According to our new market research study on “Home Healthcare Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Indication, and Service,” the market is expected to reach US$ 621,565.89 million by 2028 from US$ 315,139.27 million in 2020; it is estimated to grow at a CAGR of 8.9% from 2020 to 2028.
The report highlights the trends prevailing in the market along with the market drivers and deterrents. The factors such as growing demand for home healthcare due to rising aging population and increasing prevalence of chronic diseases and growing homecare settings drive the market growth. However, the shortage of home care workers hinders the market growth.
Home healthcare market includes a wide range of healthcare services for illness in homecare settings. The goal of home healthcare is to treat injury and improve health outcomes for the patient. These services are more convenient and less expensive and are efficient for chronic diseases, elderly population, nutrition therapy and serious illness of the patient.
Market leaders are involved in extensive research for the development of new home healthcare with better efficiency and treatment outcomes. For instance, in April 2021, Humana has announced an agreement to fully acquire Kindred at Home. Humana will acquire the remaining 60% of Kindred at Home. Humana purchased 40% ownership stake in 2018 and since then has collaborated closely with Kindred at Home. The transaction is expected to close in the third quarter of 2021.
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Chronic diseases, such as cardiovascular disorders, diabetes, autoimmune disorders, and various types of cancer and neurological disorders are leading to death and disability worldwide. These clinical conditions affect patients’ overall quality of life. As per the World Health Organization (WHO), over 50% of the global population is estimated to be suffering from at least one chronic disease. As per the Centers for Disease Control and Prevention (CDC), in the US, 6 in 10 people suffered from at least one chronic disease in 2019.
Cardiovascular diseases (CVDs) are a significant cause of mortality globally owing to the hectic lifestyle.
Countries such as the US, Japan, South Korea, Canada, the UK, Spain, and France are significantly experiencing growth in the geriatric population. The countries mentioned above, along with the developing countries such as China, India, Saudi Arabia, the UAE, and Brazil, offer significant growth opportunities for the home healthcare players to provide innovative devices. In addition, the increasing adoption of telemedicine and mHealth technologies is driving the growth of the home healthcare market.
The COVID-19 pandemic is having the mixed impact on the home healthcare market. Since the home healthcare sector comprises both products and services, each has its own set of effects. The outbreak pandemic will positively impact on sales variety of home healthcare monitoring devices, such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. On the other side, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
A few prominent players operating in the home healthcare market are Fresenius SE & Co. KGaA, General Electric Company, LINDE, F. HOFFMANN-LA ROCHE LTD., A&D Company, Limited, LHC Group, Inc., BAYADA Home Health Care, Invacare Corporation, Abbott Care, Amedisys, and Kindred Healthcare, LLC.
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