Russia Home Healthcare Market Analysis

Russia Home Healthcare Market Analysis


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Russia's home healthcare market was valued at $5.91 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.93% from 2022-30 and will reach $10.88 Bn in 2030. One of the main reasons propelling the growth of this market is an increase in chronic diseases and the aging population. The market is segmented by services and products. Some key players in this market are St Sergius, Elderly care, Care Assistant, Russian Elderly care, Home care, Brethren home community service, and others

ID: IN10RUHS010 CATEGORY: Healthcare Services GEOGRAPHY: Russia AUTHOR: Nandini Shah

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Russia Home Healthcare Market Executive Summary

Russia's home healthcare market was valued at $5.91 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.93% from 2022-30 and will reach $10.88 Bn in 2030. On the Legatum Prosperity Index in 2021, Russia was ranked 70th overall. This ranking was based on the country's market accessibility, economic strength, infrastructure, and educational attainment. To ensure continuous drug supplies and avoid shortages in the domestic market, the Russian government authorized a series of measures in 2020. The rise of the Russian healthcare industry is attributed to the government's initiatives to expand the domestic pharmaceutical market, changes in regulatory requirements, and an increase in the number of elderly people.

Compared to an average of $79 for home-based care, the average monthly cost per person in a nursing home is $472, and the average monthly cost per person in a psychoneurological institution (PNI) is $460. The Russian government is collaborating with nonprofit organizations to improve and expand the provision of home-based services in pilot programs in 24 areas with the ultimate goal of implementing these reforms nationally. The federal government has allocated $24.8 million from the federal budget each year from 2021 to 2023 for this project and associated ones.

russia home healthcare market analysis

Market Dynamics

Market Growth Drivers

The need for home healthcare services has increased as a result of the development in chronic conditions like diabetes, heart disease, and respiratory issues. Also, individuals in Russia are becoming more aware of and prepared to pay for home healthcare services. With the development of medical technology, home healthcare services have become better and easier to get because to innovations like telemedicine, remote monitoring, and wearable technology. Technology advancements have made healthcare equipment more mobile, user-friendly, and useful for patients who are at home or on the go. The implementation of new technology in this industry has greatly improved the current flow of communication between patients and providers, enabling better, faster, and more effective care. The Russian government has been supporting the market for home healthcare through tax breaks, financial aid, and assistance for independent home healthcare providers. Also, individuals in Russia are becoming more aware of and prepared to pay for home healthcare services.

Market Restraints

Insufficient funding from the Russian government prevents certain elderly citizens from being able to live independent and respectable lives, according to a statement released today by Human Rights Watch. The funding and delivery of these services appear to be insufficient to satisfy the needs of older people in Russia, despite legal reform to improve them. Instead of protecting their right to live where and with whom they choose within their community, inadequate services may force elderly people to reside in nursing homes or other institutional settings.

Competitive Landscape

Key Players

  • St Sergius
  • Elderly care
  • Care Assistant
  • Russian Elderly care
  • Home care
  • Brethren home community service
  • Interim Healthcare of Dayton

Healthcare Policies and Regulatory Landscape

Russia has made progress in improving services for senior citizens as a result of its aging population. A law ensuring older people's access to a wider choice of home services was passed in Russia in 2013. Personal support aid such as grocery delivery, bill paying, meal preparation, personal cleanliness, or medical, emergency, or mental health services are examples of services. According to the law, which went into effect in 2015, services should be customized to meet each person's needs in order to help seniors "stay in a familiar and good living environment."

Regional governments are mandated by law to handle home-based service finance and delivery. Experts and campaigners claimed that the 2013 law was ineffectual since monies were frequently insufficient to address the actual need for home assistance. Even though comprehensive services may be allowed by regional or federal norms, social workers frequently have enormous caseloads that prevent them from providing them to older individuals.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Home Healthcare Market Segmentation

By Device Type (Revenue, USD Billion):

Based on the Device Type the market is segmented into Testing, Screening, Monitoring Devices, Therapeutic Home Healthcare Devices, and Mobility Assist.

  • Testing, Screening, and Monitoring Device
  • Blood Glucose Monitors
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • Heart Rate Monitors
  • Temperature Monitors
  • Sleep Apnea Monitors
  • Coagulation Monitors
  • Ovulation and Pregnancy Test Kits
  • Pulse Oximeters
  • Home Hemoglobin A1C Test Kit
  • Therapeutic Home Healthcare Devices
  • Oxygen Delivery Systems
  • Nebulizers
  • Ventilators
  • Sleep Apnea Therapeutic Devices
  • Wound Care Products
  • IV Equipment
  • Dialysis Equipment
  • Insulin Delivery Devices
  • Inhalers
  • ?Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs)
  • Mobility Assist
  • Walkers and Rollators
  • Wheelchairs
  • Canes
  • Crutches
  • ?Mobility Scooters

By Service Type (Revenue, USD Billion):

  • Skilled Nursing Services
  • Rehabilitation Therapy Services
  • Hospice and Palliative Care Services
  • Unskilled Care Services
  • Respiratory Therapy Services
  • Infusion Therapy Services
  • Pregnancy Care Services?

By Indication Type (Revenue, USD Billion):

  • Cardiovascular Disorders & Hypertension
  • Diabetes
  • Respiratory Diseases
  • Pregnancy
  • Mobility Disorders
  • Hearing Disorders
  • Cancer
  • Wound Care
  • ?Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 24 January 2024
Updated by: Ritu Baliya

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