Home Healthcare Market Size to Reach USD 179.56 Billion in 2027 | Emergen Research
The global home healthcare market size was USD 179.56 Billion in 2020 and is expected to register a revenue CAGR of 8.4%, during the forecast period, according to latest analysis by Emergen Research. The growing prevalence of chronic diseases and the subsequent increase in the geriatric population are the major factors driving market growth. According to the World Health Organization (WHO), chronic diseases are responsible for 60% of all deaths globally, which is expected to rise to 70% by 2030. The number of people aged 60 years or above is projected to reach 2 billion by 2050.
In addition, the WHO predicts that the number of people suffering from diabetes will rise from 415 million in 2015 to 642 million by 2040. The growing prevalence of chronic diseases is likely to increase the demand for home healthcare services, as patients prefer to be treated at home rather than being admitted to hospitals.
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Technological advancements in home healthcare equipment and the growing adoption of these devices are another factor driving market growth. For instance, Philips launched the world’s first wearable patient monitor, named ‘Carescale Connect’, in September 2018. This monitor is designed to improve patient care and enable remote monitoring.
Furthermore, the rising cost of hospital care and the preference for homecare services are expected to fuel market growth. According to a report by the American Hospital Association, the average cost of a hospital stay in the U.S. was USD 9,122 in 2017.
Home healthcare is a cost-effective and convenient solution for patients, who do not want to be admitted to the hospital or nursing home, or those who cannot afford long-term care. Home healthcare services provide personalized and comprehensive care in the comfort of patient's homes. These services are generally provided by skilled professionals, such as nurses, therapists, and home health aides.
The COVID-19 pandemic is also expected to boost market growth as patients prefer to avoid hospitals to reduce the risk of infection. According to a report by the WHO, as of June 2020, there were more than 7 million confirmed cases and over 400 thousand deaths due to COVID-19 globally.
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Some Key Highlights in the Report
- The home healthcare market in North America is expected to grow at the highest CAGR during the forecast period. The US and Canada are the key countries that contribute to the growth of this regional market. The rising geriatric population, favorable reimbursement policies, and availability of skilled workforce are driving the growth of this regional market.
- The market in Asia Pacific is expected to grow at the second-highest CAGR during the forecast period. The growth of this regional market is propelled by the increasing geriatric population, rising awareness about home healthcare, and government initiatives to promote home healthcare services in countries such as China and India.
- In September 2021, Baxter International Inc., a global leader in renal care and clinical nutrition, acquired Cheetah Medical, a leading innovator of non-invasive hemodynamic monitoring solutions. The acquisition will allow Baxter to expand its portfolio of products and services for patients with chronic kidney disease (CKD) and other critical illnesses.
- In the United States, the home healthcare market is growing rapidly due to the aging population and the increasing prevalence of chronic diseases. The home healthcare market includes services such as skilled nursing, physical therapy, occupational therapy, speech therapy, and personal care.
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- The skilled nursing segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising demand for skilled nursing services, due to the growing prevalence of chronic diseases and the aging population.
- The physical therapy segment is expected to grow at the second-highest CAGR during the forecast period. The increasing number of orthopedic surgeries and sports-related injuries is expected to drive the growth of this market segment.
- The occupational therapy segment is expected to grow at the third-highest CAGR during the forecast period. The growing number of joint replacement surgeries and the increasing prevalence of chronic diseases are expected to drive the growth of this market segment.
- The personal care segment is expected to grow at a moderate CAGR during the forecast period. The rising number of elderly people who require assistance with activities of daily living is expected to drive the growth of this market segment.
- The North American home healthcare market is expected to grow at the highest CAGR during the forecast period. The rising number of elderly people and the growing prevalence of chronic diseases are the major factors driving the growth of this market in North America.
Emergen Research has segmented the global home healthcare market based on product, services, ailments, and region:
- Product Outlook (Revenue, USD Billion; 2018–2028)
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Weight Monitoring Devices
- Glucose Monitoring Devices
- Health Maintenance Device
- Geriatric Assistance Devices
- Nutrition Management Devices
- Air Quality Devices
- Locomotive Assistance Devices
- Automated Wheelchair
- Walking Assist Devices
- Home Pregnancy & Fertility Kits
- Drug Delivery Devices
- Dialysis Products
- Respiratory Equipment
- Oxygen Therapy Equipment
- Diagnostic Devices
- Services Outlook (Revenue, USD Billion; 2018–2028)
- Rehabilitation Services
- Infusion Therapy Services
- Unskilled Care Services
- Respiratory Therapy Services
- Pregnancy Care Services
- Skilled Nursing Services
- Hospice & Palliative Care Services
- Ailments Outlook (Revenue, USD Billion; 2018–2028)
- Chronic Obstructive Pulmonary Disorder
- Cardiovascular Diseases
- Parkinson’s Disease
- Bone & Joint Diseases
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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