Home Healthcare Market Research Report – Forecast to 2030

Home Healthcare Market Research Report: Information By Product (Testing, Screening and Monitoring Products, Blood Glucose Monitors, Blood Pressure Monitors, Pulse Oximeters, Peak Flow Meters, Heart Rate Monitors, Fetal Monitoring Devices, HIV Test Kits, Home Sleep Testing Devices, Others), By Service (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Others), By Indication (Cardiovascular Disorders and Hypertensio

ID: MRFR/MED/1498-CR | February 2021 | Region: Global | 85 Pages         

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Home Healthcare Market

Home Healthcare Market is anticipated to grow at CAGR of 6.3% to reach USD 568 billion during the forecast period 2022 to 2030.

Segmentation
By Product Therapeutic products
By Service Skilled Nursing Services Respiratory Therapy Service
By Software Clinical Management System Telehealth Solution
Key Players
Companies Profiled   Koninklijke Philips N.V.   F. Hoffmann-La Roche AG   A&D Company   Fresenius SE & Co KGaA   Abbott    GE Healthcare   McKesson Corporation   B. Braun Melsungen AG   Becton Dickinson Company   Omron Corporation   Medtronic PLC   LG Electronics   Kinnser Software   Apple   3M
Drivers
Market Driving Forces   Increasing demand for home healthcare for the implication amongst the old and geriatric population   rising in various global locations
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Global Home Healthcare Market Overview

Home Healthcare Market Size was valued at USD 216.0 Billion in 2021. The Home Healthcare industry is projected to grow from USD 246.1 Billion in 2022 to USD 661.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.14% during the forecast period (2022 - 2030).The market trends have been witnessing a rapid degree of growth in the elderly population and the rising incidence of chronic diseases. This is an undeniable fact that is growing the need for cost-effective healthcare delivery due to the increase in healthcare costs, and technological advancements regarding the availability of home care devices.
Home Healthcare Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Home Healthcare Market Trends


The rising aging population & nuclear homes will boost the market growth


The Home Healthcare market is expected to grow significantly, driven by the rising aging population and the trend toward nuclear homes. The aging population is increasingly choosing to age in place, rather than moving into assisted living facilities or nursing homes. This is largely due to the high cost of long-term care, as well as the desire to maintain independence and autonomy. Nuclear homes, or homes where all adults are employed and there are no children, are also on the rise. These families often have less time to care for elderly or disabled family members, so they are more likely to seek out professional home healthcare services.


Home Healthcare Market Segment Insights


Home Healthcare Product Insights


The market segmentation, based on Product, includes Testing, Screening and Monitoring Products, Blood Glucose Monitors, Blood Pressure Monitors, Pulse Oximeters, Peak Flow Meters, Heart Rate Monitors, Fetal Monitoring Devices, HIV Test Kits, Home Sleep Testing Devices, Others. The Blood Pressure Monitors segment held the majority share in the Home Healthcare revenue. This can be attributed to the growing awareness among consumers about the importance of monitoring their blood pressure at home. Additionally, the availability of advanced and technologically advanced blood pressure monitors at affordable prices has also contributed to the segment's growth.


Home Healthcare Service Insights


Based on Service, the market segmentation includes Skilled Nursing Services, Rehabilitation Therapy Services, Hospice, and Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, and Others. The Skilled Nursing Services segment is projected to be the faster-growing segment during the forecast period, 2022-2030. The growth of this segment is driven by the increasing demand for skilled nursing services due to the aging population and the rising prevalence of chronic diseases.


Home Healthcare Indication Insights


Based on the Indication, the market segmentation includes Cardiovascular Disorders and Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care, Other. The Cardiovascular Disorders and Hypertension segment dominated the market in 2021. The segment's growth is driven by the increasing prevalence of cardiovascular diseases and the growing awareness of the benefits of home healthcare.


Figure 2: Home Healthcare Market, by Indication, 2021 & 2030 (USD Million)
Home Healthcare Market, by Indication, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Home Healthcare Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is predicted to hold the first position in the market for home healthcare owing to the rising demand for home healthcare and an increase in the number of clinics and hospitals that are providing treatment for home healthcare. In America, the North American market is the largest market owing to the presence of the key market players in the market that provide both products and instruments for home healthcare.


Figure 3: HOME HEALTHCARE MARKET SHARE BY REGION 2021 (%)
HOME HEALTHCARE MARKET SHARE BY REGION 2021


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe region accounts for the second-largest Home Healthcare market share. This is because European counties normally have a high population with an increasingly aging population. This is influencing the demand for Home Healthcare products and services in the industry.


