Home Healthcare Market
Number of pages: 100 | Report Format: PDF | Published date: January 30, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 316.89 billion |
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Revenue Forecast in 2030 |
US$ 644.10 billion |
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CAGR |
8.2% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global home healthcare market was valued at US$ 316.89 billion in 2021 and is expected to register a revenue CAGR of 8.2% to reach US$ 644.10 billion by 2030.
Home Healthcare Market Fundamentals
Numerous healthcare services are provided in patients’ homes under the umbrella of the home healthcare sector. These services are designed to offer treatment for various ailments and wounds to individuals of all ages. The main objective of home healthcare is to treat illnesses and injuries in people's homes. The idea of home healthcare was developed to care for and diagnose a person at home.
The concept alludes to non-medical, domiciliary, and custodial care. Services for home healthcare include skilled nursing, physical therapy, and speech therapy. The advancement in digitization enables people to contact their doctors for emergency treatment. These services are primarily utilized by the older population. Home healthcare aims to provide patients with a range of medical supplies and services from the comfort of their homes. These services are extremely beneficial when a person needs to stay in a hospital for an extended period. Among other benefits, it is less expensive than hospitalization, enables more peace of mind and comfort, and supports independence. The WHO lists rehabilitation as the most advantageous form of care for people with profound disabilities. Those patients with impairments tend to heal more quickly at home. Increased global aging is a factor in the growth of the home healthcare market. These elderly persons have a variety of geriatric conditions, some of which may or may not necessitate hospital facilities.
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Home Healthcare Market Dynamics
The increased number of elderly individuals is expected to considerably support the market for home healthcare. The number of elderly individuals and their proportion in the population is rising in almost every nation. The total number of adults with 65 and above age in the world in 2019 was 703 million. The world’s senior population is projected to reach 1.5 billion by 2050, meaning that one in every six individuals will be 65 or older. Indicators incorporating both demographic and economic data suggest that age distributions influence the rate of population aging in both output and consumption. The elderly population is more likely to develop acute and chronic illnesses, which is projected to boost the demand for market products and services during the forecasted period.
The increased disposable household income mostly enables people to manage healthcare spending. Consider the services and equipment associated with home healthcare as income rises and costs decrease. To make up for the booming home healthcare market, more people can now receive healthcare services. Demand for home care services and equipment is rising with an increase in the prevalence of chronic diseases. The effectiveness and efficiency of home care for lifestyle illnesses have evolved thanks to the accessibility of portable technologies, such as blood glucose monitors, breathing assistance, and heart rate monitors. A significant influencing factor in the market is value-based healthcare. Most industrialized and developing countries provide full or partial coverage for in-home care through the central government. Medicare reimbursements in the U.S. are very advantageous in delivering value-based healthcare for better patient outcomes at a cheap cost. As a result, in-home care has emerged as a popular kind of therapy.
However, home healthcare may appear to be less expensive on the surface, but it may be necessary to install chairlifts, ramps, and railings, which can be expensive and difficult to arrange. Additionally, the nurse is in charge of conducting assessments and conveying findings for the patient's in-home care, and the nurse-physician relationships used include less face-to-face interaction. This element could have an impact on the degree of patient safety and results. In such cases, the medical care staff rotation can be upsetting to the patient and their family. These factors may hinder market expansion. However, reviewing all available financial solutions can help the consumer opt for home healthcare.
Home Healthcare Market Ecosystem
The global home healthcare market is studied from three perspectives: product, application, and region.
Home Healthcare Market by Product
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Based on the product, the global home healthcare market is segmented into devices and services.
The devices segment is further sub-segmented into diagnostic, therapeutic, and mobility assist devices. The devices segment dominated the global home healthcare market in 2021. Factors responsible for the exponential revenue growth in the devices segment include greater independence with personalized care, safety and convenience, prevention of avoidable visits to hospitals, high-quality advanced treatments, and cost-effectiveness. The ability of older persons to continue performing daily activities, such as walking, bathing, dressing, and meal preparation, is one of the main advantages of home healthcare. A patient can live independently at home with home healthcare devices for as long as possible. According to research, older patients heal more quickly and efficiently at home than in hospitals.
