The newly launched report by Stratview Research, titled ‘Home Healthcare Services Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026’ has been bifurcated By Service Type (Medical Care, Non-Medical Care, and Combination), By Application (Therapeutic, Diagnostic Monitoring, and Others), By Region (North America, Europe, Asia-Pacific and ROW).
According to the report The home healthcare services market is likely to witness an impressive CAGR of 8% during the forecast period.
Some of the factors bolstering the growth of the market are-
- growing global geriatric population along with rising interest of older people to live independently at their own homes
- increasing cases of chronic diseases and reducing mobility among seniors which is increasing the need of specialized care services for them,etc.
The services provided by the home healthcare providers are more beneficial than the services provided in nursing care facilities, hospitals and other living facilities. The benefits offered by them are - customized and specialized care services, assistance to seniors in using connected healthcare services and reduction in the cost of care by reducing hospital stays. Such benefits along with tremendous growth in connected healthcare service market is creating a high demand and growth in the global home healthcare services market.
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Market Segmentation Analysis -
Based on the service type, the home healthcare service market is broadly classified as medical care, non-medical care and both medical and non-medical care in combination. The medical care services which can be defined as the services related to health and medical condition of the patient or client, majorly include skilled nursing services, physical therapy, speech therapy, infusion therapy, psychiatric care, medication management, and assistance in rehabilitations. Whereas, non-medical services majorly include preparing meals, housekeeping, and assisting clients in doing other daily activities. The client who requires both medical care and non-medical care services are included under the third segment which is the combination of both.
By identifying the type of services required by the clients, the home healthcare services market is segmented on the basis of nature of application of services as therapeutic services, diagnostic monitoring services, and others. The therapeutic segment led the market in 2018.
In terms of regions, the North America remained dominant in the home healthcare services market in 2018. The USA is the largest market for home healthcare services. The country’s position in the market is attributed to the high growth of geriatric population owing to the highest proportion of citizens belonging to baby boomer’s generation along with rising demand among seniors to live at their homes. Changing healthcare policies in the USA such as inclusion of non-skilled in-home care in Medicare Advantage program from 2019 is rejuvenating the market for home health care services in the USA. The significant advantages of the home healthcare service such as reduction in cost of hospital bills, are driving high growth in the market in the European region as well.
The following are the key players in the market-
- Amedisys, Inc.
- American Homepatient
- ATC Healthcare Inc.
- Chemed Corporation
- CVS Health Corporation
- LHC Group, Inc.
- Kindred Healthcare
- Koninklijke Philips N.V
- The Blackstone Group L.P.
Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.
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