Home-Based Point of Care Market: Current Analysis and Forecast (2021-2027)

Report Description

Home-based point of care acceptance moved the delivery of healthcare from an office to the patient’s home as it provides patient-centered care at their homes. Home-based point of care are used as an alternative way for organizing and delivering care that may better address the needs, values, and preferences of chronically ill, fragile, and physically or cognitively disabled patients who have difficulty in accessing office-based primary care or other models of care that require office visits. According to the Home Healthcare News in 2020, the Medical Advantage plans cover non-medical, in-home support, and services. The flourishing new opportunity for home-based point of care providers to participate in Medical Advantage, serves 34% of all Medicare beneficiaries, with 22 million total enrollees. This shows the interest of other medical organizations in the home-based point of care market. Also, Amazon in march 2021, reveals their national expansion plans of an in-home care platform called “Amazon Care” which will provide on-demand health care service at patient’s homes.

Moreover, increasing technological advancement like remote patient monitoring and telehealth in home-based point of care services is likely to be a factor for the tremendous growth of the market. Also, the healthcare cost curve and excessive health expenditure have been reduced due to home-based point of care services. As, the researchers at the “Cleveland Clinic” in the United States determined that the use of home-based point of care services following inpatient care decreased the number of follow-ups, and hospital readmissions, saving nearly USD 6,500 per patient over a year. Likewise, according to the Centers for Medicare & Medicaid Services (CMS) in 2020, estimates that the home health care in Medicare saves at least USD 378 million a year through diminished hospitalizations, based on the nine states participating in the Home Health Value-Based Purchasing (HHVBP). Value-based care arrangements link quality, outcomes, safety, and other measures directly to reimbursements. This demand for patient-centric healthcare services at homes, in return, increases the requirement for healthcare workers and agencies and is anticipated as a driving factor for the market growth.

Timeline of the US Virtual Care Deal Activity In Health Tech, 2014 to 2020, (USD Billion)

Siemens Healthineers, Abbott Laboratories, Danaher Corporation, Johnson & Johnson, Nova Biomedical, F. Hoffmann-La Roche AG, Trinity Biotech, Qiagen, Becton Dickinson (BD), Biomerieux SA are some of the prominent players operating in the global Home-Based Point of Care market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Products, Diabetic care unit of diagnostic segment holds the major share”

Based on the Products, the market is fragmented Therapeutic, Diagnostic, and Mobility Assist.  The Diabetic care unit in the diagnostic segment is anticipated to observe lucrative due to the success of hand-held glucose meters, owing to their high acceptance rate among the population across the world.

“Amongst Services, Nursing care segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on the Services, the market is bifurcated into Physician/Primary Care, Nursing Care, Physical/Occupational/Speech Therapy, Nutritional Support, Hospice & Palliative Care, Other skilled Home Care Services, and Unskilled Home-Based Care. The Nursing care Segment grabbed the major market due to the increase in chronic diseases and geriatric population worldwide.

“Amongst Purpose, Chronic Diseases segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on the purpose, the market is bifurcated into Chronic Diseases, Infectious Diseases, Psychological Diseases, Geriatric Diseases, Paediatric Diseases, Fertility Treatments & Pregnancy, Intensive & Critical Care, Injuries & Accidental Deformity, Nutrition & General Consultancy, and Others. The Chronic Diseases sector grabbed the major market due to the growing number of patients suffering from chronic or acute diseases like urinary incontinence or end-stage renal disease (ESRD) which demand advanced devices for their treatment.

“Amongst Types, the Home-based Software Solutions segment holds the major share”

Based on the types, the market is bifurcated into Home-Based Healthcare Monitoring, Home-Based Healthcare Services, and Home-Based Healthcare Software Solutions. The Home-based Software Solutions sector grabbed the major market as it offers a solution to reorganize operations, thereby helping companies keep well-informed of regulatory and guideline changes and improve patient care.

“North America signifies one of the largest markets of Home-Based Point of Care Market”

For a better understanding of the market dynamics of the Home-Based Point of Care market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Rest of World. North America constitutes a major market for the Home-Based Point of Care industry and generated the maximum revenue in 2020 owing to the presence of key companies and healthcare infrastructure with the highest spendings on healthcare.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Home-Based Point of Care Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Home-Based Point of Care Market were the three major steps undertaken to create and analyze the adoption of Home-Based Point of Care in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Home-Based Point of Care sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Home-Based Point of Care through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Home-Based Point of Care market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Products, Services, Purpose, and Types. Further country-level analyses were conducted to evaluate the overall adoption of Home-Based Point of Care in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Home-Based Point of Care. Further, we conducted factor analysis using dependent and independent variables such as growing incidents of chronic disease and increasing geriatric population needs to expand access to home-based healthcare services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Home-Based Point of Care industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Home-Based Point of Care market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Home-Based Point of Care across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Home-Based Point of Care market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Home-Based Point of Care market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Service, Specialty, Delivery mode, Modality, and end-user of the Home-Based Point of Care market.

Main Objective of the Home-Based Point of Care Market Study

The current & future market trends of Home-Based Point of Care were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Home-Based Point of Care in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Products, Services, Purpose, and Types
• Define and analysis of the regulatory framework for the Home-Based Point of Care industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Home-Based Point of Care market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of World
• Company profiles of the Home-Based Point of Care market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry