Supportive care is given in the home and is known as home care or home health care. While receiving assistance to recuperate from sickness, accident, or handicap, home care enables a person to stay in the comfort of their own home.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Home Healthcare Market Size, Share & Industry Trends Analysis Report By Type, By Indication, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412050/?utm_source=GNW
The typical healthcare setting, including a hospital, rehabilitation center, skilled nursing facility, or long-term care environment, may not always be the only place where healthcare and support services are offered.
As their health care and daily life requirements are taken care of, people may stay in the comfort of their homes, close to their loved ones, when they get care at home. Patients who get home healthcare services have a team of healthcare professionals working with them to manage their needs and those of their families. Chronic illnesses, including diabetes, hypertension, HIV/AIDS, heart failure, cancer, and chronic obstructive pulmonary disease, are all covered by home care services (COPD). People with physical or cognitive impairments may get home care to assist them in carrying out everyday tasks.
Patients who are receiving hospice care may also get care at home. Patients with a prognosis of six months or less that have been diagnosed with a terminal disease (a condition that cannot be cured) are eligible for hospice home care. People with a terminal disease are able to stay in the comfort of their own homes, accompanied by familiar people and objects, owing to hospice home care.
Depending on their physical state and particular ailment or injury, people who get home care have a range of demands. Patients may want assistance or reminders to take their prescriptions. Patients often need help walking, moving from a bed to a chair or wheelchair, or entering and exiting the shower. Many patients have mobility aids that help them go about their homes, such as wheelchairs, canes, walkers, and prosthetic devices.
COVID-19 Impact Analysis
The COVID-19 pandemic’s impact on the world market for home healthcare has been conflicting. The sales of several home healthcare equipment, including blood pressure monitors, pulse oximeters, blood glucose monitors, and temperature monitors, have benefited from COVID-19. Due to increased knowledge of the possible dangers in case of infection, people all around the globe are buying more of these products. The home medical device sector has seen increased sales as a consequence of the pandemic. Providers of home healthcare services are now concentrating on adjusting to the pandemic by being responsive to changing client expectations.
Market Growth Factor
Growing elderly population
WHO estimates that by 2030, 1 in 6 individuals worldwide would be 60 years of age or older. From 1 billion in 2020, there will be 1.4 billion persons over the age of 60 by this time. By 2050, there will be twice as many people worldwide who are 60 years of age or older. 2 billion. The number of persons 80 or older is anticipated to triple between 2020 and 2050, reaching 426 million. Due to the rising number of elderly people and the high risk of health problems in this age group, demand for improved healthcare facilities and the convenience of avoiding hospitals develop. This has led to home healthcare becoming more and more popular.
Increasing prevalence of chronic illnesses
WHO estimates that there were 108 million cases of diabetes in 1980 and 422 million cases in 2014. Compared to high-income countries, prevalence has been increasing more quickly in low- and middle-income nations. Diabetes is a significant contributor to renal disease, heart attacks, blindness, strokes, and lower limb amputation. Due to the increased frequency of chronic illnesses, there is now a healthcare crisis with high expenditures, poor access to treatment, and subpar care quality. As a consequence, there is a growing need for home healthcare facilities all over the world.
Market Restraining Factor
Limited Insurance Protection
In many industrialized countries, home healthcare services are covered by insurance; nevertheless, Medicare-certified home healthcare firms are the only ones who can make use of this insurance. Equipment needed for rehabilitation, telemetry, or multi-parameter monitoring is not covered by insurance. In these countries, insurance coverage for this equipment varies. In many nations, insurance companies only pay for in-home healthcare services for the elderly and those with chronic diseases if they are in post-hospitalization therapy.
On the basis of type, the home healthcare market is divided into services and product. In 2021, the product segment acquired a remarkable revenue share in the home healthcare market. This is because of the wide availability of home healthcare and diagnosis products such as diabetes home diagnosis test kit. The demand for home healthcare products is further growing due to the rising prevalence of obesity, diabetes, eye disorders and other such issues.
Based on product type, the home healthcare market is classified into therapeutics; testing, screening, monitoring; and mobility care. The therapeutics products category held the largest revenue share in the home healthcare market in 2021. The prevalence of illnesses requiring regular use of therapeutic equipment, such as insulin delivery systems, home dialysis systems, and intravenous pumps, is the source of this expansion.
Based on service type, the home healthcare market is classified into skilled nursing, rehabilitation therapy, unskilled care, hospice & palliative care, respiratory therapy, infusion treatment, and pregnancy care. In 2021, the skilled nursing sector had the major revenue share 2021. When someone has a severe or chronic ailment and needs support to manage it, particularly in the wake of the pandemic, skilled nursing at home is one such dependable and affordable alternative they might choose. Seniors use these services the most often, mostly because they have trouble getting about the city on their own.
