Home Healthcare Market Share, Size, Trends, Industry Analysis Report, By Component (Equipment, Service); By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM1600
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
The global home healthcare market was valued at USD 363.15 billion in 2023 and is expected to grow at a CAGR of 7.6% during the forecast period.
Home healthcare refers to a type of medical service supplied in the comfort of a patient's home to treat injuries or illnesses. Patients have numerous options for receiving home health care services. Care options range from nursing care to specific medical interventions such as laboratory tests, and are designed to each individual's specific circumstances. The doctor will determine the patient's treatment plan as well as any home-based interventions that are required.
The growing geriatric population and the rising prevalence of conditions such as dementia, Alzheimer's, and orthopedic diseases are anticipated to drive market growth. Governments and health organizations are particularly concerned about rising treatment costs, prompting efforts to rein in healthcare spending. Home healthcare is emerging as a cost-effective alternative to the rising costs of medical facilities.
For instance, BAYADA Home Health Care launched a new digital service in February 2022 that includes digital care transition and coordination solutions aimed at improving hospitals' ability to provide better patient care in the comfort of their homes
In home healthcare, professional caregivers like aides, nurses, and therapists offer short-term or long-term patient care, based on the individual’s specific needs. Home healthcare services can help a variety of patients. They can be used by aging people who need assistance to live independently and manage chronic health conditions. Also, they’re helpful for individuals recovering from a medical setback or having a disability. There are eligibility needs for home health, such as the patient needs to be homebound.
Home healthcare market key players provide different types of home care services. Depending on the individual patient’s condition, these services can range from doctor and nursing care to speech therapy and medical social services. In doctor care, a physician may visit the patient at home to diagnose and treat certain conditions. Nursing care can take the form of wound dressing, pain control, monitoring general health, and other health support. In home healthcare, personal care and companionship involve activities like meal preparation, bathing and dressing, and assistance with other household tasks.
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The concept of Home Healthcare was developed to fulfill the needs of treating and diagnosing people in the comfort of their own homes. Custodial care, domiciliary care, and non-medical care are all included. Home Healthcare services include occupational therapy, physical therapy, speech therapy, and skilled nursing. The advent of digitalization has made it easier for patients to contact their doctors in an emergency. This approach is especially prevalent in the elderly population.
Covid-19 has a significant impact on the home healthcare market. With the increase in COVID-19 cases, many local and national regulatory authorities implemented stringent measures governing the movement of people and goods. This caused significant disruptions to nearly every industry's regular operations, causing a ripple effect throughout the global supply chain network. The Covid-19 pandemic had a particularly large impact on the global healthcare sector, prompting the postponement and suspension of non-essential treatments and diagnoses. However, the pandemic has contributed to a widespread acceptance of home healthcare practices in a different of regions.
However, the market is expected to return to normality following the pandemic as healthcare facilities resume operations, including surgeries, home care visits, and the incorporation of teleconsultation. Furthermore, numerous service providers have reported an increase in demand for these services as a result of the pandemic.
The primary goal of Home Healthcare is to provide patients with a variety of health services and equipment in the comfort of their own homes. These services are especially useful when an individual requires long-term healthcare assistance, reducing the need for extended stays in healthcare facilities.
Industry Dynamics
Growth Drivers
Greater Availability of Home Healthcare Devices will Drive the Growth of the Market
The greater availability of home healthcare devices will bolster the growth of the home healthcare market. The increased use of home healthcare devices is intended to improve patient care and monitoring. Portable monitoring devices, wearable health trackers, and smart home medical equipment are among the technologies included in this. This increased availability is due to of rising demand for personalized healthcare solutions, particularly in the midst of an aging population and a desire for more convenient and cost-effective healthcare options.
Diabetes, cancer, cardiovascular disease, and other chronic conditions are becoming increasingly common in countries around the world. As a result, the average rate of hospital admissions has increased significantly. However, the costs of treating these ailments are significant. As a result, patients are increasingly favoring cost-effective treatment options, such as home health care.
