Pune, India, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Home Healthcare Market - Overview
Home healthcare has been gaining focus on the back of the burgeoning elderly populace and preference of home care over hospitals. The extravagant fees of hospitals coupled with hesitant insurance companies refusing to provide complete reimbursement to patients has led to patients leaning towards home healthcare. Licensed healthcare professionals provide care to ailing citizens or bedridden citizens. The large number of services under the umbrella of home healthcare is likely to inflate its market size to epic proportions.
Market Drivers
The Global Home Healthcare Market size can purportedly touch USD 414,682.2 million by 2023, as per an insightful report by Market Research Future (MRFR). It can expand at a jaw-dropping CAGR of 8.1% from 2017 to 2023 (forecast period). Benefits of home healthcare such as improved patient outcome, cost efficiency, and minimization of hospital bills are likely to drive market growth during the forecast period. The rise in disposable incomes of patients and availability of internet services are other factors predicted to play a major role in the market. Government initiatives supporting the trend and advances in healthcare equipment can brighten up prospects for investments in this sector.
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Competitive Dashboard
Notable players in the Home Healthcare Market include Becton Dickinson Company, 3M, Abbott, LG Electronics, McKesson Corporation, F. Hoffmann-La Roche AG, GE Healthcare, Medtronic PLC, Apple, B. Braun Melsungen AG, A&D Company, Koninklijke Philips N.V., Fresenius SE & Co KGaA, Omron Corporation, Kinnser Software, and others.
Collaborations and mergers are a common trend in the market owing to the intense competition among players. In 2016, Philips and Qualcomm decided to collaborate to further personalized connected healthcare systems. In 2018, Addus HomeCare acquired Ambercare Corporation for USD 40 million to expand its consumer base and inch its way to the top of the home healthcare industry. Partnerships with distributors, healthcare providers, and insurance companies are expected to be forged for companies to sustain their position.
APAC to Exhibit a 8.7% CAGR from 2017 to 2023
Regions exhibiting the latest trends in the market include the Americas, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC).
The Americas currently dominate the Home Healthcare Market, with the shares divided between North and South America. The North America region drives the market thanks to its robust healthcare infrastructure, increased healthcare expenditure, and prevalence of chronic diseases.
The Europe region has assumed the second position after the Americas. The APAC region is touted to expand at an 8.7% CAGR over the forecast period owing to its massive patient pool and the growing geriatric population. This is evident by the 2017 report by the Asian Development Bank which states that the geriatric populace can touch a staggering number of 923 million by 2050. Availability of low-cost skilled workforce can be beneficial to the market in its run.
Recent Industry News
Supportive healthcare reforms are bound to transform the market in better ways. This is evident by the passing of the 21st Century Cures Act in 2016, designed to expedite product development and bring forth innovations for patients requiring them urgently. Home infusion therapy will be commercialized starting from 2021 and coverage of home infusion can save Medicare nearly USD 372 million by 2026.
Healthcare providers in Pennsylvania, U.S., have joined hands with insurance companies to create a new home healthcare site, HM Home and Community Services, LLC. This company deals in post-acute patient care and payments. Skilled nursing facilities is the next venture to be followed by the company to cater to the burgeoning demand by patients.
Home Healthcare Market - Segmentation Analysis
The Home Healthcare Market is segmented by product, service, and software.
By product, the market is bifurcated into therapeutic and testing, screening, and monitoring products. The testing, screening, and monitoring segment is touted to exhibit a stupendous 8.5% CAGR during the forecast period.
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Services provided under home healthcare include skilled nursing services, unskilled care services, rehabilitation therapy services, respiratory therapy services, pregnancy care services, and infusion therapy services. Among these services, the skilled nursing services segment is projected to touch a valuation of USD 134,166.3 million by 2023 owing to the need for hospice for last-stage cancer patients.
The infusion therapy service segment is anticipated to register an impressive 8.50% CAGR owing to the pressing demand in parenteral and enteral nutrition. Rehabilitation services possess the potential to grow the fastest during the review period owing to increasing number of surgeries caused by trauma and the burgeoning geriatric population.
Hospice solutions, telehealth solutions, clinical management systems, and agency software are some of the software segmented under home healthcare. The clinical management system software can clock a CAGR of 8.3% during the forecast period. But telehealth solutions are touted to grow the fastest due to inclination of patients towards video calling.
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