Home Healthcare Market Size (By Component: Equipment [Therapeutic, Diagnostic, and Mobility Assist]; By Services [Rehabilitation, Unskilled Home Care, Respiratory Therapy Services, Infusion Therapy Services, and Telemetry] - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 - 2028

The global home healthcare market recorded market value of US$ 200.0 Bn in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period of 2021 to 2028.

The Centers for Medicare and Medicaid Services in the United States defines home healthcare as a broad range of services that can be provided to patients at home in the event of an illness or injury. Home healthcare is typically less expensive, more convenient, and provides patients with the same level of effectiveness that they would receive in a hospital or at skilled nursing facility (SNF).

Market Drivers

High government support and involvement fuel the growth of global home healthcare market

Life expectancy has risen sharply worldwide in the last few decades. Sociodemograhic change and mobility trends impact home care needs along with demographic change resulting in rise in demand for home care facilities. A range of policy changes and priorities create pressure on home care. There exists a policy support so that home based solutions benefit individual users, their families, and society at a broader level. For example, World Health Organization (WHO) states that development of home nursing and home assistance are bounded with the emergence of complex system of welfare, social security, and healthcare that has followed different trajectories and given rise to different patterns of funding and provision within each country. Additionally, majority of the European countries involving Belgium, France, Italy, Portugal, Spain, and UK have an organizational model in which the healthcare component of home care is a part of a healthcare system and is a special component. In other countries, particularly Denmark, Sweden, Finland, policy makers recognized the advantages of offering home healthcare within a single organization under the responsibility of local municipalities.

Home healthcare market struggled pre-covid but scenario has changed amid COVID-19 fuelling the growth of overall market

The Project HOPE report states that about 3.4 million Medicare beneficiaries received home care in 2017 constituting a 38% increase since 2000 at a cost of US$17.7 Bn. But misconceptions among service providers and patients about Medicare's home health coverage created  obstacles pre-covid. This was due to vulnerable fraudulent billing by some unscrupulous home healthcare agencies, resulting in federal government stepping up to scrutinize claims, prosecute providers for Medicare fraud, and instituted statewide moratoriums on new home health agencies in Florida, Illinois, Michigan, and Texas. But the scenario has completely changed amid COVID-19 pandemic related to home healthcare services. According to the report published by National Academy of Sciences, nursing home and other long term care facilities account for a disproportionate share of COVID-19 cases and fatalities globally. For instance, nursing home accounted for 40% of US COVID-19 related fatalities as of August 2020. Additionally, 49% of nursing home cases attributable to cross facility staff movement, attention to highly connect nursing facility is warranted. Such factors have long lasting impression for the overall growth of home healthcare market globally.

Market opportunity for global home healthcare market

With workers in short supply, seniors often wait for months for home healthcare that has left many people at high risk of not getting medical care. But the scenario is changing post-covid for home healthcare market as a whole. For records, the US president announced allocating US$400 Bn in infrastructure plan for expansion of home and community based long-term care services to assist patients getting treated at home and experiencing proper healthcare facilities. The states are also funding home care programs like Maine (US) for getting home healthcare services for people not qualified for Medicaid in hopes of preventing seniors from requiring Medicaid coverage later. Such factors provide lucrative opportunities for the growth of global home healthcare market.

Report coverage

Impact of COVID-19 on global home healthcare market 

COVID-19 has heightened the challenges faced by the home healthcare sector as compared to pre COVID outbreak. These involve limited opportunities for career advancement resulting in staff shortage and lack of exposure to knowledge by healthcare professionals. The pandemic has transformed healthcare and its implementation to improve the treatment reach and reduce transmission. For instance, the COVISAN experiment in Paris Metropolitan area was aimed to provide COVID-19 home testing kits and educate people about coronavirus and prevention measures.

Market Segmentation

The global home healthcare market is segmented based on component which is further classified into equipment and services. Based on equipment, the market is segregated as therapeutic, diagnostic, and mobility assists. By services, the market is segmented as rehabilitation, unskilled home care, respiratory therapy services, infusion therapy services, and telemetry.

Based on component, service segment accounted for maximum share in 2020 and is anticipated to continue this trend till the forecast period.

Regional Overview

North America dominates the home healthcare market and is projected to continue this trend till the forecast period. Among North America, US acts as a pioneer contributing country when it comes to home healthcare market. Favorable government policies, rising government support in terms of funding are the significant factors that have lasting impression for the market growth of home healthcare. 

On the other hand, Asia Pacific is expected to grow at a fast rate in terms of CAGR for home healthcare market. Rising geriatric population and increasing respiratory related disorders and high scale of home healthcare companies across APAC region makes it a lucrative region for growth.

Competitive Landscape

The prominent players of the global home healthcare market involve National Healthcare Corp., Almost Family Inc., Omron Healthcare Inc., B. Braun Melsungen AG, Critical Homecare, Abbott Laboratories, BD, Sunrise Medical Inc., 3M Health Care, Odyssey Healthcare Inc., Baxter, Apria Healthcare Group, Medtronic, Arkray Inc., Cardinal Health Inc., Roche diagnostics Corp., Nxstage Medical, Inc., Air Liquide, Amedisys, Inc., Arcadia Health Care, and Bayer AG

Market Segmentation

Market by Component

• Equipment
  • Therapeutic
  • Diagnostic
  • Mobility assist
• Services
  • Rehabilitation
  • Unskilled home care
  • Respiratory therapy services
  • Infusion therapy services
  • Telemetry

Market By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil 
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa