Chronic diseases such as diabetes, cardiac disorder, and respiratory diseases are major health concerns worldwide. Home healthcare devices and services help in the diagnosis and mitigation of these diseases.
Statistics:
The global home healthcare market is estimated to account for US$ 525,833.3 Mn in terms of value by the end of 2027.
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Global Home Healthcare Market: Drivers
Increasing prevalence of chronic diseases is expected to propel growth of the global home healthcare market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, increasing geriatric population is also expected to aid in growth of the global home healthcare market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global home healthcare market in 2019, accounting for 35.7% share in terms of value, followed by Europe and Asia Pacific, respectively.
Global Home Healthcare Market: Restraints
Home medical devices may lead to fatal health disorders and also misguide treatment therapy, which is expected to hinder growth of the global home healthcare market.
Moreover, low accuracy of home healthcare devices is also expected to limit growth of the market.
Global Home Healthcare Market: Opportunities 
Availability of portable medical microcarts is expected to offer lucrative growth opportunities for players in the global home healthcare market. For instance, in July 2019, Henry Schein Medical, Medpod, and Uber Health collaborated to allow physicians to order portable medical microcarts to be driven to patients' homes for remote examinations.
Moreover, reimbursements for home healthcare devices is also expected to aid in growth of the market. For instance, in July 2020, the Centers for Medicare & Medicaid Services, U.S., put forward a proposed rule, under which home-based dialysis equipment and supplies for patients with end state kidney disease would be eligible for additional Medicare reimbursements.
Statistics:
The global home healthcare market was valued at US$ 279,541.7 Mn in 2019 and is forecast to reach a value of US$ 525,833.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.
Market Trends/Key Takeaways
Major players in the global home healthcare market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted Class II clearance for Current Health’s Artificial Intelligence (AI)-based wearable remote patient monitoring platform (RPM), for post-acute care in hospital and home care setting.
Major players in the global home healthcare market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2020, AdaptHealth, the U.S.-based home medical equipment provider, acquired the Patient Care Solutions (PCS) business of McKesson, which added urological and ostomy products to AdaptHealth’s home medical equipment product portfolio.
Global Home Healthcare Market: Competitive Landscape
Major players operating in the global home healthcare market include, 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum (United Healthcare), Outset Medical, and Regeneron Pharmaceuticals, Inc.
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Global Home Healthcare Market: Key Developments
Major players in the global home healthcare market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2020, Outset Medical received the U.S. Food and Drug Administration clearance for patient use in the home with its Tablo hemodialysis system.
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