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According to the latest publication from Meticulous Research®, the global home healthcare market is expected to reach $300.7 billion by 2022 with a CAGR of 7.5% over the period of 2016 to 2022.
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Rising geriatric population
The home healthcare market is primarily driven by the huge geriatric population base which is highly susceptible to various diseases such as diabetes, blood pressure, sleep apnea, arthritis, and cardiovascular. As per the World Health Organization (WHO) statistics, the global base of population pertaining to the age group – 60 years and above is expected to reach 2 billion in 2050. The population aged 65 and over in the U.S., which is the largest market for home healthcare is projected to be 83.7 million in 2050, almost double its estimated population of 43.1 million in 2012. Therefore, the growing global geriatric population base coupled with the fact that approximately 70% of home health patients belong to the age group of 65 years and above, is expected to drive demand for home healthcare products and services during the forecast period.
Growing need to curtail rising healthcare costs
Another key factor driving the growth of this market is growing need to curtail rising healthcare costs. In countries like the US, the consumer price index inflation rate stood at an average of 2.04% during 2005-2015, whereas the healthcare inflation rate moved up to 3.62% during the same time period. This can be attributed to the increase in the prices of drugs, medical devices, and hospital services. These factors have led to the US population looking for more affordable healthcare solutions.
Technological innovation is also transforming the home health sector. The integration of mobile devices and home health care solutions is the leading trend in the global market. For example, sensor technology now can monitor an individual’s vital signs and then wirelessly send that information to a mobile phone or table. Technological advancements and wireless communication have allowed personal devices such as mobile phones and tablets to be linked or synchronized with home healthcare solutions. This offers more freedom and flexibility, as well as the ability to monitor vital signs wirelessly on mobile devices. With rapid growth in the field of wearable technologies, the adoption of such devices at home is expected to increase in the near future.
Government initiatives to promote home healthcare
Various initiatives are being taken by governments across the globe to promote home healthcare. In this regard, the Affordable Care Act was passed by the U.S. government in 2010, which was aimed at improving the quality of care and reducing healthcare costs by providing insurance to the uninsured healthcare services and products. In Canada, organizations, such as the Commission on Accreditation of Rehabilitation Facilities Canada, offer accreditation programs to the home care service providers to improve their home care business operation and quality of patient care.
However, changing reimbursement policies, limited insurance coverage, risk to safety and health of home healthcare workers, and patient safety concerns are the factors that may hinder the growth of this market during the forecast period.
The global home healthcare market is mainly segmented into products, services, and geography. The home healthcare products market is primarily segmented into home tests and patient monitoring equipment which includes fertility tests, pregnancy tests, gender, dna & parental tests, drug tests, alcohol tests, cholesterol tests, HIV tests, holter monitors, blood pressure monitors, oximeters, heart rate monitors, thermometers, mediscopes, stethoscopes, defibrillators, pedometers, scales & body fat monitors, peak flow meters, apnea monitors, baby monitors, coagulation monitors, and diabetes management devices; home therapeutic equipment which includes home respiratory therapy equipment (continuous positive airway pressure equipment, oxygen delivery equipment, nebulizers & accessories, ventilators & accessories, and humidifiers), home dialysis equipment (home peritoneal dialysis products, home hemodialysis products) home IV equipment ( IV pumps, and other home IV equipment) and others; patient support equipment which includes wheelchairs and related equipment (wheelchairs- manual wheelchairs and powered wheelchairs), walking assist devices, mobility scooters, medical furniture and accessories, and bathroom safety equipment. Further, home healthcare services market is segmented into rehabilitation services, infusion services, skilled care/nursing, unskilled care services, telehealth services, respiratory therapy services, and others.
The global home healthcare market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These regions are further analyzed at a country level to provide the market size and forecast for each segment and sub-segment of the market in various countries across the globe.
