Projected to reach global market revenues of over US$ 4 Bn by the end of 2030, home healthcare continues to receive a strong impetus from a shifting preference for a value-based healthcare delivery model. Expensive hospital stays, coupled with evolving patient expectations and advancing technologies, are putting immense pressure on healthcare systems to reimagine the way healthcare is delivered over the years. Home-based primary care and hospital-at-home care will continue to make significant strides in the near future, according to a new Future Market Insights (FMI) study on the global home healthcare market.
However, adoption of home healthcare products and solutions has been on a slight decline since Q1 2020 due to evolving priorities of industry amid the global outbreak of COVID-19. Nationwide lockdowns, shutdown of production units, and considerable alternations in supply chains are currently challenging the progress of home healthcare market. The market is however set for a rapid rebound post the containment of coronavirus.
As per the Bureau of Labor Statistics, increasing workforce pertaining to healthcare services translates to rising need for personal healthcare and home health aides will outperform the capital performance of the healthcare sector, with over 4 million jobs in the homecare sector alone.
Key Takeaways of Home Healthcare Market Study
For More Detailed Insights on Home Healthcare Market
- Prevalence of chronic diseases, especially among the geriatric population, is opening a broad array of opportunities for home healthcare companies.
- Infusion pumps would remain preferred among various home healthcare products such as pressure relief devices; ostomy drainage bags to follow closely.
- Stoma care would be the prominent application area in home healthcare market; key players to invest in IV medication.
- North America and Europe continue to offer opportunities of growth and profitability, owing to strong presence of leading players and rising adoption of home healthcare services.
Leading Manufacturers Capitalize on Product Portfolio Expansion and Distributional Partnerships
A majority of companies are focused on development of innovative home healthcare. Several prominent players are investing in expansion of their product portfolio thorough acquisitions in order to extend their geographical reach. For instance, the famous BD and C.R. Bard merger gave rise to a new global healthcare leader. With an aim to expand operations in the UK, Medline had announced opening of its new warehouse in the UK, in 2018. Some of the prominent players in home healthcare industry that are profiled in the FMI report, include Coloplast A/S, Baxter International Inc, B. Braun Melsungen AG, Hollister Incorporated, ConvaTec Group Plc, Medtronic plc., and Becton Dickinson and Co.
Know More About Report Inclusions
The FMI report brings to fore a comprehensive research on the market growth forecast at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global Home Healthcare market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on Home Healthcare market on basis of product type (infusion systems, pressure relief devices, hydrocolloid dressings, hydrofibre dressings, hydrogel dressings, semi-permeable film dressings, superabsorbent dressings, wound contact layers, gauze sponges, gauzes, sponges, ostomy drainage bags), application (total parenteral nutrition (TPN), IV medication, pressure ulcer, stoma care), across seven major regions.
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About Healthcare division of FMI
The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.