Home Healthcare Market
GMI Research expects that the Home Healthcare Market will witness a significant annual growth rate over the forecast period (2020-2027).
The factors driving the growth of home Global Home Healthcare Market includes increasing number of chronic diseases such as obesity due to disturbed diet, adoption of virtual care and digital care. The ageing population also plays a significant role in the growth of home healthcare market size, according to United Nations, the share of population aged 65 years or over has increased significantly from 6% in 1990 to 9% in 2019. It is anticipated to increase further to 16% by 2050. Due to stringent lockdown and social distancing norms followed during the Covid 19, has motivated the consumers to prefer healthcare services over visiting clinics and hospitals, which has propelled the home healthcare market globally.
However, the growth of home healthcare products is hampered by changing reimbursement policies, limited insurance coverage and safety issues linked with devices and solutions of home healthcare products.
Notable players in the Market are GENERAL ELECTRIC COMPANY, Linde plc, A & D Company, KONINKLIJKE PHILIPS N.V, Abbott, LHC Group, Invacare Corporation, Linde plc, F. Hoffmann-La Roche Ltd, SE & Co, KGaA, BAYADA Home Health Care among others.
Component – Segment Analysis
Based on the component, the equipment segment is anticipated to lead the Global Home Healthcare Market owing to increase in the number of therapeutic devices, which helps in treating chronic and acute diseases. Also, the services charges are comparatively less expensive than in any other clinic or hospital.
Services – Segment Analysis
Based on services, traditional home health and home nursing care is anticipated to lead the global home healthcare market attributed to its ability to provide less expensive therapy and other services.
Regional – Segment Analysis:
Based on the region, the North American region is projected to lead the global home healthcare market during the forecast period owing to increasing health care expenditure by the United States Government, health care spending grew to 9.7% in 2020, almost $4.1 trillion. The efforts put in by Canadian government to increase consciousness about chronic diseases such as hypertension, diabetes and others, has surged the demand for home healthcare services in the region.
Home Healthcare Market Segmentation
Global Home Healthcare Market by Component
Global Home Healthcare Market by Services
· Traditional home health and home nursing care
· Home hospice
· Home therapy services
· Home-maker services
Global Home Healthcare Market by Region
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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