LONDON, Sept. 21, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Home Healthcare Market Size Share Companies & Trends Analysis Report By Equipment( Therapeutic, Diagnostic, Mobility Assist), By Services ( Rehabilitation Services, Unskilled Home Care, Respiratory Therapy Services, Infusion Therapy Services, Telemetry), Based On Region And Segment Forecasts 2022 2028". The Home Healthcare Market was valued at USD 182.21 Billion in 2020 and expected to reach USD 316.34 Billion by 2027, amplifying with a CAGR of 8.20% over 2022-2028.
This market trends report sheds light into the top factors impacting the growth trajectory of this industry. It offers market size forecast and marketing industry growth rate related data. By procuring this report, businesses can get thorough understanding on the overall dynamics of this market which in turn will enable them to make robust strategies and earn a competitive edge. This study covers the major segments, geographies, and the competitive players, with market size of a company present in this market while evaluating all the parameters reshaping the trends of each market components, regions, and companies.
Home healthcare encompasses of a wide range of medical services offer to patients within their homes. They are not required to physically visit a healthcare facility to procure such services. Injury & severe illness monitoring, intravenous therapies, along with routine checkups including blood pressure and diabetes, among others can be easily provided in homecare settings. By opting for home healthcare solutions, patients can easily minimize their healthcare costs.
Home Healthcare Market Report Scope-
Report Metric | Details |
Home Healthcare Market Revenue forecast in 2027 | USD 316.34 Billion |
Market Size in 2020 | USD 182.21 Billion |
Market Growth Rate | CAGR of 8.20% from 2022 to 2028 |
Base Year | 2021 |
Study Period | 2022-2028 |
Key Players/Companies | Roche, Medtronic, Philips, 3M, GE Healthcare, Abbott Laboratories, Almost Family, Braun Melsungen AG, BD, Apple Inc. and other |
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Growing prevalence of chronic and lifestyle diseases along with the surging geriatric population base are bolstering Home Healthcare Market growth. Furthermore, increasing health awareness among the masses, rapid internet proliferation, and rising adoption of smart devices are contributing to the amplification of the size of industry. Alongside, rising needs to decrease healthcare costs and dearth of healthcare professionals are leading to a steep rise in the market share and market share.
Major growth drivers-
Surge in the geriatric population base:
There has been a steep rise in the population of older adults worldwide. With age, people become vulnerable to a wide array of illness, requiring them to seek quality healthcare. Continuous health monitoring is crucial for elderly people as it helps their caregivers to keep a track on their health status and take decisions accordingly. It is difficult for these people to frequently visit a healthcare facility for check ups or treatments. Home healthcare solutions act as a boon for them as they can take good care or their health under the supervision of qualified health professionals inside the comfort of their homes. This in turn is increasing market share and growth.
Affordability of home healthcare services:
Home healthcare services are often more cost-effective than hospital or nursing home care. As healthcare costs continue to rise, both patients and healthcare providers are looking for ways to reduce expenses. Home healthcare allows for personalized care plans that can be tailored to the patient's needs, minimizing unnecessary expenses.
Challenges-
Regulatory and Compliance Issues: Home healthcare providers must navigate a complex web of regulations and compliance requirements. These regulations can vary significantly from one region to another, making it challenging for providers to ensure they are operating within legal boundaries. Staying up-to-date with changing regulations and maintaining compliance can be resource-intensive and costly.
Competitive landscape of Home Healthcare Market-
The prime players defining the competitive terrain of this industry are-
- Roche
- Medtronic
- Philips
- 3M
- GE Healthcare
- Abbott Laboratories
- Almost Family
- Braun Melsungen AG
- BD
- Apple Inc.
- Others
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Segmental Assessment-
By equipment, the mobility assist segment is likely to garner significant returns owing to a rapid surge in the geriatric population along with the growing prevalence of orthopaedic disorders.
Middle East & Africa Home Healthcare Market:
MEA has emerged as one of the largest consumers of in-home care services which in turn is creating market growth opportunities. This is due to increased geriatric populace, growing pervasiveness of chronic ailments, and escalating demand for home health aide technology.
North America:
North America is leading the industry in terms of market size and opportunity. Within the region, US market size by industry is amplifying significantly. This is attributable to the widespread availability of high end home health aide equipment, high requirement for affordable healthcare, and presence of top industry leaders.
Porter's Five Forces Analysis-
Threat of new entrants:
This industry witnesses a relatively lower threat of new entrants. To mark their entry in this industry, potential players are required to have specialized staff and adhere to stringent regulatory standards that can be quite challenging at times.
Bargaining power of suppliers:
The suppliers have a moderate bargaining power due to the availability of a significant number of vendors and service providers in the market. This gives customers a pool of option to choose from.
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Bargaining power of buyers:
The bargaining power of buyers in this industry is moderate. In case of patients, they often limited bargaining power because they depend on these services for their well-being. On the other hand, home health aide insurance companies can exert more influence on pricing and service terms, especially when they represent a substantial customer base.
Threat of substitutes:
This industry has a lower threat of substitutes. The only alternative for home health care home aide services is hospital based care. But the advantages of home care is higher than that of hospitals.
Competitive rivalry:
Competitive rivalry is moderate in the home healthcare market. Numerous providers compete for market share, offering a range of services and quality levels. Differentiation through specialized care, technology adoption, and strategic partnerships are common strategies to gain a competitive edge in this evolving market.
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