North America dominates the global home healthcare market
North America dominates the global home healthcare market owing to the presence of high sophisticated healthcare infrastructure, favorable reimbursement policies, increasing investment in R&D facilities, and presence of large number of small scale and large scale healthcare service providers. Europe accounted for the second largest share of the total home healthcare market owing to increasing aged population, high prevalence of diabetes and cardiovascular diseases, and increasing healthcare investments by the European government. Moreover, Asia Pacific home healthcare market is expected to grow at a rapid pace during the forecast period owing to increasing geriatric population as elder people are prone to many disorders such as orthopedic, cardiovascular and others, rising awareness about the cost effectiveness and convenience offered by this product and services, and rising health care expenditures in emerging countries such as India and China, which are projected to be the fastest-growing countries in the Asian home healthcare market during forecast period.
The report offers meticulous analysis of market dynamics, burning issues, and technological landscape of the global home healthcare market. The report also provides a competitive landscape that covers the growth strategies adopted by industry players in the last few years. In addition, the major players are analyzed with respect to their company overview, product and services portfolios, financials, and recent developments.
Some of the major players analyzed in the report are
Home Tests and Monitoring Equipment Providers:
2 Quidel Corporation
3 Prestige Brands Holdings
4 Church & Dwight Co.
5 bioMérieux SA
6 Geratherm Medical AG
7 Abbott Laboratories
8 Procter & Gamble Co.
9 Swiss Precision Diagnostics GmbH
11 DNA Diagnostics Center – DDC
13 Amedica Biotech
14 Lifeloc Technologies
15 Noble Medical, Inc.
16 SYNTRON Bioresearch
17 Branan Medical Corporation (Alere Group)
18 Roche Diagnostics
19 AccuTech LLC
20 Home Access Health Corporation
21 Polymer Technology System. (CardioCheck)
22 OraSure Technologies
23 Chembio Diagnostics Systems
24 Omron Healthcare
25 Microlife Corporation
26 A&D Medical
27 GE Healthcare
28 Philips Healthcare
29 Spacelabs Healtchare
30 Schiller AG
31 Mortara Instrument/Cardiac Science
32 Nonin Medical, Inc.
33 CAS Medical Systems
34 Medtronic (Covidein)
35 Masimo Corporation
36 Timex Group
37 Garmin Ltd
38 Shenzhen Guangkehua Electronics Co., Ltd
39 Polar Electro
40 Seiko Epson Corp
41 Nokia Corporation (Part of Microsoft Corporation)
43 Sportline (EB Sport Group)
45 Nike, Inc.
47 American Diagnostic Corporation
48 Briggs Healthcare
49 Exergen Corporation
50 Geratherm Medical AG
51 Hicks Thermometers (India) Limited
52 Kaz Incorporated
53 Opto Circuits (India) Limited
54 Radiant Innovation
55 RG Medical Diagnostics
56 Terumo Corporation
57 Welch Allyn Inc.
58 3M Healthcare Ltd
59 Rudolf Riester GmbH & Co. KG
60 Escalon Medical Corporation
61 GF Health Products
62 Medi-Stim ASA
63 Medline Industries
64 Fitbit Inc.
68 CareFusion (a BD Company)
69 Trudell Medical International
71 Moore Medical
73 Nihon Kohden
76 Genexus USA
78 iBaby Labs
79 Safety 1st (part of Dorel Industries Inc)
80 Shenzhen Foscam Intelligent Technology
81 Summer Infant
83 Withings (Part of Nokia)
84 Accriva Diagnostics
85 Boston Scientific
86 Cardiocom (part of Medtronic)
88 Masimo Corporation
89 St. Jude Medical
90 Aerotel Medical Systems
92 AMD Global Telemedicine
93 Acon Laboratories
95 GlucoLight Corporation
96 Bayer Healthcare
97 Johnson & Johnson
98 Becton-Dickinson and Company
