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.
For full research report on Home
Healthcare Market visit here: https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry
Further key
findings from the study suggest:
- 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
- The rehabilitation services held the largest
market share in 2019 and are estimated to expand further during the
forecast period. 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
- The clinical management systems dominated the
software segment in 2019. This is attributed to its feature to provide all
in one solution for home healthcare agencies. The agency software is
anticipated to witness high growth during the forecast period
- 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
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Grand
View Research has segmented the global home healthcare market based on
component and region:
Home
Healthcare Component Outlook (Revenue, USD Million, 2016 - 2027)
- 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 and
fertility kits
- Apnea and sleep
monitors
- Holter monitors
- Heart rate monitor
- Other
- Mobility Assist
- Wheel chair
- Home medical
furniture
- Walking assist
devices
- Services
- Rehabilitation
Services
- Unskilled Home Care
- Respiratory Therapy
Services
- Infusion Therapy
Services
- Telemetry
- Software
- Clinic management
systems
- Agency management
software
- Hospice solutions
Home
Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Sweden
- France
- Italy
- Russia
- Netherlands
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- Thailand
- Philippines
- South Korea
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East &
Africa
- South Africa
- Saudi Arabia
- Oman
- Egypt
- UAE
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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