Home Healthcare Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: LS241014 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of the home healthcare market was valued at USD 288.4 billion in 2022, and a CAGR of 10.5% is expected during the forecast period. Home healthcare comprises a wide range of healthcare services offered to patients. These services include monitoring severe illness and providing intravenous therapy. Increasing demand for home healthcare services due to it being affordable and the best. Growing percentage of geriatric population per year in all around the world is driving growth in the market significantly.
Rising prevalence of chronic diseases, such as respiratory diseases, cancer, diabetes, and cardiovascular diseases, require continuous monitoring and care, which is effectively manageable at home. Rising healthcare expenditures all over the world are the driving factor in market growth. Rising healthcare expenditure and increasing disposable income are driving growth in the market.
Growth Drivers
Innovations in medical technology, such as remote patient monitoring, telemedicine, and portable medical devices, make it easier and more cost-effective to deliver care at home. These advancements have expanded the scope of services provided in a home environment. In comparison to hospital or nursing home care, home healthcare is generally more affordable than hospital or nursing home care, making it an attractive option for patients and healthcare systems. This cost advantage is especially advantageous in countries with an aging population and limited healthcare resources. Many patients prefer to receive care in the comfort of their own homes, where they feel more relaxed and supported by their families. Many governments are promoting it quickly to reduce the burden on hospitals and nursing homes.
The increasing number of
companies offering home healthcare services, from nursing to rehabilitation and
palliative care, is further fueling market expansion. The pandemic accelerated
the shift towards home-based care as people sought to avoid hospitals and
healthcare facilities. This has had a lasting effect on the growth of home
healthcare, with more patients and healthcare providers recognizing its
benefits.
Segmentation
By Type
Services
·
Physician Care
·
Nursing Care
·
Physical, Occupational, and Speech
Therapy
·
Medical, Social Services
·
Others
Products
·
Diagnostic
o Blood
Glucose Monitor
o Pulse
Oximeter
o Blood
Pressure Monitor
o Others
·
Treatment
o Home
Dialysis Machine
o Infusion
Pumps
o Nebulizers
o Oxygen
Concentrators
o Wheelchairs
and Scooters
o Walking
Aid Devices
o Others
By Indication
·
Cancer
·
Neurological Disorders
·
Diabetes
·
Cardiovascular Diseases
·
Mobility Disorders
·
Others
By Region –
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Home Healthcare Market by Service Type
Segmentation
On the basis of the service type, the home healthcare market is segmented into physician care, nursing care, physical occupation and speech therapy, medical social services, and others. Nursing care typically leads the market and is expected to dominate the market during the forecast period. Dominance is driven by the growing aging population and the increasing prevalence of chronic diseases, which require continuous skilled nursing care at home.
It includes wound care, medication management, and other medical
interventions that require the supervision of a licensed nurse, making it
essential for many patients. While the other segments like physician care,
nursing care, physical occupation, and speech therapy are also significant.
Physiotherapy is also one of the most important segments, and increasing
disposable income of the people and hectic life schedules of people are driving
the demand in the home healthcare market significantly. The increasing number
of cardiac patients and cancer patients is driving the demand in the home
healthcare market by service type. Cases of speech therapy in home healthcare
settings are also growing the market.
Home Healthcare Market by Indication
Segmentation
On the basis of the indication, the home healthcare market is segmented into cancer, neurological disorders, diabetes, cardiovascular diseases, mobility disorders, and others. In the home healthcare market, diabetes is the leading segment, and this is due to the high prevalence of diabetes worldwide and the need for continuous monitoring and management, such as blood glucose monitoring, insulin administration, and lifestyle management. Cardiovascular disease also represents a significant segment due to the rise in chronic heart conditions that require ongoing care and monitoring at home, like blood pressure management and telemedicine solutions.
Innovations in medical
technology, such as remote patient monitoring, telemedicine, and portable
medical devices, make it easier and more cost-effective to deliver care at
home. These advancements have expanded the scope of services provided in a home
environment. The increasing number of respiratory disease patients is also
driving growth in the market. The need for nebulizer is also growing rapidly.
Increasing demand to treat respiratory diseases patients at home has
significantly increased since the pandemic. The home healthcare market is
witnessing significant growth in the market.
Regional Outlook
On the basis of the regions, the home healthcare market is segmented into 5 types: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading market segment, and Asia Pacific is expected to dominate the market during the forecast period due to increasing geriatric population and due to convenience, comfort, and cost-effectiveness. The presence of key service providers and the rising incidence of chronic disease in emerging countries are driving the demand in the home healthcare market significantly.
Increasing awareness among the people about the benefits of this system is driving growth in the market. The European market is also witnessing significant growth due to rising disposable income and well-established healthcare infrastructure. Increasing awareness among the people about the availability and affordability of home health services is the factor driving growth in the market significantly. The presence of key manufacturers and service providers and their strategic initiatives to expand their product portfolio is driving growth in the market significantly.
Increasing initiatives by the governments of Latin America, the Middle East,
and Africa are witnessing significant growth in some countries like Brazil,
Argentina, South Africa, Egypt, Israel, and the United Arab Emirates. The
increasing number of diabetes and cardiac patients worldwide is significantly
growing in the market. The increasing prevalence of chronic diseases worldwide
is the key factor behind the significant growth in the market. Countries like
Brazil, Argentina, Chile, and Venezuela are also witnessing growth.
Key Players
·
Amedisys
·
Trinity Health
·
LHC Group, INC.
·
Portea Medical
·
Bayada Home Healthcare
·
AccentCare, Inc.
·
LifePoint, Health Inc.
·
The Pennant, Group Inc.
·
Abbott
·
Baxter
·
Masimo
·
Omron
· Other Players