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Home Healthcare Market Size

ID: MRFR//1498-CR | 85 Pages | Author: Kinjoll Dey| February 2021

The Home Healthcare market is influenced by a variety of market factors that collectively shape its landscape and growth trajectory. One of the primary drivers of this market is the increasing aging population. As the global population ages, there is a growing demand for healthcare services that can be delivered in the comfort of one's home. Home healthcare provides a viable solution for elderly individuals who prefer to age in place while receiving necessary medical attention, contributing significantly to the market's expansion.

Moreover, advancements in medical technology play a pivotal role in driving the home healthcare market. Innovations such as portable medical devices and telehealth solutions enable healthcare professionals to monitor and treat patients remotely. These technologies enhance the quality of care provided at home, making it a more feasible and attractive option for patients and their families. The integration of smart devices and digital health tools further promotes the adoption of home healthcare services.

Regulatory frameworks also heavily influence the home healthcare market. Stringent regulations and standards ensure the safety and quality of healthcare services delivered at home. Compliance with these regulations is crucial for home healthcare providers to build trust among patients and healthcare professionals. Changes in regulatory requirements can impact the market by influencing the entry of new players, shaping service offerings, and affecting reimbursement policies.

Economic factors contribute significantly to the dynamics of the home healthcare market. The cost-effectiveness of home-based care compared to traditional healthcare settings is a key factor driving its adoption. Home healthcare can reduce overall healthcare costs, particularly for chronic disease management and post-acute care. Economic conditions, insurance coverage, and government policies on healthcare spending can influence the affordability and accessibility of home healthcare services.

Furthermore, the evolving nature of healthcare delivery models shapes the home healthcare market. The shift towards value-based care and a focus on patient-centric approaches are driving healthcare providers to explore alternative care settings, including home healthcare. Integrated care models that emphasize continuity of care and seamless transitions between healthcare settings contribute to the growth of home-based services.

Competition within the market is another significant factor. The presence of multiple home healthcare providers fosters innovation and encourages the development of specialized services. Competition can drive providers to enhance the quality of care, introduce new technologies, and expand their service offerings. This dynamic environment benefits patients by providing them with a range of choices and encouraging continuous improvement in home healthcare services.

Consumer awareness and education also play a crucial role in the home healthcare market. As individuals become more informed about the benefits of receiving healthcare at home, the demand for these services is likely to increase. Home healthcare providers that invest in educating the public about the advantages of home-based care can establish themselves as trusted partners in the healthcare journey, contributing to market growth.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 246.1 Billion
Growth Rate 7.14% (2022-2030)

Global Home Healthcare Market Overview

The Home Healthcare Market Size was valued at USD 268.86 Billion in 2023. The Global Home Healthcare industry is projected to grow from USD 293.21 Billion in 2024 to USD 542.67 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.08% during the forecast period (2024 - 2032). 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.

GE Healthcare, a division of General Electric valued at USD 17.7 billion, is increasing its efforts in home-based care by collaborating with AMC Health to offer remote patient monitoring (RPM). GE Healthcare and RPM have formed a cooperation to offer remote patient monitoring (RPM) as a virtual care option in patients' homes, rather than in a hospital. The alliance aims to optimize post-discharge surveillance for patients and provide doctors with the necessary data to enhance patient care.

Magellan Health Services and DUOS, a company specializing in senior care, have made the decision to broaden their partnership. Magellan has declared that its upcoming Senior Assistance service, fueled by DUOS, would be operational starting in October 2022. Magellan's latest offering involves matching its clients with individual aides, known as "Duos," who attend to their social needs and assist them in maintaining a high level of independence while aging in their own homes. Collectively, they will facilitate the ability of health plan members to utilize a broader array of community resources, so enabling the provision of more personalized and all-encompassing therapy within the confines of their own residence. Consumers have the option to directly contact the firm, which also collaborates with healthcare providers and third-party payers.

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, 2024-2032. 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 & 2030Source: 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.


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

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