Home Care - Market Scope
Home care includes any professional support services that allow a person to live safely in their home. In-home care services can help someone who is aging and needs assistance to live independently; is managing chronic health issues; is recovering from a medical setback; or has special needs or a disability. Professional caregivers such as nurses, aides, and therapists provide short-term or long-term care in the home, depending on a person's needs. About 70 % of those using home healthcare services are age 65 and older. In this age group, the most common medical conditions requiring home care are: heart disease, diabetes, and cerebral vascular diseases. Over 1/3 of the persons requiring in-home care are under age 60, availing assistance for rehabilitation, are disabled, or have chronic health conditions, often requiring patient aids for assistance. A majority, 80 %, of those over age 60, choose to live independently, in comfort and with an enhanced quality of life.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | GE Healthcare (United States), Philips Healthcare (Netherlands), Fresenius Se & Co. Kgaa (Germany), Linde Group (Ireland), Roche Holding Ag (Switzerland), A&D Company, Limited (Japan), Abbott Laboratories (United States), Omron Corporation (Japan), Sunrise Medical (United States) and Drive DeVilbiss Healthcare (United States) |
CAGR | 7.3% |
The vendors in this market are majorly focusing on developing innovative solutions & services in order to cater to the market's demands to remain competitive in the market based on the current scenario. The recent industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the market vendors have been witnessing a decrease in the adoption of home care which involves screening assessments and full assessments.
GE Healthcare (United States), Philips Healthcare (Netherlands), Fresenius Se & Co. Kgaa (Germany), Linde Group (Ireland), Roche Holding Ag (Switzerland), A&D Company, Limited (Japan), Abbott Laboratories (United States), Omron Corporation (Japan), Sunrise Medical (United States) and Drive DeVilbiss Healthcare (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Kindred at Home, Amedisys Home Health and Hospice Care, Invacare Corporation, BAYADA Home Health Care, Hamilton Medical, Lincare Holdings Inc and Interim HealthCare Inc.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Home Care - market by Type and Region with country level break-up.
On the basis of geography, the market of Home Care - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
February 2023, Medline Industries acquires Curative, a provider of home-based COVID-19 testing and other healthcare services, for an undisclosed amount.
January 2023, Koninklijke Philips N.V. (Philips) and Teladoc Health, Inc. announce a strategic partnership to integrate remote patient monitoring solutions into the home care environment.
Influencing Trend:
Rising Consumer Preference Towards Home Care Over Institutional Health Care and COVID-19 has Boosted the Adoption of Smart Home Care Services
Market Growth Drivers:
Rising Old Age Population and Increasing Awareness for Remaining at Home for Healthcare Services
Challenges:
Health Accord is Expected to Slowdown the Industry Growth and COVID-19 has led to a Decline in the Adoption of Home Care Services in FY 2020
Restraints:
High Competition in the Market Due to Presence of a Large Number of Players
Opportunities:
Rising Disposable Income of Population Propelling the Investments in Home Care Services
Key Target Audience
Manufacturers, Suppliers, Providers, Distributers and Others