Home Healthcare Market: Snapshot
Home healthcare for some has become a necessity as well as an affordable and effective option, akin to the hospital or skilled nursing facilities. Home healthcare is also known as domiciliary care, social care, or in-home care. In-home care is important for patients who lack mobility The goal of home healthcare services is to help the individuals to promote the patient optimal level of well-being and to assist them to remain at home avoiding hospital admission. The home care services are government certified and involve HCPs such as registered nurses (RNs), licensed practical nurses (LPN's), physical therapists (PTs), occupational therapists (OTs), speech-language pathologists (SLPs), unlicensed assistive personnel (UAPs), home health aides (HHAs), and medical social workers (MSWs).
According to the recently published report by IndustryARC, the global home healthcare market size was $230billion to $248billion in 2018, and the opportunities are estimated to grow with a global CAGR of 7.2% to 8.0% during the forecast period of 2019 to 2025. The report is titled “Home Healthcare Market: By Products (Dialysis, Diabetes, Drug Delivery, Essential, Mobility, Respiratory & Others); Services (Rehabilitation, Skilled, Unskilled, Virtual, Hospice, Companion, Social & Others) - Forecast (2019 - 2025).”
According to the UNFPA, the population of older people in APAC is rising with a drastic rate. It is estimated that the aging population will reach to 1.3 billion by 2050. Huge amount of aging population mostly requires the devices that can monitor them constantly that is fueling the demand for the home healthcare market.
Browse 53 Market Tables, 176 Figures spread through 185 slides and an in-depth TOC “Home Healthcare Market (2019 - 2025)”
Home Healthcare Market: Leading Segments
According to the IndustryARC market analyst, North America is positioned as the key region in the global home healthcare market with a demand share of 38% to 45% in 2018. Moreover, according to a report by The United Nations, improvement in healthcare services, as well as easy availability of medical facilities to each patients, have decreased the mortality rate. Furthermore, the survival percentage is also increased in Oceania, Europe, and North America. Home healthcare involves different types of services such as rehabilitation, skilled, unskilled, virtual, hospice, companion, social, and others. However, the most preferred service that requires home healthcare is rehabilitation that will grow with a CAGR of 55% to 58% through to 2025, according to the estimation by the market analyst.
Home Healthcare Market: Trends
- Common diagnoses among home healthcare patients includes circulatory disease, heart disease, injury and poisoning, musculoskeletal, connective tissue disease, and respiratory disease. These types of diagnoses require monitoring and management throughout. Hence, home healthcare is highly recommended to such patients that is driving the market demand growth.
- Introduction of voice technology in the home healthcare market will create more opportunities for the market players. There is a range of devices that can record and transmit important health data with centralized physician. Voice technology will support the communication between patients, doctors, home care agency, and nurses for self-report health metrics, consulting or emergency. The voice technology trend is helping to manage in-home care successfully that is driving the home healthcare market.
- Mobile-assisted health devices are major factors for the growth influx in the home healthcare market. The devices at home can be managed and monitored remotely via smartphones. When vital signs are imparted on the screen, professionals can respond immediately to improve the quality of treatment.
- The healthcare software refers to the application of information processing with both software and hardware. It deals mainly with storage of data, sharing and retrieval along with healthcare data to improve decision making such as assistance and medication required.
- Emergency button is one of the advanced support techniques in the home healthcare market. Panic button is also known as emergency button that can alert doctors and nurses assisted at home care at times of emergency. The enables facilities such as immediate interventions that reduce the chances of risk. This technology is highly appreciated by the consumers that is anticipated to grow the demand for the home healthcare market.
- Digital therapy machine setup with the patient bed to perform various functions such as massage, weight reduction, skin scraping, pound shot, manipulation, cupping, and acupuncture is gaining prominence in the home healthcare market. This controlling machine helps patient to relieve pain, headaches, post-operative pain, and cancer pain. This machine helps to lessen the painful sensation, and it is now widely used.
- Manufacturers in the market are engaging themselves into developing more caregiving technology. Bringing more home healthcare devices are enabling the key players to deliver more convenient solutions and tools. The integration of the technology is anticipated to grow more demands from consumers in home healthcare market.
Home Healthcare Market: Competitive Landscape
Some of the major key players in the market are Apple Home healthcare, Home Health Care, Inc, Home Healthcare Solutions, OMRON Corporation., Kindred Healthcare, Inc., Portea Medical|, Koninklijke Philips N.V., Air Liquide, Kinnser Software, Inc., LHC Group, Inc., National HealthCare Corporation., Sunrise Medical (US) LLC, arcadia.io., B. Braun Melsungen AG, Amedisys, BPL Medical Technologies, DaVita Inc., Diaverum, Cardinal Health, and Medtronicc.
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