USD 335.56 billion
Home Healthcare Market Size, Share, Growth Analysis, By Product (Therapeutic Products (Dialysis Equipment, