The global Home Healthcare market is estimated to develop at a compound annual growth rate (CAGR) of 7.9%.
The global Home Healthcare market is estimated to develop at a compound annual growth rate (CAGR) of 7.9%. The global Home Healthcare market size was valued at USD 320.9 billion in 2021, and it is predicted to exceed USD 634.1 billion by 2030. The study investigates several elements and their consequences on the growth of the Home Healthcare market.
The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to an expensive hospital stay.
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For instance, as per a report by The Commonwealth Fund, “hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high impact rendering driver of the market. Advancements in medicine have led to a shift from communicable to noncommunicable diseases in developing countries. Sedentary lifestyle and high consumption of alcohol are factors responsible for increase in the prevalence of lifestyle diseases. Growing incidence of target diseases requiring long-term care, such as Alzheimer’s disease and dementia, is expected to drive the market during the forecast period.
Furthermore, awareness about home care services and devices for such conditions is increasing. Availability of portable devices such as heart rate monitors, respiratory aids, and blood glucose monitors has improved the efficiency and effectiveness of home care for lifestyle diseases. Value-based healthcare is another major factor contributing to the market. In most of the developed and developing nations, the central government is offering either partial or complete coverage for the in-home services. In the U.S., Medicare reimbursements are highly favorable in providing value-based healthcare for improved patient outcomes at a low cost. Thus, in-home care has become a modality of choice for treatment.
Report Scope of the Home Healthcare Market
| Report Coverage | Details |
| Market Size | US$ 634.1 Billion by 2030 |
| Growth Rate | CAGR of 7.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
Component Insights
The equipment segment is expected to witness the highest CAGR of 8.8% over the forecast period. The segment is further segmented into therapeutic, diagnostic, and mobility assistance. The therapeutic segment is expected to hold the largest revenue share over the forecast period due to the rising prevalence of diseases that require frequent usage. For instance, the usage of insulin delivery devices, home dialysis equipment, and intravenous pumps. Diagnostics accounted for the largest market share of the overall home healthcare equipment market in 2021 and is expected to gain a lucrative share over the forecast period, owing to the increasing prevalence of diabetes and cardiovascular and cardiopulmonary diseases, growing patient awareness, increasing prevalence of long-term illnesses requiring frequent diagnosis, and high adoption of BP monitors and pregnancy and fertility tests.
With the increasing geriatric population, the demand for home healthcare services is rising in several countries. Service providers focus on covering the entire scope to deliver the best services to the geriatric population. Individualized disease management programs are developed to address physical needs specific to Alzheimer’s disease and dementia (Memory Care Specialty Program) as well as manage symptoms related to heart diseases, focusing on pain control and quality of life (Cardiac Specialty Program).
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Regional Insights
North America dominated the market and accounted for a revenue share of more than 40.0% in 2021. The presence of a large geriatric population in this region coupled with sophisticated healthcare infrastructure and relatively higher disposable income levels are some of the key factors. Moreover, an increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare is also adding up to its large market share. For instance, Hospital at Home program was initiated wherein the patients received treatment at home, this reduced the cost of care by nearly 30%.
The Asia Pacific market is expected to grow fast over the forecast period. Factors such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care are resulting in an increase in home healthcare products and services. Companies are also focusing more on untapped countries such as India, China. For instance, Apollo Homecare offers long-term plans for various categories such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother and baby care, and elderly care. These programs include medical supervision and personalized healthcare services.
Some of the prominent players in the Home Healthcare market include:
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
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Key Questions Answered in Home Healthcare Market Report
What will be the sales/revenue generated by Home Healthcare across all regions during the forecast period?
What are the opportunities in the global Home Healthcare market?
What are the major drivers, restraints, opportunities, and threats in the market?
Which regional market is set to expand at the fastest CAGR during the forecast period?
Which application is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
What is the market position of different companies operating in the global market?
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