Global Home Healthcare Market

Home Healthcare Market Size, Share, Growth Analysis, By Product (Therapeutic, Testing & Monitoring, Mobility Care), Service (Nursing, Rehabilitation Therapy), By Indication (Diabetes, Movement Disorder), and Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2002 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 128 | Figures: 77

Home Healthcare Market Insights

Global Home Healthcare Market size was valued at USD 335.56 Billion in 2022 and is poised to grow from USD 362.1 Billion in 2023 to USD 666.9 Billion by 2031, growing at a CAGR of 7.96% in the forecast period (2024-2031).

The patient-centric approach of home healthcare has several benefits such as enhanced patient results, long-term care, cost proficiency, end of superfluous hospitalization. Due to the rising trend to use home health care owing to its benefit, the market will show growth. In terms of services, the services of skilled nursing care had the largest revenue and growth share in 2021. The main factor contributing to the growth was the insurance coverage of such services and the possibility to have these services at home. The increase in the demand for cost effective alternatives and the growing penetration of the virtual and remote care industry is driving the market growth. Home healthcare provides an alternative for cost effectiveness in comparison to the hospitals. For instance, according to the Commonwealth fund report, hospital at home program patients with care at home patient with fewer complications and about 29% reduction in cost of care. Therefore, provides comfort to the patient enabling market growth. 

Furthermore, advancements in technology are contributing to the market growth like telemedicine and teleconsultation drives innovation in the market. This help in providing time to check up of the patient which helps in improving patient outcomes and reducing health care costs. The integration of remote health monitoring devices which include smart sensors, telehealth platforms, and others is expected to further surge the market during the forecasted period. The changing demographics in terms of age and the rising preference for value-based services will boost the market growth. The demand for at-home health services is more among the aging population, which increases the demand for healthcare providers. Another factor that affects market growth is government support. The number of acquisitions taking place in the market also boosts the growth. 

US Home Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Home Healthcare Market size was valued at USD 335.56 Billion in 2022 and is poised to grow from USD 362.1 Billion in 2023 to USD 666.9 Billion by 2031, growing at a CAGR of 7.96% in the forecast period (2024-2031).

The market is characterized by a few well-established firms and also several small and medium-sized businesses. Many home health agencies and providers have experienced a drop in business. However, this downturn in the home healthcare market is only expected to last a short time, since the industry is expected to rise faster in the future as more patients recover from COVID-19.  'Fresenius SE & Co. KGaA (Germany)  ', 'Amedisys Inc. (US)  ', 'Bayada Home Health Care (US)  ', 'CareCentrix (US)  ', 'Gentiva Health Services Inc. (US)  ', 'Home Healthcare Solutions Co. (Georgia)  ', 'National HealthCare Corporation (US)  ', 'Omron Healthcare Inc. (Japan)  ', 'Philips Healthcare (Netherlands)  ', 'Roche Holding AG (Switzerland)  ', 'Sunrise Medical Inc. (Germany)  ', 'Abbott Laboratories Inc. (US)  ', 'B. Braun Melsungen AG (Germany)  ', 'Drive Medical Design & Manufacturing (US)  ', 'Medline Industries Inc. (US)  ', 'Teleflex Inc. (US) ', 'Welch Allyn Inc. (US)'

COVID-19 caused acute respiratory distress syndrome (ARDS) in severe cases, resulting in significant lung damage. Due to the pandemic and lockdown, there is seen a rising awareness for non-emergent home healthcare services which is a safer and more cost-effective alternative to hospital services. Patients with chronic diseases such as cancer, chronic obstructive pulmonary disease (COPD), arthritis, and diabetes may not want to go to the hospital.  Government Initiatives and Measures Drives the Market Growth

Technology will play an important in the home health market. The rising use of digital devices to monitor health at home is one of the emerging trends. Home healthcare providers are now using big data, AI, and automation to make the consumer experience novel. With the help of big data, it is possible to recognize patterns among the patients, which will help in better treatment and diagnosis. Data analytics have been used to manage the flu epidemic and identify the strains to include in the flu vaccine. Software solutions and platforms are used for remote monitoring of health. 

North America is the largest region in the home healthcare market with a share of more than 41%. In North America, the U.S. held the largest market share. The high disposable incomes, advanced healthcare infrastructure, and the large geriatric population are driving the home health care market in this region. Furthermore, the rising government initiatives supports research and development helps in providing cost effective home health care services, driving the market.

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Global Home Healthcare Market

Report ID: SQMIG35D2002

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