Home Healthcare Market

Home Healthcare Market (Distribution by Products (Therapeutic Products, Testing Products, Screening Products, Monitoring Products and Mobility Care Products), by Services (Skilled Nursing, Rehabilitation Therapy, Hospice and Palliative Care, Unskilled Care, Respiratory Therapy, Infusion Therapy and Pregnancy Care), by Therapeutic Area (Oncological Disorders, Respiratory Disorders, Movement Disorders, Cardiovascular Disorders, Pregnancy, Wound Care, Diabetes, Hearing Disorders and Other Therapeutic Areas) and Key Geographical Regions (North America, Europe, Asia-Pacific, Middle East and North Africa and Latin America): Industry Trends and Global Forecasts, 2023-2035

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Home Healthcare Market Overview 2023-2035

Home healthcare is a type of supportive care that is provided in the home to help individuals recover from illness, injury, or disability, or to manage chronic conditions such as diabetes, heart failure, and cancer. Home healthcare services allow individuals to remain in the comfort of their own homes while receiving the care they need. These services can include assistance with daily activities such as dressing and bathing, medication management, wound care, and therapy services. Home healthcare can benefit both acute and chronic conditions and can help individuals regain independence and become more self-sufficient while managing their disease or condition. Moreover, advancements in technology are expected to drive the growth of the home healthcare market. For example, home telemonitoring devices can capture vital signs and symptoms, providing patients with a sense of comfort and flexibility, which increases demand. Insulin delivery devices, home dialysis equipment, intravenous pumps, and blood pressure monitors are some of the devices that people prefer to use at their convenience.

Market Drivers

The global home healthcare market is experiencing significant growth, driven by several key factors. Firstly, the aging population globally is contributing to the expansion of this market. As the elderly population increases, there is a greater demand for home-based healthcare services, leading to market growth. Additionally, the rising prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and hypertension, is propelling the demand for home healthcare services. Moreover, advancements in technology and medical equipment are making home healthcare more convenient and cost-effective, further driving market growth. Furthermore, government initiatives aimed at reducing healthcare expenditure and promoting home healthcare are expected to have a substantial impact on market growth.

Moreover, the increasing awareness of home care facilities and rising disposable income are driving the demand for home healthcare services globally. This trend is particularly evident in the growing preference for home healthcare services and products among bed-ridden and elderly patients, as it reduces hospital readmissions and offers higher recovery rates compared to in-hospital care. Companies are also targeting untapped markets such as India and China to expand their home healthcare services. The global home healthcare market size is anticipated to grow at a health CAGR during the forecast period of this market report.

Market Drivers: Rising Elderly Population Coupled with Improving Life Expectancy Will be the Most Significant Growth Driver for Home Healthcare Market

The home health care market is experiencing significant growth, driven by several key factors. Firstly, the aging population globally is contributing to the expansion of this market. According to the World Health Organization (WHO), 1 in 6 people in the world will be 60 years and above, equating to around 1.4 billion people. Additionally, during the period 2000 – 2019, healthy life expectancy has increased by 5.4 years while total life expectancy has increased by 6.6 years. As such, the rise in elderly population along with increase in life expectancy will create a greater demand for home-based healthcare services, leading to market growth.

Moreover, the rising prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and hypertension, is propelling the demand for home healthcare services. Furthermore, government initiatives aimed at reducing healthcare expenditure and promoting home healthcare are expected to have a substantial impact on market growth.

Market Restraints: Affordability of Home Healthcare and Availability of Reimbursement Pose Challenges to Adoption

Market restraints in the home health care market include economic constraints in emerging countries, business market obstacles, and changing reimbursement policies. Economic constraints in emerging countries can limit the growth of the home health care market by affecting the affordability and accessibility of services. Business market obstacles, such as regulatory and policy changes, can also impact the market's growth. Additionally, changing reimbursement policies plays a crucial role in determining the financial viability of home healthcare services. Modifications to these policies, including reimbursement rates, covered services, and administrative burdens, can create financial challenges for businesses in the sector.

Market Opportunities: Wide Opportunities for Telehealth and Remote Patient Monitoring Tools

The key market opportunities for the home healthcare market is being driven by the increasing use of telehealth services. Telehealth enables home healthcare practitioners to remotely monitor patients, anticipate potential crises, and provide continuous care. Remote patient monitoring tools have also improved the delivery of home healthcare services. They can prove helpful specifically to monitor the safety of the elderly staying alone and who are prone to falls / seizures. Telemedicine tools also allow the healthcare providers, including nurses or doctors, to assess a patient's condition during virtual sessions and determine the best course of action, which may involve providing care, prescribing medication, or recommending additional treatment.

