Over the course of the projected period, rising chronic disease prevalence is anticipated to drive market growth for home healthcare globally. Additionally, it is anticipated that an aging population would contribute to the expansion of the global home healthcare industry. For instance, the U.S. Census Bureau projects that by 2034, there will be 77 million elderly people living in the country. Portable medical microcarts are anticipated to provide companies in the global home healthcare market with lucrative growth prospects. For instance, Henry Schein Medical, Medpod, and Uber Health worked together in July 2019 to enable doctors to order mobile medical microcarts to be delivered to patients' homes for remote examinations. Additionally, it is anticipated that payments for home healthcare equipment will support market expansion. For instance, the Centers for Medicare & Medicaid Services, U.S., presented a proposed regulation in July 2020 under which patients with end-stage kidney disease would be eligible for enhanced Medicare reimbursements for home-based dialysis supplies and equipment.
Coherent Market Insights projects that with a projected CAGR of 8.2% from 2020 to 2027, the global market for Home Healthcare, which was valued at US$ 279,541.7 Mn in 2019, is expected to reach US$ 525,833.3 Mn in value.
Top Companies in the Home Healthcare Industry:
1. 3M
The company was founded in the United States in 1902, with its headquarters in Saint Paul, Minnesota. The business operates in the industries of manufacturing, consumer goods, healthcare, and employee safety. In December 2021, 3M announced that Neogen, a provider of products for animal healthcare and food testing, will be integrated into its processes for food safety.
2.Baxter international Inc.
The company was founded in 1931 and is based in Illinois, United States. The business creates, produces, and sells goods and technologies for treating renal illness, trauma, immunological disorders, infectious diseases, haemophilia, and other acute and chronic medical ailments. The purchase of Hill-rom by Baxter for $12.4 billion was announced in September 2021.For $12.5 billion, the purchase was finalised in December 2021.
3. Johnson & Johnson Services, Inc.
The company was established in 1886 and has its main office in New Brunswick, New Jersey. In addition to consumer packaged goods, the company also creates medical devices and drugs. Johnson & Johnson paid $6.5 billion to purchase Momenta Pharmaceuticals in November 2020. Johnson & Johnson declared in November 2022 that it will pay $16.6 billion to buy Abiomed Inc. On December 22, the deal became final.
4. GE Healthcare
The firm was founded in 1892 and is based in Boston, Massachusetts, United States. A global leader in financial services and technology, General Electric Company. The company offers a range of goods and services, from industrial goods to medical imaging, corporate and consumer financing, water treatment, and home appliances. To increase the global availability of HA gas turbine services, GE will expand the scope of its Singapore repair centre in June 2023.
5. F. Hoffmann-La Roche Ltd.
The company was founded in 1896 and has its headquarters in Basel, Switzerland. The business provides cancer and transplant drugs, as well as in-vitro diagnostics. Roche declared in March 2021 that it would buy GenMark Diagnostics for $1.8 billion. In September 2021, the business revealed that it would buy the German biotech firm TIB Molbiol in order to grow its molecular diagnostics division.
6. Abbott Laboratories
The company was started in 1888 and is based in Chicago, Illinois, United States. The business finds, creates, produces, and markets a diverse range of healthcare goods and services. Pharmaceuticals, nutritional, diagnostic, and vascular items are among the offerings of the company. Lingo, a series of consumer bio wearable sensors that collects a variety of biological measurements to optimise exercise and dietary plans, was released by Abbott in January 2022.
7. Bayer AG
The company was started in 1863 and is based in Leverkusen, Germany. Bayer AG manufactures and sells agricultural and medical products. The business announced its plans to purchase PSMA Therapeutics Inc. and Noria Therapeutics Inc. in June 2021. For $425 million, Bayer announced in August 2020 that it had purchased KaNDy Therapeutics Ltd, bolstering its female healthcare division.
More Insights : Long Term Care Industry
Definition: A cost-effective method of providing high-quality care in the comfort of the patient's home is through home health care. Based on the client's diagnosis, home health nurses build care plans to fulfil goals.