Report Segmentation
The market is primarily segmented based on component and region.
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By Component |
By Region |
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By Component Analysis
The Service Segment Accounted for the Largest Market Share
The service segment held the largest revenue share. Service segment has been bifurcated into infusion therapy services, telemetry, respiratory therapy service, rehabilitation, and unskilled home care. Healthcare professionals provide expert services, whereas unskilled services meet the daily needs of home-bound patients and are classified as basic assistance care/personal care service.
These services are provided by skilled professionals such as registered nurses and therapists to patients recovering from illnesses, managing chronic conditions, or seeking post-operative care. The service segment is characterized by its focus on fostering a holistic approach to healthcare, addressing not only the patient's medical needs but also the patient's overall well-being within their home environment.
Regional Insights
North America Accounted for the Largest Market Share
North America held the largest market share in the home healthcare market. The large number of elderly people in this region, as well as advanced healthcare facilities and relatively large disposable incomes, all contribute significantly to the growth of this market. Furthermore, the increasing implementation of government initiatives aimed at lowering healthcare costs by encouraging home healthcare is anticipated to be a key factor driving the market.
Furthermore, by 2030, one-fifth of the American population will be over the age of 65. Approximately 90% of people aged 65 and up in the United States are expected to have one or more chronic illnesses that require long-term care. Home healthcare services are extremely beneficial to the elderly population, allowing them to manage chronic conditions in the comfort of their own homes.
Asia Pacific region is accounted for the fastest growth in the market. The rise in home healthcare products and services is attributed to factors such as inadequate healthcare infrastructure, high-cost in-hospital facilities, and the prevalence of chronic diseases that necessitate long-term care. This trend is accelerating in emerging nations in the region, including Thailand, Australia, South Korea, and New Zealand. The market is expected to expand further as a result of technological advancements in patient monitoring devices, an aging population, and an increase in the prevalence of lifestyle diseases such as obesity and diabetes.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include
- A&D Company
- Abbott Laboratories
- Amedisys
- Almost Family
- BAYADA Home Health Care
- Bayer AG
- Fresenius
- GE Healthcare
- Kindred Healthcare
- Kinnser Software
- Linde Corporation
- LHC Group
- McKesson Corporation
- Omron Healthcare
- Philips Healthcare
- Portea Medical
- Roche Holding AG
Recent Developments
- In May 2023, Medtronic has acquired EOFlow Co. Ltd., the manufacturer of the EOPatch—a tubeless, wearable, and entirely disposable insulin delivery device.
- In March 2023, Philips has launched the Philips Virtual Care Management solutions and services portfolio in order to improve patient engagement and health outcomes through a more comprehensive telehealth strategy.
- In February 2023, OMRON Healthcare has launched new educational features to enhance its OMRON Connect mobile application. These additions encompass informative articles covering study summaries and AFib identification, along with guidance on behavioral and lifestyle adjustments aimed at mitigating the risks of heart attack and stroke.
Home Healthcare Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 389.87 billion |
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Revenue forecast in 2032 |
USD 699.74 billion |
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CAGR |
7.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Component, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation |
Navigate through the intricacies of the 2032 Home Healthcare Market with precision, thanks to the comprehensive statistics on market share, size, and revenue growth rate assembled by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into the historical context but also extends its reach with a market forecast outlook until 2032. Immerse yourself in the richness of this industry analysis by securing a complimentary PDF download of the sample report.
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FAQ's
The global home healthcare market size is expected to reach USD 699.74 billion by 2032
Key players in the market are A&D Company, Abbott Laboratories, Amedisys, Almost Family, BAYADA Home Health Care, Bayer AG
North America contribute notably towards the global home healthcare market
The global home healthcare market is expected to grow at a CAGR of 7.6% during the forecast period.
The home healthcare market report covering key segments are component and region.
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