Asia-Pacific is estimated to rise at the fastest CAGR of the market due to the increasing number of incidences of chronic diseases, increasing demand for effective healthcare remedies, technological advancement in the healthcare industry, and geographical expansion of the Home Healthcare market.


Home Healthcare Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Home Healthcare industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Home Healthcare industry to benefit customers and expand the market sector. The market has recently given medicine some of the most important advantages. Major hair care product market players, including Abbott, GE Healthcare, Axxess, CVS Pharmacy, and Becton Dickinson Company, are attempting to increase Home Healthcare market demand by funding R&D initiatives.


Abbott Laboratories is a medical device firm that develops, produces, and distributes medical devices. The firm sells diagnostics, medical equipment, nutritional supplements, and branded generic pharmaceuticals. It provides gastroenterology, women's health, cardiovascular and metabolic, pain and central nervous system products, respiratory drugs and vaccines, core laboratory systems, molecular diagnostics polymerase chain reaction (PCR) instrument systems, rapid diagnostics lateral flow testing products, point of care systems, and informatics and automation solutions, various forms of infant formula and follow-on formula, adult and other pediatric nutritional products, and informatics and automation solutions.


Also, GE Healthcare, which was formed in 1892, is a provider of medical technology and digital solutions. It provides goods and services such as anesthetic administration, contrast media, computed tomography, bone, and metabolic health, interoperability, molecular imaging, patient monitoring, surgical imaging, invasive cardiology, and others. Interventional image-guided systems, fluoroscopy equipment, accessories and supplies, ventilators, digital solutions, and clinical network solutions are also available from the firm.


Key Companies in the Home Healthcare market include




  • Koninklijke Philips N.V.




  • F. Hoffmann-La Roche AG




  • A&D Company




  • Fresenius SE & Co KGaA




  • Abbott




  • GE Healthcare




  • Axxess




  • CVS Pharmacy




  • Becton Dickinson Company




  • Omron Corporation




  • Medtronic PLC




  • LG Electronics




  • Kinnser Software




  • Apple




  • 3M




Home Healthcare Industry Developments


In March 2022, Axxess launched a fully independent palliative care software solution. Axxess Palliative Care is the latest innovation in Axxess' complete suite of solutions developed for organizations that provide care in the home.


In February 2022, CVS Pharmacy launched six home healthcare products as an extension of the company's CVS Health product line. The new products include convertible shower chairs, easy-fold travel walkers, and canes with comfort grips.


Home Healthcare Market Segmentation


Home Healthcare Product Outlook




  • Testing, Screening and Monitoring Products




  • Blood Glucose Monitors




  • Blood Pressure Monitors




  • Pulse Oximeters




  • Peak Flow Meters




  • Heart Rate Monitors




  • Fetal Monitoring Devices




  • HIV Test Kits




  • Home Sleep Testing Devices




  • Others




Home Healthcare Service Outlook




  • Skilled Nursing Services




  • Rehabilitation Therapy Services




  • Hospice and Palliative Care Services




  • Unskilled Care Services




  • Respiratory Therapy Services




  • Infusion Therapy Services




  • Others




Home Healthcare Indication Outlook




  • Cardiovascular Disorders and Hypertension




  • Diabetes




  • Respiratory Diseases




  • Pregnancy




  • Mobility Disorders




  • Hearing Disorders




  • Cancer




  • Wound Care




  • Other




Home Healthcare Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America







Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 216.0 Billion
Market Size 2022 USD 246.1 Billion
Market Size 2030 USD 661.12 Billion
Compound Annual Growth Rate (CAGR) 7.14% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Service, Indication, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Koninklijke Philips, F. Hoffmann-La Roche, A&D Company, Fresenius SE & Co, Abbott, GE Healthcare, Axxess, CVS Pharmacy, Becton Dickinson Company, Omron Corporation, Medtronic, LG Electronics, Kinnser Software, Apple, 3M
Key Market Opportunities Technological Advancement
Key Market Dynamics Rising aging population


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Frequently Asked Questions (FAQ) :

The Home Healthcare market size was valued at USD 216.0 Billion in 2021.

The market is projected to grow at a CAGR of 7.14% during the forecast period, 2022-2030.

North America had the largest share of the Home Healthcare market.

The key players in the market are Koninklijke Philips, F. Hoffmann-La Roche, A&D Company, Fresenius SE & Co, Abbott, GE Healthcare, Axxess, CVS Pharmacy, Becton Dickinson Company, Omron Corporation, Medtronic, LG Electronics, Kinnser Software, Apple, 3M.

The Blood Pressure Monitors category dominated the market in 2021.

Cardiovascular Disorders and Hypertension had the largest share in the market for Home Healthcare.