PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320113
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320113
Home healthcare market size was valued at USD 365,407.8 Million in 2022, expanding at a CAGR of 8.8% from 2023 to 2030.
Home healthcare refers to various medical services that can be offered in the comfort of a patient's own home to treat an accident and sickness. Additionally, home healthcare services are virtually endless for patients. Moreover, depending on the individual patient's situation, care can range from nursing to specialized medical treatments including laboratory workups. The doctor determined any treatments and the treatment plan that the patient may need at home. Furthermore, depending on the health of the patient the duration of home healthcare can be short-term to long-term.
Technology advancement is expected to favor the growth of the healthcare industry all over the world. For instance, devices such as active home telemonitoring can assist in recording the vital signs and symptoms of patients which is benefited to the home health agency. People opt for devices that can be utilized at their convenience such as home dialysis equipment, insulin delivery devices, BP monitors, and intravenous pumps. Additionally, to the patients this offers flexibility and a sense of comfort, this in turn increasing the demand for home healthcare market. However, home healthcare services are covered by insurance, but the insurance coverage is only extended to Medicare-certified home healthcare organizations as insurance does not pay for equipment, such factors may restrain the market growth. Furthermore, an aging population is more susceptible to chronic disease; the number of aged people will keep increasing which will significantly support the Home Healthcare Market. Moreover, within the healthcare sector, this disposable household income chiefly allows people to manage expenditures. Patients consider the services and devices related to home healthcare as income increases and affordability increases. More people can now access home healthcare services, boosting the growth of the home healthcare market.
The global home healthcare market is segmented on the basis of component, device, technology, and region.
The market is divided into two categories based on components: services and equipment. The services segment is expected to dominate the market. The segment is further segmented into skilled home healthcare and unskilled home healthcare. The unskilled services are categorized as basic assistance care/personal care services and provided for daily living aid to home-bound patients. Moreover, medical professionals such as physiotherapists, physicians, registered nurses, and specialty care providers help patients at home or home care centers, under skilled nursing services.
The market is divided into three categories based on the device: therapeutic devices, home mobility assist devices, and diagnostic & monitoring devices. The home mobility assist devices segment is expected to hold the largest revenue share owing to the high demand for wheelchairs, crutches, canes, and walkers. Regularly monitoring their health, amidst the pandemic, is increasing patient awareness, which is expected to drive sales. Mobility aids are gadgets that allow people with mobility problems to have more independence and flexibility. Moreover, people with disabilities or injuries, along with elderly adults who are at risk of falling, commonly use mobility aids.
The market is divided into eight categories based on indication: cancer, wound care, maternal disorders, mobility disorders, diabetes & kidney disorders, respiratory disease & COPD, neurological & mental disorders, cardiovascular disorders & hypertension, and others. Neurological & mental disorder is likely to possess the market share over the forecast period due to the rising disease prevalence. Additionally, Alzheimer's & other dementias, migraine & other headaches, epilepsy, stroke, sclerosis, and Parkinson's disease, can affect the functioning of the nerves, brain, and spine are such neurological disorder. Furthermore, home healthcare services, including speech therapy, mental health services, physical therapy, and occupational therapy, can help those with such disorders manage symptoms.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market is highly fragmented owing to the presence of a large number of multinational and local market players. Moreover, to increase the competition amongst new and local market players, consolidation activities are undertaken by multinational companies. Key players focused on the strategy to strengthen their product portfolios and provide diverse technologically advanced & new products to their customers. Companies adopted strategies such as product launches to attract more customers in the market. For instance, in February 2023, 3M launched its new medical adhesive that can stick to the skin for up to 28 days and is designed to use with a wide array of long-term medical wearable, health monitors, and sensors. Additionally, longer wear time for monitors and devices may assist drive down costs, reduce patient disruption, and accumulate more data for better decision-making.
For instance, in April 2022, Abbott announced the release of an upgraded version of its NeuroSphere™ myPath™ digital health app with improved functionality. Additionally, it will assist doctors more closely track their patients as they trial Abbott neurostimulation devices to address their chronic pain.