 2035.

Key Companies & Market Share Insights: Home Healthcare Market

The contributors to this market are divided into two categories i.e. manufacturers and service providers. Mergers and acquisition and introduction of new services are key strategies followed by the market leaders. For instance, in February 2019, a Georgia based home healthcare company named Aveanna Healthcare underwent a definitive agreement to acquire the home healthcare division of Maxim Healthcare Services, a Maryland based home healthcare, and healthcare staffing service provider. In October 2019, a leading software provider in the market for home healthcare named ClearCare, Inc., underwent an agreement to be acquired by WellSky Corporation, health, and community care technology company. In July 2019, Net Health, an outpatient software provider, acquired Optima Healthcare Solutions, to enter into the home health and hospice segments of post-acute healthcare service market. Optima’s post-acute care solution is mainly used by contract therapy companies, skilled nursing facilities (SNFs), continuing care retirement communities, and assisted living communities. In April 2017, McKesson Corporation acquired CoverMyMeds LLC, a company developing Electronic Prior Authorization (ePA) solutions. The company has automated the prior authorization process for more than 500 EHR systems, 700,000 providers, 49 thousand pharmacies, most health plans, and Pharmacy Benefit Managers (PBMs). Some of the prominent players in the home healthcare market include:

Key companies Profiled: Home Healthcare Market Report

  • 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
  • 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.
  •  Home Instead Senior Care, Inc.
This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the global home healthcare market based on components and region:

Component Outlook (USD Million; 2016 - 2027)

  • Equipment
  • Therapeutic
  • Home respiratory equipment
  • Insulin delivery devices
  • Home IV pumps
  • Home dialysis equipment
  • Others
  • Diagnostic
  • Diabetic care unit
  • BP monitors
  • Multi para diagnostic monitors
  • Home pregnancy and fertility kits
  • Apnea and sleep monitors
  • Holter monitors
  • Heart rate meters
  • Others
  • Mobility assist
  • Wheelchair
  • Home medical furniture
  • Walking assist devices
  • Services
  • Skilled home healthcare
  • Physician/primary care
  • Nursing care
  • Physical, occupational, and/or speech therapy
  • Nutritional support
  • Hospice & palliative care
  • Other skilled home care services
  • Unskilled home healthcare

Table of Contents

Chapter 1 Research Objective

  1.1 Objective - 1

  1.2 Objective - 2

  1.3 Objective - 3

  1.4 Objective - 4
Chapter 2 Executive Summary

  2.1 Market Outlook

  2.2 Segment Outlook

      2.2.1 Component

      2.2.2 Region

  2.3 Competitive Insights

  2.4 Home Healthcare Market Snapshot
Chapter 3 Home Healthcare Market Variables, Trends & Scope
                
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