Home healthcare encompasses a wide range of healthcare services provided for managing illnesses at home. Growing support from the government to encourage establishment of home care settings by encouraging the launch of product required for home care settings are the prominent factors supporting the growth of the home healthcare market in North America. Countries such as the UK and Germany have been supporting the hospital-at-home programs that provide flexibility to hospitals to provide patients with hospital-level care in their homes. Moreover, the home care setting industry has experienced a rise due to various product launches, collaborations, and innovations by the market players. Therefore, such strategies by the market players are likely to accelerate the market growth in the coming years. Health systems in European countries are adopting telehealth as a tool to extend care at homes to achieve improved outcomes at reduced costs. This is likely to encourage the introduction of more portable and affordable home healthcare devices. Apart from this, increasing partnerships among service providers is further propelling the growth of the market.
As COVID-19 continues to burden health care institutions, the preference for home-based care is growing at a rapid pace. The COVID-19 pandemic has a mixed impact on the Europe home healthcare market. It is boosting the adoption of home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors. However, many other companies and service providers have experienced decline in sales due to the discontinuation of manufacturing operations and disruption of supply chains. However, this downturn in is expected to continue for a short term, as the business are gradually picking pace post lockdown. Also, increasing collaborative efforts between service providers is offering lucrative opportunities for the market growth. The pandemic has encouraged trends favoring home care as an alternative to frequent hospital visits.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 99,236.36 Million |
| Market Size by 2028 | US$ 176,618.77 Million |
| Global CAGR (2021 - 2028) | 8.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
Home healthcare includes a wide range of healthcare services for illness in homecare settings. The goal of home healthcare is to treat injury and improve health outcomes for the patient. These services are more convenient and less expensive and are efficient for chronic diseases, elderly population, nutrition therapy and serious illness of the patient.
The growth of the market is estimated to grow owing to key driving factors such as, increasing demand for home healthcare due to aging population and increasing prevalence of chronic diseases along with increasing homecare settings across the region.
The dearth of skilled homecare workers and professionals is likely to have a negative impact on the growth of the Europe home healthcare market in the coming years.
The key players in the Europe Home Healthcare market are Fresenius Medical Care AG & Co KGaA, Koninklijke Philips N.V., Sciensus, LINDE, OMRON Corporation, BAYADA Home Health Care, Invacare Corporation, B. Braun Melsungen AG, Mears Group PLC, AIR LIQUIDE SA among others.
The market players in the regional market in constantly involved in product development and innovations as part of their business strategies such as product launch, mergers and acquisitions, partnership, collaboration and others. For instance, in April 2020, Fresenius Medical Care announced that it enhances its home dialysis offering in the company’s Europe, Middle East and Africa (EMEA) region.
Germany held the largest share in the Europe home healthcare market. The growth of the market in this region is primarily due to the rising demand for home healthcare across the country along with a surge in the prevalence of chronic disorders and mobility disorders.