Home Healthcare Market Size Analysis
Chronic disorders that require prolonged treatment have replaced infections as the major cause of age-related mortalities across the world in the recent past. The World Health Organization (WHO) reckons that the geriatric population is expected to double in the coming decades. This aging demographic is accenting for the need of patient-centered healthcare services. Home healthcare is an alternative to hospital stays and is a cost-effective approach. In addition, governments in various countries are providing either partial or complete coverage for home healthcare services. By the end of forecast period, 2020-2030, the global home healthcare market will hit the US$ 4 Bn mark.
Key Research Findings
- The global home healthcare market in 2019 was valued US$ 2.9 Bn.
- A shift from specialists to self-care and hospitals to home care is one of the key factors driving the growth of the home healthcare market.
- Infusion pumps are expected to remain the leading product segment followed by ostomy bags.
- Collectively, Europe and North America, are expected to account for 3/5th of the revenue of the home healthcare market by 2030.
- North America will continue to be a prominent regional market for home healthcare due to the increasing adoption of homecare services and presence of a number of key manufacturers allowing easy access to products.
- Stoma care is the leading application of the home healthcare market holding over 36% market share
Key Factors Shaping the Home Healthcare Market
Shift from Specialists to Self-care, Hospitals to Home Care, and Relationship-based Homecare Model
Introduction of portable devices and easy to use products has triggered the shift from healthcare settings to homecare settings in order to increase daily dose medication among elderly people while staying at home. This is leading to more services taking place in the traditional healthcare settings. Patients with remote access to data through smart insulin pens manage their own insulin levels at home without the need of visiting a doctor, thus, managing the overall cost. This also allows physicians to remotely monitor the patients’ health ensuring effective communication between caregiver and patient.
Relationship-based home care aims at healthy and independent care recipients simultaneously addressing acute needs. Relationship-based home care offers umpteen benefits to geriatrics and disabled. Such transitions from specialist to self-care, hospital to homecare and further improvement in quality of care through relationship-based homecare models are fueling the adoption of homecare services. This in turn will support the growth of home healthcare market.
That said, the coronavirus (COVID-19) pandemic is dampening the adoption of home healthcare. Countrywide lockdowns, and self-isolation regulations have put a strain on homecare service organizations. In addition, shortage of raw materials and labor has compelled manufacturers to leave their production units on temporary standstills. However, the home healthcare market is poised for a rapid recovery after the pandemic subsides.
Rising Demand for Medication Adherence
Aged patients, particularly those suffering from multiple chronic conditions usually have complex medication regimens. Majority of elderly patients, particularly those with dementia, find it difficult to follow regular treatment regimes. Non-adherence to treatment regime results in a negative impact on health further leading to discomfort that can be easily avoided. Adherence to a prescribed regimen is vital to maintaining health of such patients to manage chronic conditions and support daily activities.
Medication non-adherence costs the UK’s National Health Service an estimated £500 million per year. According to the WHO, increasing the effectiveness of adherence interventions have a far greater impact on population health compared to any improvement in specific medical treatments. Homecare services offer greater medication adherence, thus are witnessing soaring adoption.
Advances in In-home Technology
Upcoming advances in medical technology for homecare setting have the potential to help foster community-based independence for patients. Homecare services provide patients with greater independence, which is among the key priorities of elderly and disabled patients. The past decade has witnessed scores of innovation in homecare for patients, resulting in reduced emergency room visits and costly nursing home stays. Among the most common advancements is the remote patient monitoring (RPM), wherein home healthcare transmit key patient information such as vital signs to their care providers. Fueled by high patient demand, home healthcare will undoubtedly continue to evolve rapidly through the forecast period. Advancements in technology will increase the adoption of homecare services thereby propelling the growth of the market for home healthcare.
Home healthcare Market Structure Analysis
- Overall, the current market scenario depicts a moderately consolidated with top 8 players holding 60% market share.
- Top market players are focused on geographic and portfolio expansion through organic and inorganic strategies, while many emerging players are focused on development of innovative global home healthcare technology.