Furthermore, the therapeutic devices sub-segment led the global market. Therapeutic home healthcare devices include home respiratory therapy equipment, insulin delivery devices, home iv pumps, and home dialysis equipment. Patients can receive assistance in managing their prescriptions through home healthcare therapeutic devices. By avoiding negative drug interactions, one may be able to stay out of the hospital. An advanced therapeutic device can assist in creating a safe environment and lower the risk of falls. Older people can retain a sense of routine by sticking to their practices in familiar settings while at home, avoiding long hospital stays—home healthcare benefits by offering consistent observation and instruction. By putting off or avoiding the need for nursing home care or other more intense forms of care, home healthcare can also result in financial savings.
Home Healthcare Market by Application
Based on the application, the global home healthcare market is classified as cardiovascular disorders & hypertension, diabetes, respiratory diseases, pregnancy, mobility disorders, cancer, wound care, and others.
The cancer segment accounted for the highest revenue CAGR of the global home healthcare market. The most common cause of early mortality and incapability is cancer, which has significant social and economic repercussions that are currently not accurately evaluated and are frequently disregarded. As the population lives longer, the national health systems are dealing with an increase in the incidence and prevalence of cancer. In order to manage the long-term survivors, offer ongoing patient education, and provide psychosocial support, there is an increasing demand for resources to provide treatment at home. A strategic priority is being placed on raising the standard of care for cancer patients through a patient-centered approach. Personalized care is based on needs rather than prognosis. According to the requirements of the Association of Community Cancer Centers homecare program, the home cancer care personnel must be capable of providing adequate and competent care for cancer patients and their families at any stage of the disease. For some patient populations, providing cancer care at home is increasingly seen as a strategy to boost the quality of care and as a more affordable alternative to inpatient hospital therapy. In fact, due to the rise in outpatient cancer care, the development of oral treatments, shorter hospital stays, longer survival rates, and the tendency of carers to accommodate patients’ wishes for long-term care at home, the primary setting for the delivery of care to cancer patients has been shifting from the hospital to home.
Home Healthcare Market by Region
Based on the region, the global home healthcare market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
In 2021, the home healthcare market in North America accounted for the largest market revenue share. The primary growth factors for the North America home healthcare market include the high disposable income, rise in healthcare costs, easy accessibility of home healthcare services, increase in the prevalence of chronic diseases, and growth in the elderly population. The greater awareness about hospital-acquired infections and easier access to cutting-edge technology have driven revenue growth opportunities in the market.
The Asia Pacific market is projected to experience rapid growth in revenue CAGR owing to a surge in home healthcare devices and services due to factors such as inadequate healthcare facilities, overpriced in-hospital healthcare services, and chronic conditions requiring long-term care. Companies are focusing on the expansion of their businesses in developing nations, such as China and India. For instance, Apollo Homecare provides long-term plans in several categories, such as mother and infant care, geriatric care, lung rehab, ortho rehab, heart rehab, and neuro rehab. These programs offer individualized healthcare services and medical oversight.
Home Healthcare Market Competitive Landscape
The prominent companies holding the largest share of the global home healthcare market are:
Home Healthcare Market Strategic Developments
Home healthcare comprises a variety of medical equipment, treatments, and services that can help in treating a disease or injury of an individual from the convenience of their own homes.
The home healthcare market is growing due to the increasing usage of telehealth systems, rising hospital bed costs, lack of ambulance service in remote or rural areas, availability of skilled registered nurse care at home, and the general preference for these systems over hospital admissions. These factors are also accompanied by an increase in the number of older adults, children with deformities, chronic diseases, and new pandemics worldwide.
Less face-to-face interaction in nurse-physician associations and frequent rotation of healthcare personnel in home care are restraining the demand for home healthcare.
McKesson Medical-Surgical Inc., Fresenius Medical Care, Medline Industries Inc., Medtronic PLC, and 3M Healthcare are among the prominent players in the global market.
The global home healthcare market is expected to register a revenue CAGR of 8.2% during the forecast period from 2020 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain