The home healthcare services category is expected to grow at a CAGR of 7.96% from 2023 to 2030. It is anticipated to be driven by factors such as the aging population, increasing incidence of orthopaedic disorders as well as target diseases like dementia and Alzheimer's. In addition, the global category is also being influenced by the rising disposable income of individuals and increasing awareness about home care facilities. The elderly and bedridden patients choose home healthcare services and products in order to prevent readmissions to the hospital and have a greater rate of recovery than in-hospital treatment. Furthermore, the global home healthcare services category is bifurcated into skilled services (offered by healthcare professionals) and unskilled services (offered by daily living aid).
Technological developments in the home healthcare sector are anticipated to fuel the growth of this category. For instance, active home telemonitoring equipment can help in gathering vital signs and symptoms in order to assist the service provider. Likewise, wearable technologies are being deployed for the home care patients which enables service providers with personalized insights and real-time data collection. Wearables are also helpful for remote patient monitoring (RPM) objectives because they encourage proactive health care and make early intervention easier. Also, they provide advantages including increased accuracy, mobility, and comfort.
The category for home healthcare services is moderately fragmented due to the presence of several global and regional market players. In addition, it is predicted that the consolidation efforts made by global corporations would intensify rivalry between new and regional market entrants. Players in the market employ a strategy to broaden their service and product lines and provide their clients with a variety of new solutions. They frequently use tactics like product launches to draw in additional customers. Since the competition in the industry is high, the players possess low negotiation capability as the customers can easily switch to a better option depending on the pricing, the type of service, and the product being offered.
Order your copy of the Home Healthcare Services Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Cost of healthcare equipment, fee paid to healthcare personnel, medicines expenses, and other overhead costs are the major key cost components of this category. Businesses generally use a fixed or hourly pricing model for the services rendered to the clients. The cost incurred in the home healthcare service varies by different factors. Services tend to cost more in regions where housing is more expensive. The price may vary depending upon the fact whether the agency is based out of urban or rural setting. Rural areas occasionally lack services, so the few agencies that do provide them are likely to have higher fees. In addition, the cost of services also depends on the minimum wage in a state. The agencies may add a fee to the hourly cost of care in order to cover their overhead expenses, which include paying administrative staff wages and providing healthcare to all employees.
North America dominates the global home healthcare services category, holding 42.7% of the market share. The industry in the region is being driven by rising demand for better healthcare services, shortage of physicians, increased spending in healthcare, prevalence of lifestyle and chronic diseases, and rising adoption of sophisticated healthcare technologies. In addition, governments in the region are promoting home healthcare with the objective of curbing healthcare expenses through a number of initiatives. In addition, North America is followed by Asia-Pacific as the fastest-growing region due to inefficient hospital infrastructure, high costs of inpatient care, and the rise of chronic illnesses that demand long-term treatment. Furthermore, ensuring the service provider serves the required location and is available round the clock, evaluating if the service provider meets the need of the patient, assessing the credibility of the supplier in terms of possessing valid certificates, and negotiating prices & terms with service provider are some of the best sourcing practices considered in this category.
Home Healthcare Services Procurement Intelligence Report Scope
• Home Healthcare Services Category Growth Rate: CAGR of 7.96% from 2023 to 2030
• Pricing Growth Outlook: 5% - 10% (Annually)
• Pricing Models: Fixed pricing, Hourly pricing
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier Selection Criteria: Years in service, geographic service provision, certifications, home care services, home technology installation, oxygen/respiratory support, patient transport, pharmacy services, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Browse through Grand View Research’s collection of procurement intelligence studies:
• Enterprise Routers & Switches Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Fixed Line Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Key Companies Profiled
• Addus HomeCare
• Almost Family, LLC
• Brookdale Senior Living Inc.
• Diversicare Healthcare Services Inc.
• Extendicare Inc.
• Healthcare, Inc.
• Gentiva
• Home Instead, Inc.
• LifePoint Health, Inc.
• Medco Home Health Care Inc.
• National HealthCare Corporation
• Sunrise North Senior Living Ltd.
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
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