PUBLISHER: The Business Research Company | PRODUCT CODE: 1436360
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436360
Home healthcare refers to supportive care provided by professional caregivers in patients' homes, offering a cost-effective means of delivering quality care and avoiding hospitalization. Activities related to keeping home healthcare equipment in working condition are included.
The main types of equipment in home healthcare are therapeutic, diagnostic, and mobility care. Therapeutic equipment refers to a set of activities conducted to keep it in working condition. The therapeutic equipment includes home respiratory therapy, insulin delivery devices, IV pumps, and others. The different indications include cardiovascular disorders & hypertension, diabetes, respiratory diseases, pregnancy, cancer, wound care, and others, and involve various services such as rehabilitation services, respiratory therapy services, infusion therapy services, and others.
The home healthcare market research report is one of a series of new reports from The Business Research Company that provides home healthcare market statistics, including home healthcare industry global market size, regional shares, competitors with a home healthcare market share, detailed home healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the home healthcare industry. This home healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The home healthcare market size has grown strongly in recent years. It will grow from $349.02 billion in 2023 to $383.52 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The increase observed in the historical period can be ascribed to factors such as an aging population, the surge in chronic diseases, cost-effective alternatives, patient preference for homecare, government initiatives, and a skilled healthcare workforce.
The home healthcare market size is expected to see rapid growth in the next few years. It will grow to $571.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The expansion anticipated in the forecast period can be linked to global health events, the proliferation of telehealth, models for home hospitalization, the adoption of value-based care, and personalized medicine. Key trends projected for the forecast period encompass technological advancements, the widening scope of remote monitoring, the integration of IoT and wearable devices, a heightened focus on chronic disease management, the growth of the home health technology ecosystem, and increased collaboration and partnerships within the healthcare ecosystem.
The rapid increase in the aging population significantly contributes to the growth of the home healthcare market. As the aging population expands, the demand for healthcare services rises, especially due to the higher susceptibility of older individuals to chronic diseases. This trend is favorable for the home healthcare market, providing home health services that reduce the need for unnecessary travels, hospital admissions, and related inconveniences. The United Nations reported 727 million individuals aged above 65 years in 2020 and is expected to reach 1.5 billion by 2050. Thus, the growth of the aging population is a driving factor for the home healthcare market.
The increasing prevalence of chronic disorders is poised to drive the growth of the home healthcare market. Chronic disorders, long-term medical conditions, are projected to affect 142.66 million individuals aged 50 years and older by 2050 in the United States, according to the National Library of Medicine. Home healthcare plays a crucial role in managing chronic diseases by delivering individualized, patient-centered care in a familiar environment. The rising prevalence of chronic disorders is a significant factor driving the growth of the home healthcare market.
Major companies are focusing on product innovations, particularly remote care systems, to increase profitability. For example, in October 2022, CommScope launched the HomeSight System, a connected care platform utilizing the TV for real-time remote care services, including patient monitoring, video consultations, and social interaction. The user-friendly system aims to enhance remote care, reduce isolation, and support independent living in various healthcare settings.
Major companies are focused on developing advanced products such as homecare beds to increase profitability. Homecare beds are motorized beds designed for residential use to aid healing and ensure the safety of seniors and home care patients. For example, in December 2021, Godrej Interio, an India-based furniture company, launched Grace homecare beds featuring anodized aluminum finish, electronically adjustable backrest, kneerest, and telescopic side rails for safety. The bed, crafted from durable PLT panels, prioritizes seniors' well-being and supports a safe working load of up to 200 kg.
In November 2021, Addus Homecare, a US-based home healthcare services provider, acquired Armada Hospice for $29 million. This strategic acquisition enables Addus Homecare to expand into multiple markets and enhance its offerings in various levels of home care services. Armada Hospice is a US-based company providing hospital and healthcare services.
Major companies operating in the home healthcare market report are Apple Inc., CVS Health Corporation, McKesson Corporation, MediCar Home Health Services Inc., Humana Inc., F. Hoffmann-La Roche AG, Fresenius SE & Co. KGaA, Medline Industries LP, Becton Dickinson and Company, Koninklijke Philips N.V., Baxter International Inc., B. Braun Melsungen AG, Kindred Healthcare Inc., Encompass Health Corporation, ResMed Inc., Brookdale Senior Living Inc., Maxim Healthcare Services Inc., Amedisys Inc., AccentCare Inc., OMRON Healthcare Inc. (Omron Corporation), LHC Group Inc., Enhabit Home Health & Hospice LLC, Addus HomeCare Corporation, Invacare Corporation, Zorgers, American Well Corporation, Honor Home Care Inc., Clementoni Spa, A&D Company Limited, Grand World Elder Care, Sunrise Senior Living LLC
North America was the largest region in the home healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the home healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The home healthcare market includes revenues earned by entities by physical, occupational, and/or speech therapy, medical social services, care from home health aides, and homemaker or basic assistance care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Home Healthcare Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on home healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for home healthcare ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The home healthcare market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.