Home Healthcare Market to Witness Huge Growth by Key Players: Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, F. Hoffmann-La Roche, Amedisys, Kindred at Home, LHC Group

The global home healthcare market is anticipated to grow to USD 274.45 billion by 2027, at a CAGR of about 8.1% during the forecast period 2021-2027. The primary factor for the growth of the home healthcare market is the steep rise in the old age population across the world, technological development such as telehealth, wearable devices, and mobile health applications, and the rise in preference for treatment within homecare settings. Hospital-at-home is one of the fastest-growing trends in various developed countries. Value-based healthcare is another dominant factor contributing to the home healthcare market. In developed and developing economies, the central government is providing either partial or complete coverage for the in-home services like in the US, Medicare reimbursements are favorable in providing value-based healthcare at low cost for patients.

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Home-based care is an alternative to facility-based care, particularly for preventing infection during the COVID-19 pandemic. It has a mixed impact on the home healthcare market.

COVID-19 will have a positive impact on home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. However, disruptions in the supply chain will halt the operations affecting the home healthcare market globally.

In February 2019, Fresenius Medical Care acquired NxStage Medical, helping the company to leverage its manufacturing, supply chain, and marketing competencies across the dialysis products and services, especially in-home dialysis and critical care.

Home care diagnostic is capturing the market revenue and there is a lucrative growth forecast for this sub-segment under the home healthcare products market. Diagnostic equipment is available at homes from basic health care devices such as thermometers and weighs scales to specialized devices such as blood pressure monitors, pulse oximeters, EEGs, EKG devices, etc. Self-monitoring and diagnostic capabilities have led to innovative technologies of e-health and telemedicine with wireless sensors, thus enabling continuous real-time monitoring of patients. Home screening using self-diagnosis kits such as pregnancy test kits, sexually transmitted diseases, and others may increase the frequency of checking as it decreases screening costs and indirect costs and reduce the number of clinic visits.

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North America is anticipated to dominate the home healthcare market on account of advanced technology, healthcare research, high cover insurance plans, and reimbursement schemes. Vendors have introduced medical devices compact with smart connectivity options which can be used along with digital health portals. Factors such as awareness of the home-based facility of healthcare, huge investment in healthcare technology, availability of telehealth services, and highest number of COVID-19 infected patients counts will drive the market growth contributing to its outstanding market share in the global home healthcare market.

Some of the key players operating in the home healthcare market: 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.

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