Home Healthcare Market: Rising Focus on Telehealth

What This Report Will Provide?

This study involved four major activities in estimating the current size of the home healthcare market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Expected Revenue Growth:

[253 Pages Report] The global home healthcare market size is projected to reach USD 274.7 billion by 2025 from USD 181.9 billion in 2020, at a CAGR of 8.6%.

Major Growth Boosters:

Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.

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Recent Developments:

In 2019, Fresenius Medical Care (Germany) acquired NxStage Medical, Inc. (US). This acquisition strengthens the company’s business in the US. It enables Fresenius Medical Care to leverage it's manufacturing, supply chain, and marketing competencies across the dialysis products, services, and care coordination businesses, especially in-home dialysis and critical care.

In 2020, Lincare, a subsidiary of Linde, offers home respiratory care in the US. In response to the COVID-19 pandemic, the company offers in-home services to COVID-19 vulnerable patients. It is also helping to ease the burden on hospitals by transferring respiratory patients and others from in-patient to in-home care.

LHC Group Inc (US) entered into a joint venture agreement with University Health Care System (US). This joint venture agreement was aimed to strengthen home health and hospice services across eight cities in Georgia and South Carolina.

Key Questions Addressed in The Report:

1. Who are the top 10 players operating in the global home healthcare market?
2. What are the drivers, restraints, opportunities, and challenges in the home healthcare Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of home healthcare in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?

COVID-19 Impact on Home Healthcare Market:

The COVID-19 pandemic has a mixed impact on the home healthcare industry. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact few home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.

Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes. However, the scenario is different. There have been many home healthcare agencies and providers who have reported a decline in the business.  However, this downturn in the home healthcare industry is predicted to be for a while, as the business will pick up at a faster pace in the coming future as more people are recovering from COVID-19.

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Key Players in Home Healthcare Market:

The prominent players operating in this market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Amedisys (US), Kindred at Home (US), and LHC Group, Inc. (US)