Home care market worth $ 298.2 billion by 2026

CHICAGO, June 20, 2022 / PRNewswire / – According to the new market research report ‘Home Healthcare Market by product (dialysis equipment, IV equipment, ventilators, coagulation monitors, peak flow meters), service (infusion therapy, skilled nursing, hospice), indications (cancer, wound care, diabetes) and region – forecast global until 2026 ‘, published by MarketsandMarkets ™, the market is expected to catch up 298.2 billion dollars by 2026 from 198.9 billion dollars in 2021, at a CAGR of 8.4% over the forecast period. The rapid growth of the elderly population, the growing incidence of chronic diseases, the growing need for affordable healthcare due to rising healthcare costs, and the technological advances in home care devices are the main factors driving the growth of this market.

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Rapid growth of the elderly population and increasing incidence of chronic diseases;

According to the United Nations Department of Economic and Social Affairs, there were 703 million people aged 65 or over globally in 2019; This number is projected to reach 1.5 billion by 2050. Furthermore, the number of people aged 80 and over is projected to triple from 143 million in 2019 to 426 million by 2050.

The growth of this segment of the population will increase the demand for health care and greatly increase the burden on governments and health systems as the aging population is more prone to chronic disease. This will prove favorable to the home health care market. Home health care reduces unnecessary hospital admissions and readmissions, and the time and cost of traveling to meet health professionals.

Chronic disease is a long-lasting condition that can be controlled but not cured. The treatment and management of chronic diseases has become a major concern. About 50% of all home health care patients have at least one chronic illness and this number is expected to continue to rise in the future. Chronic diseases, which disproportionately affect the elderly, contribute to disability, reduce the quality of life and increase the costs of long-term care, thus opening up a range of opportunities for various home healthcare companies.

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Product-based, the home health care market is segmented into testing, screening and monitoring products; therapeutic products; and mobility products. In 2020, the therapeutic segment accounted for the largest share of the home healthcare product market. The increased prevalence of chronic diseases, such as kidney failure, respiratory disease, diabetes and cancer, has increased the demand for therapeutic equipment for home health care.

By service, the home health care market is classified into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and care services pregnant. Skilled nursing services accounted for the largest share of the market in 2020. Skilled medical care in the home setting can provide a comforting solution than residing in a hospital, nursing home or assisted living community. Favorable insurance coverage for skilled nursing services is expected to support growth in this market during the forecast period.

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North America was the largest regional market for the home healthcare market in 2020

The global home healthcare market is segmented North America (the United States and Canada), Europe (GermanyThe UK, France, Italy, Spainand the rest of Europe), Asia Pacific (Japan, China, Indiaand the rest of Asia Pacific), and the rest of the world. In 2020, North America dominated the global market, followed by Europe. The large share of North America in the global market it is attributed to the growing prevalence of chronic diseases, high health care expenditure, high disposable income, increased overall geriatric population, high disposable income and improved health infrastructure. in any case, the Asia Pacific the market is estimated to grow at the highest CAGR during the forecast period. Growth in Asia Pacific home health care market is driven primarily by an aging population, high incidence of chronic disease, rising disposable income, technological advances, government initiatives to promote home health care, and increasing health costs.

The global home healthcare market is highly fragmented. Major players in the global market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (United States), Linde plc (Ireland), F. Hoffmann-La Roche SA (Swiss), A&D Company (Japan), BAYADA Home Health Care (United States), Invacare Corporation (United States), Abbott (United States), Amedisys (United States), ResMed (United States), LHC Group, Inc. (United States), OMRON Corporation (Japan), Koninklijke Philips NV (Holland), Drive DeVilbiss Healthcare (United States), Hamilton Medical (Swiss), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd (China), Vitalograph (UK), Advita Pflegedienst GmbH (Germany), RENAFAN GmbH (Germany), ADMR (France), Apex Medical Corporation (Taiwan), CONTEC MEDICAL SYSTEMS CO., LTD (China), and Löwenstein Medical Technology GmbH + Co. KG. (Germany).

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