- Report ID: BMRC 1384 | Number of pages: 200 | Publish Date: Nov 2020
Status: Published | Category: Healthcare | Delivery Timeline:
"Home Healthcare Market is valued at USD 168.4 Billion in 2019 and expected to reach USD 293.6 Billion by 2026 with the CAGR of 8.2% over the forecast period."
Home Healthcare Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2026- Increasing ageing population, rising incidences of chronic diseases and need for personal medical care costs are driving the growth of Global Home Health Care Market.
Home health care includes a wide range of health care services that can be assumed in-home for an illness or injury. Home health care is usually less expensive, more convenient and effective as care get in a hospital or skilled nursing facility (SNF). Home health care is the provision of services to individuals and their families in their homes for the purpose of promoting, maintaining, or restoring health. Persons using home health care services provided by a home health care agency include the chronically ill and disabled of all ages, those recuperating from hospitalization or acute illness, and the terminally ill. Home health care can include wide care given by skilled medical professionals, including skilled nursing care, physical therapy, occupational therapy and speech therapy. It is a growing industry, with a plethora of highly-specific services available to cater to the wide-ranging and unique needs of the senior citizen population.
Global home healthcare market report is segmented on the basis of equipment, services, and region & country level. Based upon equipment, global home healthcare market is classified as therapeutic, diagnostic, and mobility assists. Based upon services, the market is classified into rehabilitation services, unskilled home care, respiratory therapy services, infusion therapy services, and telemetry.
The regions covered in this Global Home Healthcare market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Home Healthcare is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Home Healthcare market Report covers prominent players are like Roche, Medtronic, Philips, 3M, GE Healthcare, Abbott Laboratories, Almost Family, Braun Melsungen AG, BD, Apple Inc. and other.
Medtronic Launched New Solutions to Help Monitor Patients for COVID-19
December 17th, 2019; Medtronic plc, the global leader in medical technology, nowadays announced its Medtronic Care Management Services (MCMS) business is launching two new solutions designed to help assess, monitor and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms. It has already launched its new Respiratory Infectious Disease Health Check to existing MCMS customers and it is now launching a new COVID-19 virtual care evaluation and monitoring solution available to U.S. health systems, health plans and employers.
Increasing Ageing Population, Rising Incidence of Chronic Diseases and Need for personal medical care costs is Driving the Market Growth.
Increasing ageing population, rising incidence of chronic diseases and need for personal medical care costs are some of the major factors driving the growth of global home health care market size. Demand for home health care is expected to increase as more people are living longer and because older adults rely on home health services to a greater extent than any other population. According to World health Organization, It has been estimated that in 2050, there will be two billion people over the age of 60 years, with 80% of them living in developing countries. The global shift in the burden of illness from acute life-threatening infectious diseases to chronic disabling no communicable diseases associated with population aging can cause limitations with temporary or permanent functional disabilities and diminished quality of life.
This will be a major challenge for the health care delivery system due to the increased costs of health care and long-term care. The population aged 85 and above, which is the group most likely to need health and long-term care services, is projected to increase by 350% by 2050. In addition, rising incidences of chronic diseases are also expected to foster the growth of global home healthcare market. According to the World Health Organization (WHO), cancer, diabetes, lung, and heart diseases are responsible for the death of 41 million people annually, accounting for 71% of the deaths Worldwide. While the prevalence of mortalities due to these diseases is a major concern to the healthcare sector, the people suffering from such diseases prefer in-home care that is creating a myriad of opportunities in the home healthcare market.
However, the high cost of treatment may hamper the growth of this market. In spite of that rising demand for affordable healthcare solutions, technological advancements and various emerging treatment procedures can create various opportunities for the further growth of the market.
North America expected to Dominate the Global Home Healthcare Market
North America is expected to dominate the global home healthcare market trends attributed to the high healthcare expenditure, high disposable income, the increasing overall geriatric population, high disposable income and superior healthcare infrastructure in this region. According to U.S. Centers for Medicare & Medicaid Services, the National Health Expenditure Accounts (NHEA) is the official estimates of total health care spending in the United States. U.S. health care spending grew 4.6 percent in 2018, reaching USD3.6 trillion or USD11, 172 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
In Europe, the central government provides some reimbursement benefits for this service. People are free to choose the suppliers and even the type of healthcare. The trends in home health care is developing at a promising growth in Asia pacific due to the growing elderly population and the rising number of people determined fight diseases like heart issues, diabetes and different respiratory sickness.
Key Benefits for Global Home Healthcare Market Report–
By Regional & Country Analysis:
The Middle East and Africa
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Home Healthcare Market Size, By Equipment( Therapeutic, Diagnostic, Mobility assist), By Services ( Rehabilitation Services, Unskilled Home Care, Respiratory Therapy Services, Infusion Therapy Services, Telemetry) Forecast 2020 to 2026