Base year considered
Actual estimates/Historical data
2015 - 2019
2020 - 2030
Value (USD) Mn
Product, Application, and Region
North America (US & Canada), Europe (UK, Germany, France, Spain, Italy, Russia, BENELUX and Rest of Europe), Latin America (Brazil, Mexico, and Rest of LA), East Asia (China, Japan and South Korea) South Asia (India, Indonesia, Malaysia, Thailand and Rest of South Asia), Oceania (Australia and New Zealand) and MEA (GCC, South Africa, Turkey, Northern Africa and Rest of MEA)
Coloplast A/S, B. Braun Melsungen AG, Baxter International Inc, Hollister Incorporated, Becton Dickinson and Co, ConvaTec Group Plc, and Medtronic plc.
Revenue forecast, company share, competitive landscape, growth factors, and trends
Home Healthcare Market Analysis by Product
Infusion pumps or systems, at present, capture a bigger pie in home healthcare market. Under the product category, infusion disposable sets would generate greater value, while syringe pumps would experience rapid CAGR. Moving ahead, market players are also allocating their capital investments to ostomy drainage bags, especially colostomy drainage bags, to sustain their revenue pool. FMI finds that, ostomy drainage bags would outpace infusion systems towards end of the projection period.
Regional Analysis of Home Healthcare Market
Home healthcare is an established trend in North America and Europe. Favorable regulatory environment supportive initiatives by the Centers for Medicare and Medicaid Services in these developed regions are propelling the adoption of home care services. In addition, presence of advanced healthcare infrastructure, and rising shift towards in-home healthcare services from nursing homes would drive the home healthcare markets in both, North America and Europe. This study underlines that, both the developed regions capture around 60% of overall market revenue.
Home Healthcare Market Trends - In-home Technology
Advances in healthcare technology for homecare settings pose the potential to help deliver community-based independence to patients – a key priority among elderly and disabled patients. Homecare for patients has undergone myriads of innovations over the past decade, resulting in reduced emergency room visits and cost-sensitive nursing home stays. Remote patient monitoring (RPM) devices are among those innovations, wherein home healthcare help care providers capture crucial patient data such as vital signs. Such tech-driven advances in home healthcare will bode well for home healthcare market.
Infusion systems remain highly preferable
Ostomy drainage bags to gain momentum
Stoma care remains primary application area
Adoption in IV medication on stable rise
How Growth will Unfold
Procuring over a third of total market stack, stoma care would be the key application area of home healthcare. Stoma specialists or nurses provide stoma care at home, warding off travel hassles, and ensuring convenience to the patients. Adoption of home healthcare in stoma care would follow a positive trajectory. Going forward, intravenous (IV) medication would also offer potential growth avenues to manufacturers of home healthcare. By 2030, the application area would represent a multibillion-dollar opportunity.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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A recent market study published by Future Market Insights (FMI) on the home healthcare market including global industry analysis for 2015-2019 & opportunity assessment for 2020-2030, delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the market, growth prospects are obtained with maximum precision.
Home Healthcare Market Taxonomy
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.
