Market Definition
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.
Market Outlook
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.
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.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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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. Global Home Healthcare Market by Services Based on the products, it is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. In 2021, skilled nursing services held the biggest market share for home healthcare services. Living at home with skilled medical care can be more comforting than being in a hospital, nursing home, or assisted living facility. During the projected period, the growth of this market is anticipated to be supported by favorable insurance coverage for skilled nursing services.
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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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Market Size in 2021 – US$ 195.9 Billion
- Market Size in 2031 – US$ 441.8 Billion
- CAGR – 8.5%
- Historic Period – 2015-2022
- Forecast Period – 2024-2033
- Base Year – 2024
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