The Global Home Healthcare Market was $300.4 Bn in 2019, and it is expected to reach $658.12 Bn by 2026. It is eventually growing at a commendably high compound annual growth rate CAGR of 12.5% between 2020-2026. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The increasing geriatric population, growing chronic diseases among people, and surging demand for cost efficient healthcare system are some of the major factors driving the market growth of home healthcare market. Additionally, technological advancement, rapid R&D and government initiatives for promoting home healthcare system may also trigger the home healthcare market growth in the future forecast.
In term of Services, Global Skilled Nursing Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Home Healthcare Market has been segmented into type, product, services, software, and region. By type, the global home healthcare market is divided into home telehealth monitoring, home telehealth services, and telehealth software solutions. By product, the global home healthcare market is divided into diagnostic, therapeutic, and mobility care. By services, global home healthcare market is divided into rehabilitation, infusion therapy, unskilled care, respiratory therapy, pregnancy care, skilled nursing, telemetry, hospice and palliative care. By software, the global home healthcare market is divided into agency software, clinical management systems, and hospice solutions. The mobility care segment is expected to register highest CAGR due to increasing geriatric population, and surging demand for personal independence.
By Region, North America is Holding the Major Market Share
The global Home Healthcare Market has been geographically segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa region. In addition to this, North America patient monitoring devices market is holding the largest market share currently and is estimated to show the steady compound annual growth rate in the upcoming forecast period due factors such as increasing geriatric population in the region. Furthermore, the presence of highly developed healthcare infrastructure and high individual spending on healthcare are projected to fuel the market growth in the North America. Asia-Pacific home healthcare market is estimated to be fastest growing market for home healthcare system. Increasing adoption of technology, growing home healthcare companies in this region, rising awareness of home healthcare, and surging need for cost efficient healthcare systems are some of the factors that may drive the market in Asia Pacific region. These reasons are expected to positively influence the market growth during the forecasted period.
Major Players in Global Home Healthcare Market
Some of the key players in the global Home Healthcare Market include Philips Healthcare, Kindred Healthcare, Linde Group, Almost Family Inc., Abbott Laboratories, Amedisys, Fresenius, Omron, McKesson, BAYADA Home Health Care, Kinnser Software, Inc., and Hoffmann-La Roche AG, Medtronic PLC, Bayer AG, 3M Health Care, Dickinson and Company, and Cardinal Health Inc.
Global Home Healthcare Market Has Been Segmented Into:
Global Home Healthcare Market: By Type
Global Home Healthcare Market: By Product
Global Home Healthcare Market: By Services
Global Home Healthcare Market: By Software
Global Home Healthcare Market: By Region