- Infusion Systems
- Ambulatory Infusion Pumps
- Disposable Ambulatory Infusion Pumps
- Reusable Ambulatory Infusion Pumps
- Implantable Infusion Pumps
- Infusion Disposable Sets
- Syringe Pumps
- PCA Syringe Pumps
- Standard Syringe Pumps
- Volumetric Pumps
- Ambulatory Infusion Pumps
- Pressure Relief Devices
- Mattress Overlays
- Dynamic Mattress Overlays
- Static Mattress Overlays
- Dynamic Mattresses
- Static Mattresses
- Specialty Beds
- Mattress Overlays
- Hydrocolloids Dressings
- Antimicrobial Hydrocolloid Dressings
- Non Antimicrobial Hydrocolloid Dressing
- Hydrofibres Dressings
- Antimicrobial Hydrofibre Dressings
- Non Antimicrobial Hydrofibre Dressings
- Hydrogels Dressings
- Antimicrobial Hydrogel Dressings
- Non Antimicrobial Hydrogel Dressings
- Semi-Permeable Films Dressings
- Antimicrobial Film Dressings
- Non Antimicrobial Film Dressings
- Superabsorbents Dressings
- Antimicrobial Superabsorbents
- Non Antimicrobial Superabsorbents
- Wound Contact Layers
- Antimicrobial Wound Contact Layers
- Non Antimicrobial Wound Contact Layers
- Gauze Sponges
- Non-Woven Gauze Sponges
- Woven Gauze Sponges
- Non-Woven Gauzes
- Woven Gauzes
- Non-Woven Sponges
- Woven Sponges
- Ostomy Drainage Bags
- Colostomy Drainage Bags
- One - Piece Colostomy Drainage Bags
- Two - Piece Colostomy Drainage Bags
- Ileostomy Drainage Bags
- One - Piece Ileostomy Drainage Bags
- Two - Piece Ileostomy Drainage Bags
- Urostomy Drainage Bags
- One - Piece Urostomy Drainage Bags
- Two - Piece Urostomy Drainage Bags
- Colostomy Drainage Bags
- Total Parenteral Nutrition (TPN)
- IV Medication
- Pressure Ulcer
- Stoma Care
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
The report initiates with the executive summary of the home healthcare market, which includes a summary of key findings and statistics of the market. It also includes market size and revenue distribution of market segment of the market.
Readers can find the definition and a detailed segmentation of the market in this chapter, which will help them understand the basic information about the market.
This chapter explains the key market trends analysis that are expected to influence growth of the market over the forecast period.
This chapter explains the key success factors such as Growth Leverage Factors.
This section explains the global market volume analysis and forecast for the during the forecast period. This chapter includes a detailed analysis of the historical home healthcare market, along with an opportunity analysis of the future.
This section explains the global and regional product wise pricing analysis.
This section explains the global market value analysis and forecast for market during the forecast period. This chapter includes a detailed analysis of the historical market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020-2030).
This chapter explains the key macroeconomic factors, drivers, restraints, trends and opportunity analysis that are expected to influence growth of the home healthcare market over the forecast period. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
This chapter provides details about the based on product, and has been classified into infusion systems, pressure relief devices, hydrocolloids dressings, hydrofibres dressings, hydrogels dressings, semi-permeable films dressings, superabsorbents dressings, wound contact layers, gauze sponges, gauzes, sponges, and ostomy drainage bags. In this chapter, readers can understand the market attractiveness analysis based on product type.
This chapter provides details about the home healthcare market based on end user, and has been classified into total parenteral nutrition (TPN), IV medication, pressure ulcer, and stoma care. In this chapter, readers can understand the market attractiveness analysis based on application.
This chapter explains how the market will grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of growth of the North America market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, and market growth based on the application and countries in North America.
This chapter provides the growth scenario of the market in Latin American countries such as Argentina, Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
This chapter provides the growth scenario of the market in Europe in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX and the Rest of Europe are included in this chapter.
This chapter provides the growth scenario of the home healthcare market in South Asia in several countries such as Thailand, Indonesia, Malaysia, India & rest of South Asia are included in this chapter.
This chapter highlights the growth of the in East Asia by focusing on China, Japan & South Korea. This section also help readers understand the key factors that are responsible for the growth of the home healthcare market in East Asia.
This chapter highlights the growth of the in Oceania. This section also help readers understand the key factors that are responsible for the growth of the market in Oceania.
This chapter provides information about how the home healthcare market will grow in major countries in the MEA region such as GCC Countries, South Africa, Northern Africa, Turkey and the Rest of MEA, during the forecast period.
This chapter provides information about how the market will grow in major countries worldwide, during the forecast period.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the home healthcare market, along with a detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Coloplast A/S, B. Braun Melsungen AG, Baxter International Inc, Hollister Incorporated, Becton Dickinson and Co, ConvaTec Group Plc, and Medtronic plc, among others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the home healthcare products report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the home healthcare market.
How the research was conducted?
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Sales Executives
- Industry Experts
- Current Market Dynamics and Challenges
- Yesteryear Trends
- Market Characteristics
- Market Performance and Growth Quadrants
- Strategic Growth Initiatives
- Near-term and long-Term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
Primary Interview Splits