Home Healthcare Market, By Component (Services, Equipment, Software), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

The Global Home Healthcare Market size was valued at USD 281.8 billion in 2019 and is predicted to register a CAGR of 7.9% over the forecast period, reaching a worth of USD 515.6 billion by 2028. Population aging around the world and increased patient preference for value-based healthcare are anticipated to fuel market growth. Per the World Health Organization (WHO), there have been 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 concerning healthcare service translates to the increasing demand for home health and private healthcare aides and is predicted to outpace the healthcare sector’s growth, with over 4 million jobs only within 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 the 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 over 40% of home health expenditures. Medicaid payments are divided into three main categories: the traditional home health benefit (mandatory), the private healthcare option, and residential 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 sort of healthcare. But the central government doesn't 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.

Key Factors Impacting the Growth of Home Healthcare Market:

  • Services dominated the component segment in 2019 attributed to the growing demand for skilled nurse in-home healthcare for services like physical and physiotherapy
  • The rehabilitation services held the biggest market share in 2019 and are estimated to expand further during the forecast period. Growing demand for skilled nurses at home for rehabilitation service, wound dressings, tube feedings, and maintaining stable patient health drive the expansion of this segment. Mainly, patients suffering major trauma because of accidents or those affected by strokes choose 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 often attributed to its feature to supply all in one solution for home healthcare agencies. The agency software is anticipated to witness high growth during the forecast period
  • Key manufacturers operating within 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

The Home Healthcare market segmentation is based on components and regions.

Component Outlook:

By component, the home healthcare market has been segmented into equipment, services, and software. Among the component, the services segment dominated the market. With the dramatic increase within the aging population worldwide, the demand for home healthcare agencies is increasing for better patient outcomes. Additionally, the increasing prevalence of chronic diseases among the elderly is another major factor contributing to market growth.

The therapeutic devices dominated the equipment segment in 2019. The increasing number of patients affected by chronic or acute respiratory illnesses or with urinary incontinence or end-stage renal disease (ESRD) demand advanced devices for treatment. Additionally, reduced service charges for in-home healthcare in comparison to hospitals or nursing homes are another key factor boosting the therapeutic equipment market. Consistent with the University of California, SF, around 750,000 patients per annum in the U.S. and a couple of million patients globally are suffering from 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. Additionally, 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 robust opportunity for providing sensitive, low-cost, rapid, and connected diagnostics.

Rehabilitation services held the most important market share in 2019 and are estimated to expand further during the forecast period. Growing demand for skilled nurses offering rehabilitation services is the major factor driving the market. The clinic management systems held the most important market share within the software segment in 2019 thanks to its feature to supply beat one solution for the agencies. The agency management software is anticipated to witness high growth during the forecast period thanks to its increasing use in roaster scheduling, billing, patient remote monitoring, and maintaining records related to the business.

Regional Outlook:

In North America, the U.S. held the most important market share in 2019 attributed to shifting trends towards in-home healthcare from nursing homes, technological advancement, and the presence of advanced medical infrastructure. Additionally, high patient awareness levels in addition to increasing healthcare expenditure and also the implementation of the streamlined regulatory framework are driving the market within the region. Supportive initiatives by the Centers for Medicare and Medicaid Services are anticipated to propel market growth further.

Germany held the most important market share in Europe in 2019 followed by France. This is often mainly because of increasing expenditure towards in-home healthcare within the country and growing demand for the skilled nursing workforce for in-house care.

The Asia Pacific is anticipated to witness the very best rate of growth during the forecast period. A growing economy, high prevalence of chronic diseases, aging population, and skilled labor availability at economic costs, are the main factors enhancing the expansion of this region. Japan held the most important market share attributed to the expansion of the aging population and medical aid related to it. It's anticipated that by the year 2050 around 40% of the population in Japan will grow over 65 years aged. It's prominent in Tokyo where the share of 65 years old population is 25% in the year 2020 and is predicted to be 30% of the entire population by the year 2035.

Competitive Landscape

The contributors to the present market are divided into three categories i.e. manufacturers, service providers, and software solution providers. Key manufacturers during this market are 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; and Molnlycke Health Care.

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.

In the software segment, major players operating within the market are Epic Systems Corporation; Allscripts Healthcare Solutions, Inc.; Cerner; Omnicare; Omnicell, Inc.; McKesson Corporation; MatrixCare; Optimus EMR; Netsmart; and PointClickCare.

Mergers and acquisition and introduction of the latest services are key strategies followed by the market leaders.

This report also includes the profiles of key Home Healthcare market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Home Healthcare Market:

  • In February 2019, a Georgia based home healthcare company named Aveanna Healthcare underwent a definitive agreement to accumulate 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 within the marketplace 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 house health and hospice segments of post-acute healthcare service market. Optima’s post-acute care solution is especially employed 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 corporation developing Electronic Prior Authorization (ePA) solutions. the corporate has automated the prior authorization process for quite 500 EHR systems, 700,000 providers, 49 thousand pharmacies, most health plans, and Pharmacy Benefit Managers (PBMs).

What Does This Report Provide?

This report provides a detailed understanding of the global Home Healthcare market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Component

  • Services
  • Equipment
  • Software

By Region:

  • North America Home Healthcare Market
    • By Country (US, Canada, Mexico)
    • By Component
  • Europe Home Healthcare Market
    • By Country (Germany, Russia UK, France, Italy, Spain, Rest of Europe)
    • By Component
  • Asia Pacific Home Healthcare Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Component
  • Middle East & Africa Home Healthcare Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Component
  • South America Home Healthcare Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Component

Reasons to Buy This Report:

  • Market size estimation of the Home Healthcare market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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