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Home Healthcare Market By Product , By Service, By Software - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025
Home Healthcare Market
— Global Industry Insights,
Trends, Outlook, and
Opportunity Analysis,
2017–2025
© Coherent market Insights. All Rights Reserved
Home Healthcare offers a wide range of healthcare services given from home for the treatment of disease or injury. The diverse
industry includes infusion services, home skilled nursing and physical therapy and is often referred as home medical care. The
home care services are usually less expensive, highly convenient to the patients, equally effective to the hospital care units or
skilled nursing facility. The ultimate goal of home health care is the complete treatment of the disease or injury which helps the
patient regain independence and become self-sufficient faster. Home healthcare also involves helping senior citizens with daily
activities like bathing, dressing, eating including monitoring the medication routine. The home health care professionals are
licensed practical nurses, therapists, and home health aides, mostly working for home health agencies or public health
departments.
Cost effective alternative to expensive hospital stays is expected to drive the global home healthcare market
According to the National Centers for Caregiving estimates in 2015, the number of individuals using paid long-term care services in
settings including home, residential care such as assisted living, or skilled nursing facilities is likely double from the 13 million in
2005, expected to 27 million people in 2050 due to the influenced growth in the population of older people in need of care. The shift
of healthcare delivery from traditional clinical settings, increasing adoption of telecommunication services, affordable healthcare
delivery systems, and the technological advancements are the major factors attributed to the growth of global home healthcare
market. Also, the replacement of expensive hospital stays with the cost effective home healthcare is anticipated to serve as high
impact rendering driver. Additionally, the factors driving the growth of global healthcare market include the rising prevalence of
chronic diseases, rising aging population, the government initiatives to promote home healthcare, and increasing healthcare costs.
However, limited insurance coverage, changing reimbursement policies and patient safety concerns are the factors to restrict the
growth of global home healthcare market.
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Favorable reimbursement policies is expected to dominate the global home healthcare market in North
America
Regional segmentation of the global home healthcare market by Coherent Market Insights comprises of North
America, Latin America, Europe, Asia Pacific, Middle East and Africa. According to the Centers for Disease Control
and Prevention estimates in 2014, number of patients who received and ended care globally were approximately
4.9 million in 2013, with 12,400 home healthcare agencies in the U.S. Thus, the rising number of agencies,
converging trends of aging population, favorable reimbursement policies and technological advancements is
expected to dominate North America in the global market. Asia Pacific is poised to be the fastest-growing region
during the forecast period owing to the rising geriatric population, increasing disposable income levels, expansion
of home healthcare companies, increasing need for affordable healthcare delivery systems, rising awareness
about home healthcare, and the rising adoption of innovative techniques.
Key players operating the global home healthcare market include Omron Healthcare, McKesson, Philips, Johnson
& Johnson, and Roche. The strategy adopted by the key players include service portfolio expansion, mergers and
acquisition, collaborations, and regional expansion. For instance, the agreement of Almost Family, Inc. with
Medicare-certified home health agency owned by Caldwell Medical Center to acquire the assets in 2014. Other
vendors operating the market include Fresenius, Apria Healthcare, Rotech Healthcare, Abbott, and Interim
Healthcare.
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pranali
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