Projected to reach global market revenues of over US$ 4 Bn by the end of 2030, home healthcare continues to receive a strong impetus from a shifting preference for a value-based healthcare delivery model. Expensive hospital stays, coupled with evolving patient expectations and advancing technologies, are putting immense pressure on healthcare systems to reimagine the way healthcare is delivered over the years. Home-based primary care and hospital-at-home care will continue to make significant strides in the near future, according to a new Future Market Insights (FMI) study on the global home healthcare market.
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However, adoption of home healthcare products and solutions has been on a slight decline since Q1 2020 due to evolving priorities of industry amid the global outbreak of COVID-19. Nationwide lockdowns, shutdown of production units, and considerable alternations in supply chains are currently challenging the progress of home healthcare market. The market is however set for a rapid rebound post the containment of coronavirus.
As per the Bureau of Labor Statistics, increasing workforce pertaining to healthcare services translates to rising need for personal healthcare and home health aides will outperform the capital performance of the healthcare sector, with over 4 million jobs in the homecare sector alone.
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Key Takeaways of Home Healthcare Market Study
- Prevalence of chronic diseases, especially among the geriatric population, is opening a broad array of opportunities for home healthcare companies.
- Infusion pumps would remain preferred among various home healthcare products such as pressure relief devices; ostomy drainage bags to follow closely.
- Stoma care would be the prominent application area in home healthcare market; key players to invest in IV medication.
- North America and Europe continue to offer opportunities of growth and profitability, owing to strong presence of leading players and rising adoption of home healthcare services.
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Leading Manufacturers Capitalize on Product Portfolio Expansion and Distributional Partnerships
A majority of companies are focused on development of innovative home healthcare. Several prominent players are investing in expansion of their product portfolio thorough acquisitions in order to extend their geographical reach. For instance, the famous BD and C.R. Bard merger gave rise to a new global healthcare leader. With an aim to expand operations in the UK, Medline had announced opening of its new warehouse in the UK, in 2018. Some of the prominent players in home healthcare industry that are profiled in the FMI report, include Coloplast A/S, Baxter International Inc, B. Braun Melsungen AG, Hollister Incorporated, ConvaTec Group Plc, Medtronic plc., and Becton Dickinson and Co.