The global home healthcare market size is anticipated to reach USD 557.57 billion by 2026 registering a CAGR of 7.8%
NEW YORK, April 8, 2019 /PRNewswire/ -- Home Healthcare Market Size, Share & Trends Analysis Report By Component (Service, Equipment), By Region (Asia Pacific, Latin America, North America, Europe, Middle East & Africa), And Segment Forecasts, 2019 - 2026
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The global home healthcare market size is anticipated to reach USD 557.57 billion by 2026 registering a CAGR of 7.8% This growth can be attributed to improved patient outcome, cost-efficiency, and patient convenience provided by home healthcare. In addition, rising cases of diseases, such as dementia, Alzheimer's, and orthopedic conditions, are expected to fuel market growth. For instance, according to the WHO, nearly 50 million individuals worldwide were suffering from dementia in 2017 and the number is anticipated to reach nearly 82 million by 2030. According to an article by United Nations, the number of individuals in age group of 80 years and above are anticipated to increase from nearly 137 million in 2017 to approximately 425 million in 2050.
Thus, growing geriatric population base, which is highly susceptible to chronic conditions, such as diabetes and CVDs, and prefer in-home care, is anticipated to fuel the market growth.Furthermore, geriatric population.
The establishment and maintenance of hospitals and other healthcare settings is capital-intensive.Hence, several healthcare solution providers are entering into home healthcare market through M&A to reudce the costs and leverage the expertise of the merged or acquired firm.
For instance, Allegheny Health Network, a Pittsburg-based organization, entered into the market by acquiring four companies, which had expertise in four different home health services, such as infusion therapy, hospice, medical equipment, and home nursing.
Further key findings from the study suggest:
• Services led the component segment in 2018. Rehabilitation services accounted for more than 50.0% of the overall home healthcare market in 2018
• Therapeutic equipment segment led the market in 2018 and is projected to expand further
• Growing prevalence of respiratory and urological disorders and advent of advanced products suitable for home healthcare like portable dialysis machines will drive the segment
• North America was the dominant regional market in 2018 due to advanced medical infrastructure, favorable reimbursement framework, and comparatively higher healthcare expenditure in the region
• Some of the key companies in the market are Almost Family, Inc.; B. Braun Melsungen AG; Abbott Laboratories; Sunrise Medical; 3M Healthcare; Baxter International, Inc.; Medtronic PLC; Cardinal Health, Inc.; F. Hoffmann-La Roche AG; and Air Liquide
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