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 - 2019
- Actual estimates/Historical data - 2015 - 2019
- Forecast period - 2020 - 2030
- Forecast units - Value (USD) Mn
- Segments covered - Product, Application, and Region
- Regions covered - 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)
- Key Players - Coloplast A/S, B. Braun Melsungen AG, Baxter International Inc, Hollister Incorporated, Becton Dickinson and Co, ConvaTec Group Plc, and Medtronic plc.
- Report coverage - Revenue forecast, company share, competitive landscape, growth factors, and trends
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
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.
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.
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