The global home healthcare market is growing at a significant pace i.e., at 8.1 CAGR during 2021-2027 owing to robust growth in the geriatric population, increasing incidences of chronic diseases, rising demand for cost-effective healthcare delivery, technological development in-home care devices. Nevertheless, the rising prominence of telehealth and untapped emerging regions will create opportunities for players in the home healthcare market.

The COVID-19 outbreak has shifted the trend from hospital care to home healthcare, as a result, the demand for home healthcare equipment is expected to increase, thereby creating opportunities for regional and multinational medical device manufacturers.

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Based on the product, the diagnostic equipment is anticipated to have a significant share during the forecast period owing to the increasing incidences of chronic diseases like diabetes, arthritis, cardiopulmonary, and cardiovascular conditions. This requires continuous monitoring for effective treatment. There are technological developments related to the launching of self-monitoring products like multi-parameter diagnostic monitors, home pregnancy, and fertility kits., thereby increasing the demand for diagnostic equipment over the forecast period. Based on services, skilled nursing care services dominate the market owing as it offers a convenient solution and increased medical expenditure while staying at hospitals.

North America dominates the home healthcare market owing to the rising incidences of infectious diseases like coronary heart diseases, respiratory disorders, and diabetes, increasing geriatric population, growth in baby boomers, thus requiring effective treatment and managing the healthcare costs without facing financial penalties. Also, the presence of major industry players in the United States and the launch of new wearable patient monitoring devices, and the increased approvals by the USFDA, are anticipated to drive the home healthcare market.

In 2021, Amedisys Inc. plans to acquire hospital-at-home pioneer Contessa Health for $250 million. The strategic benefits include an unprecedented range of in-home care capabilities, adding acute-level care to its existing mix of home health, hospice, and personal care services. In addition to expanding the continuity of home care, Contessa has a turnkey partnership with a reputable healthcare system and a wealth of experience in the risky world that Amedisys has long prioritized.

The prominent players in the home healthcare industry include Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, F. Hoffmann-La Roche Ltd, Amedisys, Kindred at Home, LHC Group, Inc., A&D Company, Limited, BAYADA Home Health Care, Abbott, OMRON Corporation.

Source: VynZ Research