Based on Indication, the home healthcare market is divided into diabetes, cancer, wound care, pregnancy, respiratory disease, movement disorders, cardiovascular diseases & hypertension, and other indications. The cancer & other indications sector had the highest revenue share in 2021. All across the globe, cancer seems to be quite common. Home healthcare may be very beneficial for a cancer patient and ease the stress on the family.
Based on geography, the home healthcare market is classified into North America, Europe, Asia Pacific, and LAMEA. With the largest revenue share, the North American region dominated the home healthcare market in 2021. The market for home healthcare was dominated by North America. Due to its better healthcare infrastructure and increased prevalence of chronic diseases, North America holds a sizable portion of the worldwide market. Some of the important variables are the region’s sizable aging population, advanced healthcare infrastructure, and comparatively higher levels of disposable income.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amedisys, Inc., LHC Group, Inc., ResMed, Inc., Omron Corporation, Abbott Laboratories, Invacare Corporation, Linde PLC, A&D HOLON Holdings Company, Limited, Fresenius SE & Co. KGaA and F. Hoffmann-La Roche Ltd.
Strategies Deployed in Home Healthcare Market
2022-Aug: LHC Group, Inc. took over Three Rivers Home Health, a Georgia-based home health provider. Through this acquisition, LHC Group’s service area would be broadened. Moreover, this acquisition complements LHC Group’s co-location plan to supply various in-home healthcare services in specific markets, along with its techniques of controlling and operating under a family of well-known regional brands.
2022-Apr: Amedisys, Inc. acquired AssistedCare Home Health, Inc., a leading partner in providing home and community-based healthcare, and RH Homecare Services, LLC, a company engaged in providing a spectrum of services primarily to all individuals who need care in the home setting. Under this acquisition, Amedisys would be able to broaden its reach in healthcare communities and deliver more extensive care by complementing its Amedisys Hospice presence in North Carolina.
2022-Mar: LHC Group, Inc. came into collaboration with Optum, a diversified health services company. Under this collaboration, LHC Group would further strengthen its capability to promote value-based care. Furthermore, both companies would work together with the focus on caring for the most vulnerable in society which would help LHC Group to effectively and efficiently provide better and growing value-based care in the home.
2021-Jul: LHC Group, Inc. partnered with SCP Health, a national clinical leader in acute unscheduled care. Under this partnership, LHC Group, Inc., would be able to supply a wide offering of clinicians covering all verticals of home health care consisting of hospital-at-home programs and skilled nursing facility (SNF)-at home.
2021-Jun: Amedisys, Inc. took over Contessa Health, a company engaged in delivering hospital-at-home and skilled nursing-at-home services. Under this acquisition, Amedisys would broaden its ability to reflect rising market demands and growing patient preference for higher-acuity in-home settings.
2020-Aug: Amedisys, Inc. signed an agreement with BrightStar Care, a comprehensive healthcare service staffing agency that offers medical and non-medical homecare to private clients within their homes. This agreement broadens Amedisys’ care network to 39 states with 1,211 partner agencies.
2019-Mar: ResMed, Inc. took over HB Healthcare, a provider of home medical equipment. Through this acquisition, ResMed plans to reach more patients through HBH and its broad network of distributor partners.
2019-Feb: Fresenius Medical Care took over NxStage Medical, Inc, a company that develops, produces, and markets an innovative product suite of medical devices for use in critical care and home dialysis. Through this acquisition, Fresenius Medical Care would enhance its supply chain, manufacturing, and marketing ability over the Care Coordination, services, and dialysis products.
2018-Jul: ResMed, Inc., acquired HEALTHCAREfirst, a provider of software solutions and services for home health and hospice agencies. Through this acquisition, ResMed would aim to support homecare and HME providers manage their business and enhance the lives of their patients as an aging population moves to homecare and different lower-cost settings.
Scope of the Study
Market Segments covered in the Report:
o Skilled Nursing
o Rehabilitation Therapy
o Hospice & Palliative Care
o Unskilled Care
o Respiratory Therapy
o Infusion Therapy
o Pregnancy Care
o Therapeutic Products
o Testing, Screening, & Monitoring Products
o Mobility Care Products
• Cancer & Other Indications
• Respiratory Diseases
• Wound Care
• Movement Disorders
• Hearing Disorders
• Cardiovascular Diseases & Hypertension
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Amedisys, Inc.
• LHC Group, Inc.
• ResMed, Inc.
• Omron Corporation
• Abbott Laboratories
• Invacare Corporation
• Linde PLC
• A&D HOLON Holdings Company, Limited
• Fresenius SE & Co. KGaA
• F. Hoffmann-La Roche Ltd.
• Exhaustive coverage
• Highest number of market tables and figures
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• Assured post sales research support with 10% customization free
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