Home Healthcare Market Growth: Key Drivers and Strategies

The global home
healthcare market is poised to achieve significant growth, expected to
soar to USD 383.0 Billion by 2028 from USD 250.0 Billion in 2023, indicating a
robust CAGR of 8.9% during the forecast period. This growth trajectory is
primarily propelled by the expanding elderly population and the increasing
prevalence of chronic ailments.

Key Market Players:

Leading players in the market include Fresenius SE & Co.
KGaA (Germany), Abbott (US), GE HealthCare (US), Koninklijke Philips N.V.
(Netherlands), ResMed, Inc. (US), among others. These key industry participants
are strategically employing various tactics to steer the global growth
trajectory of the home healthcare sector.

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Fresenius SE & Co. KGaA (Germany):

Fresenius SE & Co. KGaA (Germany) secured the top
position in the home healthcare market in 2022, commanding a 4.7% market share.
The company has cemented its leading status through robust distribution
networks spanning North America, Europe, Latin America, Asia Pacific, and
Africa. Fresenius boasts both direct and indirect distribution channels
globally and pursues a blend of organic and inorganic growth strategies.
Notably, the company expanded its home hemodialysis product offerings in
Europe, the Middle East, and Africa in May 2020. Additionally, in August 2022,
Fresenius acquired InterWell Health Brand (US), augmenting its expertise in
kidney care value-based contracting and performance.

Abbott (US):

Abbott (US) captured a 3.9% share of the home healthcare
market in 2022, leveraging its expanding global sales and distribution network.
The company prioritizes research and development endeavors to develop and
produce innovative products, enhancing its competitive edge. Abbott's
substantial investments in R&D fortify its product portfolio and
distribution strategies, positioning it favorably for future growth. Moreover,
Abbott pursues strategic acquisitions to bolster its market presence, exemplified
by its collaboration with Insulet Corporation (US) in June 2020 to integrate
Abbott's CGM technology with Insulet’s Omnipod Horizon Automated Insulin
Delivery System, providing tailored automated insulin delivery and care
solutions for individuals with diabetes.

Global Home Healthcare Manufacturers:

Prominent manufacturers in the home healthcare industry
include Philips Healthcare (Netherlands), Medtronic plc (Ireland), Omron
Healthcare, Inc. (Japan), Fisher & Paykel Healthcare Limited (New Zealand),
Bayer AG (Germany), Roche Diagnostics (Switzerland), Becton, Dickinson and
Company (BD) (United States), among others. These companies specialize in
offering a diverse array of home healthcare products and solutions, spanning
medical devices, monitoring equipment, diagnostic tools, and other tailored
healthcare products for home use.

Philips Healthcare (Netherlands):

Philips Healthcare leads the global home healthcare
solutions market, offering an extensive range of medical devices and equipment
designed to facilitate at-home health management. From sleep apnea therapy
devices to remote patient monitoring solutions, Philips' innovative offerings
empower individuals to monitor and manage their health conditions conveniently.

Medtronic plc (Ireland):

Renowned for its medical technologies and solutions,
Medtronic plc provides a wide array of home healthcare products aimed at
enhancing patient outcomes and quality of life. With a focus on innovation and
patient-centricity, Medtronic's portfolio includes insulin pumps, continuous
glucose monitoring systems, and other devices tailored for managing chronic
conditions at home.

Omron Healthcare, Inc. (Japan):

A leading manufacturer of home healthcare devices, Omron
Healthcare, Inc. emphasizes wellness promotion and disease prevention. Its
product lineup encompasses blood pressure monitors, nebulizers, thermometers,
and activity trackers, empowering individuals to monitor vital health
parameters and make informed decisions about their health.

Fisher & Paykel Healthcare Limited (New Zealand):

Specializing in respiratory care products and sleep apnea
therapy devices, Fisher & Paykel Healthcare Limited prioritizes patient
comfort and compliance. Its offerings include humidification systems, nasal
masks, and CPAP devices, tailored to meet diverse patient needs worldwide.

Bayer AG (Germany), Roche Diagnostics (Switzerland),
Becton, Dickinson and Company (BD) (United States):

These global healthcare giants offer a wide range of
consumer health products and medical devices for home use, spanning blood
glucose meters, self-testing kits, insulin syringes, pen needles, lancets, and
more, empowering individuals to manage their health conditions effectively at
home.