Home Healthcare Market by Product and Service - Global Industry Analysis and Forecast to 2025

Report Code : HC0657

With an increasing number of consumers investing in physical well-being, personal care or home healthcare medical devices are witnessing a huge surge in terms of demand and sales. Reduced service time or shorter hospital stays can considerably reduce the overall expenditure on healthcare by the patients. The traditionally prevalent doctor-patient monitoring system is one of the major cost factors associated with healthcare expenditure adding a huge financial burden on the patients and their families. For instance, after a patient has undergone a surgery, he can be shifted to his home which is a much low cost treatment environment and mobile health devices such as home monitors of different kinds can be used to monitor his health parameters. This can considerably reduce the financial burden on the patients and their families. With the formal healthcare system becoming increasingly stressed, patients are being discharged from healthcare facilities while still needing some amount of care. Home care medical devices prove immensely helpful in such cases where patients can efficiently manage their own health in non-institutional settings.

Medical devices used in home care settings need to be appropriate for the environment in which they are used and for the people using them. These people may be layperson or professional caregivers or the recipients themselves. These people may have distinct cognitive, sensory, physical, and emotional characteristics. Environments may vary in terms of accessibility of utilities, amount of available space, humidity and temperature levels and noise and light levels. All these factors have to be considered in order to ensure that the medical devices are effective and safe for the people receiving home care. The most common home healthcare devices are first aid equipment including thermometers, bandages, heating pads and ace bandages. Users of medical devices in home healthcare are a diverse set of people. Some are professional care-givers such as nurses, physicians, occupational therapists and homecare aides. They are typically associated with homecare organizations or may operate as independent providers. Others are amateur care-givers who may be family members or friends of the patients receiving care. Some recipients may operate the devices themselves.

The key factors responsible for the growth of home healthcare market are the growing geriatric population, increasing cases of chronic disorders, and increased demand for affordable healthcare owing to ever increasing costs of institutional healthcare. According to a 2015 report by World Health Organization, the elderly population over the age of 60 is expected to double by 2050. With increased life expectancy the risk of suffering from chronic diseases also increases considerably. As elder people require more time to recover from an illness, the home healthcare alternative is favorable for providing care to these patients. Also, rising consumer expectations about the convenience of medical treatment have resulted in an increased demand for home care medical devices and equipment. However, factors such as safety concerns related to patients and limited insurance coverage are expected to hamper the growth of home healthcare market.

Developing healthcare devices which can be easily and efficiently operated in home care settings and which ensure patient safety in such environments, holds favorable future prospects for the home healthcare market. With rising demand for effective yet low cost home healthcare devices by the patients, providers are aggressively investing time and resources in product advancement and development.

The key players in the home healthcare market focus on product development aided by technological advancements to develop more sophisticated and patient centric home healthcare products in order to capture a larger share of the market. For instance, in November 2014, Intel-GE Care Innovations, LLC (a joint venture between Intel and General Electric) launched the telehealth technology system Health Harmony. This advanced platform enables clinicians, family care givers, and patients to collaborate in order to improve the level of healthcare being provided to the patient.

Some of the major players in the home healthcare market are Abbott, B. Braun Melsungen AG, Sunrise Medical GmbH, Medtronic plc., 3M Health Care, Cardinal Health Inc., Arcadia Healthcare Solutions, F. Hoffmann-La Roche Ltd., Bayer AG, NxStage Medical, Inc., Amedisys, Inc., ARKRAY Inc., Odyssey Healthcare Inc., Becton Dickinson and Company, and National Healthcare Corporation.

Home Healthcare Market Segmentation:

By Product:

  • Testing, Monitoring and Screening
    • Blood Glucose Monitors
    • Peak Flow Meters
    • Blood Pressure Monitors
    • Fetal Monitoring Devices
    • Pulse Oximeters
    • Sleep Apnea Monitors
    • Heart Rate Monitors
    • HIV Test Kits
    • Holter and Event Monitors
    • Cholesterol Monitoring Devices
    • Coagulation Monitors
    • Home Hemoglobin A1c Test Kits
    • Drug and Alcohol Test Kits
    • Colon Cancer Test Kits
    • Ovulation and Pregnancy Test Kits
    • ECG/EKG Devices
    • Temperature Monitors
    • EEG Devices
    • Pedometers
  • Mobility Assist
  • Crutches
  • Mobility Scooters
  • Canes
  • Wheelchairs
  • Walkers and Rollators
  • Therapeutic
    • Nebulizers
    • Ventilators
    • Oxygen Delivery Systems
    • Wound Care Products
    • IV Equipment
    • Sleep Apnea Therapeutic Devices
    • Insulin Delivery Devices
    • Inhalers
    • Dialysis Equipment
    • Other Therapeutic Products
  • Telehealth
    • Home Telehealth Services
    • Home Telehealth Monitoring Devices
    • Telehealth Software Solutions

By Service:

  • Unskilled Home Care
  • Rehabilitation Services
  • Infusion Therapy Services
  • Telemetry
  • Respiratory Therapy Services

By Region:

  • North America
  • U.S
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of Asia-Pacific
  • Rest of the World
  • Brazil
  • South Africa
  • Saudi Arabia
  • Turkey
  • United Arab Emirates
  • Others

Research Methodology

We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.

Data Mining

Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.

Data Collection Matrix

Data Collection Matrix

Supply Side

Demand Side

Primary Data Sources

  • Manufacturers
  • Distributors & Wholesalers
  • GPOs
  • Physicians/Specialist
  • Healthcare Providers
  • Consumers

Secondary Data Sources

  • Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
  • Government/Associations Publications
  • Case Studies
  • Reference Customers

 

Market Modeling and Forecasting

We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.

  • Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
  • Number of patients for particular device or medical procedure and
  • Repeated use of particular device depending on health and condition of patient
  • Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.

We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.

Data Validation

We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.

Data Triangulation

Industry Analysis

Qualitative Data

Quantitative Data (2017-2025)

  • Market Dynamics (Drivers, Restraints, and Challenges)
  • Industry Trend Analysis
  • Market Opportunities
  • Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
  • Porter’s Five Forces and PESTLE Analysis
  • Key Developments and Competitive Landscape
  • Market Assessment and Forecast
  • Market Assessment and Forecast, By Product
  • Market Assessment and Forecast, By Technology
  • Market Assessment and Forecast, By Application
  • Market Assessment and Forecast, By End User
  • Market Assessment and Forecast, By Region/Country

Licesnces Type

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