99 Owen Mumford
Home Therapeutic Equipment Providers:
1 Fisher and Paykel Healthcare
2 Invacare Corporation
3 Chart Industries
4 DeVilbiss Healthcare (Part of Medical Depot)
5 Phillips Respironics
6 Draegerwerk AG
8 Smiths medical
9 Fresenius Medical Care
10 Gambro (Part of Baxter International Inc)
11 NxStage Medical
13 B. Braun Melsungen AG
14 Baxter International
16 Becton, Dickinson and Company
18 GE Healthcare
Patient Support Equipment providers:
1 Sunrise Medical
2 Invacare Corporation
3 Stryker Corporation
4 Medline Industries Inc
5 Drive Medical (Part of Medical Depot)
6 Graham Field
8 Vital Mobility
9 Mabis Healthcare
10 Nova Medical Products
12 Acorn Stairlifts
13 21st Century Scientific
14 Wheelchair of Kansas
16 Hoveround Corporation
18 Magic Mobility
19 Pride Mobility Products
20 OttoBock Healthcare
21 Merits Health Products
22 Moore Medical (Part of Mckesson)
24 Hill-Rom Holdings
25 Handicare Group AB
26 Hugo Mobility
27 Carex Health Brands (Part of Compass Health Brands)
28 Essential Medical Supply
29 Karman Healthcare
30 AmeriGlide Accessibility Solutions
32 Bischoff & Bischoff
33 Etac AB
34 DIETZ GmbH
35 Hewi Heinrich Wilke GmbH
36 MEYRA GmbH
37 Patterson Medical Holdings
38 Poshchair Medical Limited
39 Prism Medical
40 Ortho XXI
41 K Care Healthcare Equipment
42 GF HEALTH PRODUCTS
43 Juvo Solutions
44 Spectra Care Group
45 TFI Healthcare
Home Healthcare Servcies Providers
2 BAYADA Home Health Care
3 Kindred Healthcare
4 Almost Family
5 Genesis HealthCare Corporation
6 CVS Health
7 Linde Group
8 Encompass Home Health (Part of HealthSouth)
9 Brookdale Senior Living
10 Addus HomeCare
11 Teijin Pharma
12 Visiting Nurse Service of New York
13 Trinity Health
14 Interim HealthCare
15 LHC GROUP
16 VITAS Healthcare
17 HCR Manor Care
18 CURO Health Services
19 Seasons Hospice & Palliative Care
20 Hospice Campassus
21 Vital Aire (Part of Air Liquide Healtchare)
23 Medical Services of America
25 Intrepid USA Health Care Services
26 Sutter Care at Home
27 Catholic Health Initiatives
28 Partners HealthCare at Home
29 Advanced Home Care
30 Holy Redeemer Health System
31 Alacare Home Health & Hospice
32 GREAT LAKES CARING
33 Community Health Systems (CHS)
34 Ascension Health
35 Providence Health & Services
36 India Home Health Care
37 Portea Home Health Care
38 Max Healthcare
40 Healthcare at Home Australia
41 Prestige Inhome Care
42 Direct Care Australia
43 Millennia Personal Care Services
44 Bupa Home Healthcare
45 Bluebird Care UK
46 Gentlecare (UK) Ltd
Key questions answered in the report-
- Which are the high growth market segments in terms of home healthcare products, services, regions, and countries?
- What is the historical market for home healthcare across the globe?
- What are the market forecasts and estimates from the period 2016-2022?
- What are the major drivers, restrains, threats, and opportunities in the global home healthcare market?
- What are the burning issues of the global home healthcare market?
- Who are the major players in the global home healthcare market and what share of the market do they hold?
- Who are the major players in various regions (North America, APAC, Europe, Latin America, and Middle East & Africa) and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by sub-region in the global home healthcare market?
- What are the recent developments in the global home healthcare market?
- What are the different strategies adopted by the major players in the global home healthcare market?
- What are the geographical trends and high growth regions/ countries?
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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