Germany Home Healthcare Market Size To Grow At A CAGR Of 5.80% In The Forecast Period Of 2023-2028
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market (2021): USD 3.32 billion
• Forecast CAGR (2023-2028): 5.80%
• Forecast Market (2027): USD 4.65 billion
People who are in the need of care prefer to be at the comfort of their own home and in a familiar environment as opposed to moving into a hospital or nursing home. This is called outpatient care or home care.
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An unprecedented accident or critical illness can typically lead to people of all ages seeking healthcare which can include changing of dressings, wound care, injections, and sterilisation of instruments as well as patients' aftercare. Further, inevitable old age also promotes the demand for home healthcare facilities. Need for home healthcare spans across regions, resulting in a stable demand for the Germany home healthcare market.
Provision of compassionate, reliable, and excellent home healthcare with professionals capable of delivering many disciplines of care is an important aspect to support the growth of the German home healthcare market. Therefore, service providers have deployed certified geriatric nurses as well as nurses in collaboration with attending physicians to provide proper facility of home healthcare in Germany.
The advantage of accessing high quality care while living safely at home drives the Germany home healthcare market demand. Further, the fact that assistance may be required for entire 24 hours, which can be due to the mental and physical limitations of relatives, justifies the need for options of organised full-time care from service providers.
Germany Home Healthcare Industry Definition and Major Segments
Home healthcare refers to different inexpensive, convenient, and effective services such as intravenous therapy, nutrition therapy, injection, wound care, and monitoring of serious illnesses. It is given to patients in their home instead of a hospital or a nursing facility. Professional care givers, like nurses, aides, or therapists help in managing a chronic disease or recovery from a medical setback, among others, while allowing the patient to stay at home.
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On the basis of product, the market is segmented into:
Traditional Wound Dressings
Negative Pressure Wound Therapy
Advanced Wound Dressings
Briefs and Diapers
Underpads and Liners
Catheters and Bags
Ostomy Care Bags
Based on services, the Germany home healthcare market is categorised into:
• Respiratory Therapy Services
• Infusion Therapy Services
• Rehabilitation Service
Germany Home Healthcare Market Trends
International home healthcare providers are looking forward to building their presence in the Germany home healthcare market through acquisitions, integrations, and partnerships or cooperations. Every German citizen is covered by a health insurance scheme, either statutory or private, with most of the people holding statutory health insurance.
Apart from making health insurance contributions, every person automatically pays a certain amount that goes to the nursing care fund. Under statutory health insurance, users are automatically included in nursing care insurance while under the private scheme a separate application needs to be given. Health insurance companies in the Germany home healthcare market, through their nursing care advisors, provide advice at no cost.
If a person needs support in taking care of themselves, permanently or for a minimum of six months, they are entitled to receive nursing care in Germany and the nursing care insurance can be used as a financial aid. This care includes outpatient, among other formats. Outpatient nursing can be provided at the patient's home daily or multiple times a week in the form of home healthcare in which professionals cater to their every need.
The country's growing geriatric population is aiding the demand for daily home-based care. Further, the demand for home mechanical ventilation among the surging number of people suffering from chronic respiratory failures is substantially adding to the growth of the home healthcare market in Germany.
Key Market Players
The major players in the germany home healthcare market report are:
• Smith & Nephew plc
• Knight Health Holdings, LLC
• Mölnlycke Health Care AB
• ConvaTec Group PLC
• Hollister Incorporated
• Medline Industries, LP
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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