Home Healthcare Market Size - By Component (Product {Therapeutic [Insulin Delivery Device], Diagnostic [BP Monitor, Holter Monitor], Mobility Care}, Services {Skilled Nursing Services}), Application (Hypertension, Diabetes), Global Forecast, 2023 - 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHome Healthcare Market Size
Home Healthcare Market size accounted for USD 262.5 billion in 2022 and is estimated to grow at 7.9% to reach USD 555.6 billion by 2032. Increasing prevalence of target diseases, especially Alzheimer’s & dementia, growing need for cost effective healthcare delivery, and rapid technological advancements are some of the drivers fostering the market growth.
As the number of older people grows, the home healthcare industry is booming. In fact, in 2020, there were more people over 60 than there were kids under 5! And by 2050, almost a quarter of the world's population will be over 60. That's a lot of folks who are more likely to have health problems that need long-term care. This means more business for home healthcare companies. On top of that, more and more kids are struggling with chronic illnesses, which means they need home healthcare too. Home healthcare is great because it brings medical care right to people's doorsteps. Whether it's medical care, therapy, or just help with everyday tasks, home healthcare providers can help people stay comfortable and healthy at home.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Home Healthcare Market Size in 2022 | USD 262.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7.9% |
| 2032 Value Projection | USD 555.6 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 457 |
| Segments covered | Component, Indication, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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COVID-19 Impact
As COVID-19 cases surged, governments around the world tightened travel and trade restrictions. This sent shockwaves through businesses, disrupting supply chains and slowing economies. The pandemic hit healthcare systems hard, forcing the postponement of non-urgent treatments and surgeries. But it also accelerated the adoption of home healthcare, with people opting to stay safe at home for medical services. The lockdowns and restrictions took a toll on mental health, with people feeling isolated, anxious, and depressed. This led to a spike in chronic conditions and substance abuse.
Home Healthcare Market Trends
As more people are living longer, the number of people with brain-related diseases like Alzheimer's and dementia is also going up. For example, in the United States, Alzheimer's is the sixth leading cause of death for all people and the fifth leading cause of death for people over 65. An estimated 6.2 million Americans over 65 have Alzheimer's. That number could grow to 13.8 million by 2060 if we don't find new ways to prevent or treat the disease. This growing number of people with Alzheimer's and dementia is creating a need for more services to help patients and their families. This includes things like home healthcare, which can help people stay in their own homes and live as independently as possible. As a result, the market for these services is expected to grow significantly in the coming years.
Home Healthcare Market Restraint
Changing reimbursement policies may restraint the market growth. Reimbursement policies play a crucial role in determining the financial viability of home healthcare services. Any modifications or adjustments to these policies can have a direct impact on the revenue and profitability of home healthcare providers. Changes in reimbursement rates, restrictions on covered services, or increased administrative burdens can create financial challenges for businesses in the sector. Moreover, the complexity and variability of reimbursement policies across different regions may hamper the market revenue.
Home Healthcare Market Analysis
When it comes to home healthcare, there are two main categoriesproducts and services. In 2022, services made up a whopping 78.3% of the market, and it's only expected to grow even more in the coming years. As people increasingly prefer getting healthcare at home, there's a bigger need for a wider range of specialized services to meet different patient needs. So, home healthcare companies are stepping up their game by offering a whole suite of medical, therapy, and support services right in your own home. Think skilled nurses, physical therapists, occupational therapists, speech therapists, wound care specialists, and even people who can help manage your meds, care for you if you're seriously ill, or help you cope with chronic conditions. By having all these services under one roof, home healthcare providers can give patients the care they need in a personalized and convenient way, right in the comfort of their own homes.
Based on indication, the home healthcare market is segmented into cardiovascular disorder, hypertension, diabetes, respiratory disease, cancer, maternal disorders, trauma, renal disorders, neurovascular disorders, mobility disorders, and other indications. The diabetes segment is expected to register around USD 131 billion by 2032. With the escalating prevalence of diabetes globally, there is an increasing demand for specialized home-based healthcare diabetes care devices tailored to effectively manage this chronic condition.
For instance, as per International Diabetes Federation report, in 2021, approximately 537 million adults (20-79 years) were living with diabetes. Hence, home healthcare providers are diversifying their range of services and products to offer comprehensive solutions for diabetes management. These solutions include remote glucose monitoring, administering insulin with insulin delivery devices, managing medications, providing nutritional guidance, and offering lifestyle counselling. Therefore, with the help of these solutions’ healthcare providers can remotely monitor blood sugar levels, offer real-time guidance, and provide personalized support to individuals with diabetes, thereby boosting the market size.
North America home healthcare market accounted for 48% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Some of the main factors driving this market include the sizeable ageing population coupled with advanced healthcare system and relatively high disposable incomes. Also, the rising prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, will further drive the need for specialized care in the comfort of patients home.
For instance, according to the American Heart Association report, cardiovascular disease (CVD) remain as the leading cause of death in the U.S., accounted for 928,741 deaths in the year 2020. Thus, increasing use of home healthcare products and services in the treatment of chronic diseases will escalate the market growth. Moreover, advancements in technology have gained significant traction in North America enabling healthcare professionals to deliver high-quality care remotely.
Home Healthcare Market Share
Major market players operating in the home healthcare market include
- 3M Healthcare
- Amedisys Home Health and Hospice Care, B.
- Braun Melsungen AG
- Becton
- Dickinson and Company
- Kindred Healthcare, Inc.
- Addus Homecare, and Home Instead, Inc.
These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Home Healthcare Industry News
- In February 2023, 3M launched a new medical adhesive, designed for use with a range of sensors, health monitors, and long-term medical wearables. This strategy helped the company to expand their product offering and customer base.
- In March 2022, Axxess, the leading technology innovator for healthcare at home, 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. This strategy helped the company to enhance its product offering in market and assist in strengthening the market position.
The home healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Component
- Product
- Therapeutic
- Home IV Pumps
- Home Dialysis Equipment
- Insulin Delivery Devices
- Home Respiratory Therapy Equipment
- Other Therapeutics
- Diagnostic
- Heart Rate Monitors
- Multi Para Diagnostic Monitors
- Diabetic Care Unit
- Apnea and Sleep Monitors
- BP Monitors
- Holter Monitors
- Home Pregnancy and Fertility Kits
- Other Diagnostics
- Mobility Care
- Wheelchair
- Walking Assist Devices
- Home Medical Furniture
- Services
- Rehabilitation Therapy Services
- Skilled Nursing Services
- Personal Care Assistance
- Other Services
Application
- Diabetes
- Trauma
- Hypertension
- Respiratory Disease
- Cancer
- Cardiovascular Disorder
- Mobility Disorders
- Maternal Disorders
- Renal Disorders
- Neurovascular Disorders
- Other Indications
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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