With 8.4% CAGR, Home Healthcare Market Size to Hit USD 505.81 billion by 2030

The global home healthcare market size was valued at USD 277.11 billion in 2022 and is expected to be worth USD 288.38 billion in 2023. The market is projected to be valued at USD 505.81 billion by 2030, registering a CAGR of 8.4% during the forecast period of 2023-2030.

Pune, India, April 05, 2023 (GLOBE NEWSWIRE) — The global home healthcare market size was valued at USD 277.11 billion in 2022 and is expected to be worth USD 288.38 billion in 2023. The market is projected to be valued at USD 505.81 billion by 2030, registering a CAGR of 8.4% during the forecast period of 2023-2030.

Home healthcare mainly consists of many healthcare services that are provided to patients at home. These services include providing intravenous & nutrition therapy, monitoring severe illnesses & injuries, respiratory therapy services, wound care, and other treatments. The home healthcare market share will grow commendably as high-quality medical care is provided at an affordable price as compared to the services offered in hospitals.

The total percentage of the elderly population is also increasing at a notable rate every year, making these services more popular among them as these individuals are more prone to suffering from chronic illnesses. As per the 2022 report by the WHO, the population aged 60 years and over is expected to grow from 1.2 billion to 1.4 billion by 2050. People in this age group are more likely to develop chronic disorders, such as cancer, neurological disorders, mobility disorders, and heart diseases. This scenario will raise the demand for home health services to deliver long-term care, thereby propelling the market growth during the forecast period.

Fortune Business Insight displays this information in a report titled, “Global Home Healthcare Market, 2023-2030.”

Industry Development:

September 2022 – BAYADA Home Health Care announced that it had partnered with Jefferson Health to expand patients’ access to in-home care and improve their experience in Philadelphia.

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Report Scope & Segmentation

Key Takeaways from the Home Healthcare Market:

• The market growth is expected to be augmented by the increasing preference for home health services owing to their cost-effectiveness.
• The market is categorized into services and products based on its type.
• With USD 116.88 billion in revenue generated in 2022, North America is expected to maintain its dominance over the market during the forecast period.
• A considerable proportion of the global market is held by Omron, Baxter, Medtronic, and other companies.

Driving factor:

Rising Preference for Home Health Solutions Due to Their Cost Effectiveness Will Augment Market Growth

Many countries are experiencing a considerable rise in the burden of various chronic disorders, such as cancer, diabetes, cardiovascular disorders, and other ailments. This factor is raising the average hospital admission rate. However, these illnesses often incur high treatment costs. This has prompted patients to opt for cost-effective treatment models, such as home health services.

For instance, as per a study published in NCBI in 2022 that compared the treatment costs between home healthcare and inpatient hospitalization, it was found that the cost of home healthcare treatments was nearly USD 5,000 cheaper as compared to the hospitalization cost.

Treating patients at home has various essential benefits over hospital treatment. One such advantage is the reduced risk of hospital-acquired infections (HAIs). Post-surgery recovery and other chronic diseases can weaken a patient’s immune system, making them prone to various infections.

Rising Cases of Diabetes & Diabetes-associated Disorders Will Boost Market Development

Based on indication, the market is bifurcated into cancer, diabetes, mobility disorders, neurological disorders, cardiovascular disorders, and others. The diabetes segment held a dominant position in the market as the number of patients suffering from this ailment and its related complications, such as diabetic ulcers, is increasing. Diabetic patients that fall in the age group of 65 years and above often require frequent hospital admissions. They also suffer from diabetic foot or ulcers, and need several medications. These patients are shifting their preference toward home health services as it is more affordable and convenient than hospitals.

Specially trained caregivers also provide better assistance to diabetic patients at home as compared to hospitals. For example, the International Diabetes Federation states that in 2021, around 537 million adults aged between 20 and 79 years were living with diabetes across the globe, with nearly 40-60 million people suffering from complications, such as diabetic foot and lower limb issues.

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Segmentation:

Rising Adoption of Home Healthcare Services May Fuel Market Growth

Based on type, the market is divided into products and services. The services segment is expected to account for the largest market share as the demand for treatments at home is rising. The elderly population is growing at a notable pace, and their risk of being diagnosed with chronic diseases is quite high.

According to the World Population Ageing 2020 Highlights published by the United Nations (UN), the world population aged 65 years and above was 727 million and was predicted to double by 2050 to touch the 1.5 billion mark.

It has also been proved through different research studies that old age is responsible for the onset of many chronic conditions, such as cardiovascular disorders, neurological ailments, and mobility problems, among others. This factor will fuel the home healthcare market growth.

Regional insights:

North America generated a revenue of USD 116.88 billion in 2022 and is anticipated to retain its dominant position in the market throughout the forecast timeline. More patients are opting for home health services due to various benefits including privacy, convenience, availability of reimbursement for different home health services, cost-effectiveness, presence of top home healthcare service providers, and launch of various innovative products by medical device manufacturers for using them in home health settings. These aspects will fuel the North America home healthcare market growth.

Competitive Landscape

Omron Held Dominant Market Position Due to its Expansive Product Offerings for Home Use

The home healthcare market consists of several reputed companies. However, few of these market players dominated the market. Organizations, such as Omron, Baxter, Medtronic, and others have captured a sizeable share in the global market. Among these companies, Omron held the largest market share as it has an expansive product portfolio, which includes blood pressure monitoring devices, nebulizers, pulse oximeters, and other equipment that can be used in home settings. Furthermore, strategic initiatives by the company to maintain its market position and boost its sales also contributed to its revenue growth.

For example, according to Omron’s December 2021 press release, the company’s blood pressure monitor sales grew by 20% to USD 2.4 million globally.

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The Report Lists the Key Companies in the Home Healthcare Market:

• Amedisys (U.S.)
• Trinity Health (U.S.)
• LHC Group, Inc. (U.S.)
• Portea Medical (India)
• BAYADA Home Health Care (U.S.)
• AccentCare, Inc. (U.S.)
• LifePoint Health, Inc. (U.S.)
• The Pennant Group, Inc. (U.S.)
• Abbott (U.S.)
• Baxter (U.S.)
• Masimo (U.S.)
• Omron (Japan)

Some major points from the Table of Content:

• Global Home Healthcare Market Analysis, Insights and Forecast, 2019-2030
  • Market Analysis, Insights and Forecast – By Type
    • Services
      • Physician Care
      • Nursing Care
      • Physical, Occupational, and Speech Therapy
      • Medical Social Services
      • Others
    • Products
      • Diagnostic
        • Blood Glucose Monitors
        • Puse Oximeters
        • Blood Pressure Monitors
        • Others
      • Treatment
        • Home Dialysis Machine
        • Infusion Pumps
        • Nebulizers
        • Oxygen Concentrators
        • Wheelchairs & Scooters
        • Walking Aid Devices
        • Others
  • Market Analysis, Insights and Forecast – By Indication
    • Cancer
    • Neurological Disorders
    • Mobility Disorders
    • Diabetes
    • Cardiovascular Disorders
    • Others
  • Market Analysis, Insights and Forecast – By Payor
    • Public
    • Private
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
• North America Home Healthcare Market Analysis, Insights and Forecast, 2019-2030
  • Market Analysis, Insights and Forecast – By Type
    • Services
      • Physician Care
      • Nursing Care
      • Physical, Occupational, and Speech Therapy
      • Medical Social Services
      • Others

TOC Continued…

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