The global home healthcare market was valued at USD 195.9 billion in 2021 and it is anticipated to grow further up to USD 441.8 billion by 2031, at a CAGR of 8.5% during the forecast period.
Global Home Healthcare Market report from Global Insight Services is the single authoritative source of intelligence on Home Healthcare Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Home healthcare refers to a range of medical treatments that can be offered to people to treat a disease or injury in the convenience of their own home. There are countless options available to patients who want to get home health care. Depending on the situation of each patient, care might range from nursing to specialized medical treatments, such as laboratory workups. The doctor will decide on the course of treatment and any home treatments the patient might need. Depending on the patient’s health, the length of home healthcare might range from brief to long.
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Market Trends and Drivers
There were 703 million individuals 65 and older in the world in 2019, and the UN Department of Economic and Social Affairs predicts that number will increase to 1.5 billion by the year 2050. In addition, it is anticipated that by 2050, there will be three times as many persons 80 and older than there are today—143 million in 2019.
The aging population is more susceptible to chronic diseases; therefore, the growth of this demographic segment will raise the demand for healthcare and significantly add to the strain on governments and health systems. The home healthcare market will benefit from this. Healthcare provided at home cuts down on needless hospital admissions, readmissions, and the time and money spent commuting to see medical specialists.
Long-lasting chronic sickness is a condition that can be managed but not healed. Chronic disease management and treatment has grown to be a top priority. At least one chronic condition is present in 50% of all patients receiving home healthcare, and this percentage is predicted to rise in the coming years. Chronic illnesses, which disproportionately impact older people, cause disability, lower quality of life, and raise the cost of long-term care, creating a wide range of opportunities for home healthcare providers.
Market Restraints and Challenges
In-home care, there is a less face-to-face interaction between the nurse and doctor, and the nurse is in charge of doing assessments and sharing findings. The level of patient safety and the results are impacted by this issue. Another differentiating feature of home healthcare is that each patient receives medical attention from a clinician in a different location. Situational factors, however, may create dangers to patients that may be challenging to eliminate. Environmental safety departments in hospitals are well-equipped to handle such situations.
Global Home Healthcare Market Segmental Overview
The report analyses the global home healthcare market based on product, services, end user, and region.
Global Home Healthcare Market by Product
Based on the product, the home healthcare market is segmented into testing, screening & monitoring products, therapeutic products, and mobility care products. The testing, screening & monitoring products segment is anticipated to dominate the market during the forecast period. The aging population, increasing rates of target diseases like dementia and Alzheimer’s, and orthopedic diseases are all predicted to drive market expansion. Governments and health groups are working to reduce healthcare costs because they are concerned about the rising cost of treatment.
Major Players of the Global Home Healthcare Market
The key players studied in the global home healthcare market are Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed (US), LHC Group, Inc. (US), OMRON Corporation (Japan), and Koninklijke Philips N.V. (Netherlands) among others.
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