Dublin, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The "Home Healthcare Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global home healthcare services market is evaluated at US$275.945 billion for the year 2019 growing at a CAGR of 8.01% reaching the market size of US$473.321 billion by the year 2026.
Home healthcare services allow people to stay in their homes rather than use institutional-based healthcare services. The rising incidence of chronic diseases all around the world due to an unhealthy lifestyle and dietary patterns is the major driver of the global home healthcare services market.
Patients suffering from chronic diseases such as diabetes, cancer, arthritis, and COPD (chronic obstructive pulmonary disease) require long-term treatment. With the cost of hospital visits and stays has been surging at a fast pace, people are increasingly opting for home healthcare services.
Furthermore, a key factor responsible for the growth in the demand for these services is the steep rise in the elderly population across the globe. This has resulted in increased usage of such home healthcare services. For instance, according to the United Nations data of World Population Prospects for 2019, the number of people over the age of 65 would increase from 9% in 2019 to more than 16% of the total world's population by 2050.
Since old people demand more patient-centric healthcare services, this continuous rise in the aging population is anticipated to drive the market growth of home healthcare services throughout the forecast period. Many countries have still underdeveloped healthcare infrastructure that is not in a position to support better in-patient healthcare services. This is also contributing to the escalating demand for home healthcare services.
The rise in the volume of the target patient pool results in a higher demand for the market fueling the global home healthcare market growth over the forecast period
The advent of COVID-19 had a positive impact on the global home healthcare services market. The recent COVID-19 global pandemic outbreak has caused a sudden rise in the demand for home healthcare services.
Since this virus outbreak has already caused a tremendous strain on the healthcare resources all across the world causing a shortage of many medical types of equipment, providing hospital care at home can reduce the risk of coronavirus transmission, especially for vulnerable patients (aged people and people with serious medical conditions) while preventing emergency department visits and saving resources for COVID-19 patients. Global home healthcare service providers are constantly expanding their customer base with the adoption of various growth strategies.
Moreover, many startups, as well as global hospital chains such as Apollo, are entering this lucrative market, thus further surging the market growth of home healthcare services globally.
The North American region is expected to hold a significant share in the market during the forecast period
North America held a significant market share in 2019 and is projected to remain at its position until the end of the forecast period. The growing prevalence of chronic diseases such as diabetes and cardiovascular diseases is boosting the demand for home healthcare services.
For example, according to the report released by the World Obesity Federation (WOF), more than 10 million adults in Canada are projected to live with obesity in eight years from 2018. The percentage of obese people in the country increased from 23.5% in 2008 to 27% in 2017.
Furthermore, the cost of treating illnesses, including diabetes, caused by obesity will be US$207 billion between 2017 and 2025 in the country. The rapidly growing geriatric population in North American countries is also bolstering the demand for various home healthcare services. For example, as per the data from the World Bank Group, the United States population aged 65 and above has increased from 40,156,009 in 2010 to 51,717,496 by 2018.
In addition to the above-mentioned factors, other factors such as high disposable incomes, ever-rising healthcare costs, and the presence of major home healthcare service providers in these countries will continue to fuel the North American home healthcare services market growth during the forecast period.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Home Healthcare Services Market Analysis, by Service type
5.2. Nursing Care
5.3. Physician/Primary Care
5.4. Hospice & Palliative Care
5.5. Physical Therapy
5.6. Nutritional Support
6. Home Healthcare Services Market Analysis, by Geography
6.2. North America
6.3. South America
6.5. Middle East and Africa
6.5.1. Saudi Arabia
6.6. Asia Pacific
6.6.4. South Korea
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. BAYADA Home Health Care
8.2. HealthCare atHOME
8.3. Interim HealthCare Inc.
8.4. Koninklijke Philips N.V.
8.5. Genesis HealthCare
8.6. VHA HOME HEALTHCARE
8.7. Healthcare at Home Ltd.
8.10. LHC Group, Inc
For more information about this report visit https://www.researchandmarkets.com/r/2ah5zn
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