Advancements in technology and medical equipment are making home healthcare more convenient and cost-effective, further driving home health care market growth.

Home Healthcare Market Report Segmentation Home Healthcare Market Size, 2023-2035 Home Healthcare Market Trends, by Region, 2023 to 2035


Home Healthcare Market Segments Overview

The home healthcare market research report includes forecast on the basis of product (therapeutic products, testing, screening, and monitoring products, and mobility care products). On the basis of services (skilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy and pregnancy care). On the basis of therapeutic area (neurological disorder oncological disorders, respiratory disorders, mobility disorders, cardiovascular disorders, pregnancy, wound care, diabetes, hearing disorders and other therapeutic areas). By geographical regions, the market is analyzed across North America, Europe, Asia-Pacific, Middle East and North Africa and Latin America.

Therapeutic Area Analysis Segment: Neurological Disorders Will Continue to Hold the Largest Market Share

Based on therapeutic area, the home healthcare market is analyzed across oncological disorders, neurological disorders, respiratory disorders, movement disorders, cardiovascular disorders, pregnancy, wound care, diabetes, hearing disorders and other therapeutic areas. The neurological disorder segment is projected to hold the largest home healthcare market share, owing to the increasing prevalence of diseases such as dementia. According to the World Health Organization (WHO), there are more than 55 million people living with dementia worldwide and it is considered as one of the major causes of dependency amongst the elderly. Approximately $1.3 trillion was attributed to healthcare costs associated with dementia, of which 50% were attributed to the care provided by family members / carers. Alzheimer's is the most common type of dementia.

Mobility disorders have been estimated to be the fastest growing segment, specifically in the US, where at least 1 in 7 adults living with a mobility disorder (serious difficulty walking or climbing stairs) in the US, according to the CDC. The increasing prevalence of mobility disorders is expected to drive the home healthcare market growth over the forecast period.

Regional Analysis Segment: North American Home Health Care Market is Witnessing a Lot of Activity With Respect to Funding, Partnership and Collaborations

Based on region, the home healthcare market analysis captures across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to capture the largest home healthcare market share, essentially due to its large geriatric population, sophisticated healthcare infrastructure, and high disposable incomes. According to the National Association for Home Care and Hospice, nearly 12 million Americans make use of home healthcare annually, showing trend towards adoption of home healthcare. Additionally, an increasing number of government initiatives promoting home health care to curb healthcare expenditure levels are expected to drive market growth. In the US, there has been significant merger and acquisition activity by the players to strengthen their presence in the market. UnitedHealth Group acquired home healthcare companies LHC Group in February 2023 and Amedisys in June 2023.

On the other hand, the Asia Pacific region is estimated to be the fastest-growing segment owing to factors such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and the rising prevalence of chronic diseases that require long-term care.

Top Companies Engaged in Home Healthcare Market

Key market players that are engaged in home healthcare market are (in alphabetical order) Abbott, AccentCare, Amedisys, BAYDA Home Health Care, LifePoint Health, Masimo, Omron, Portea Medical, The Pennant Group and Trinity Health. This home healthcare market research report includes an easily searchable excel database of all the home healthcare companies worldwide.

Home Healthcare Market Report Highlights

Aspects Details

by Products

  • Therapeutic Products
  • Testing Products
  • Screening Products
  • Monitoring Products
  • Mobility Care Products

by Services

  • Skilled Nursing
  • Rehabilitation Therapy
  • Hospice and Palliative Care
  • Unskilled Care
  • Respiratory Therapy
  • Infusion Therapy and Pregnancy Care

by Therapeutic Area

  • Oncological Disorders
  • Neurological Disorders
  • Respiratory Disorders
  • Movement Disorders
  • Cardiovascular Disorders
  • Pregnancy
  • Wound Care
  • Diabetes
  • Hearing Disorders 
  • Other Therapeutic Areas

Key Geographical Regions

  • North America (U.S., Canada, Mexico)
  • Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)

Key Market Players

  • Abbott
  • AccentCare
  • Amedisys
  • BAYDA Home Health Care
  • LifePoint Health
  • Masimo
  • Omron
  • Portea Medical
  • The Pennant Group
  • Trinity Health

 

Recent Developments in Home Healthcare Market

There has been recent activity in the home healthcare industry and some of the key developments have been mentioned below:

  • In June 2023, Optum announced the acquisition of Amedisys, a company specializing in providing diversified health services.
  • In May 2023, Medtronic announced its agreement to acquire EOFlow., the manufacturer of the EOPatch tubeless, wearable, and fully disposable insulin delivery device.

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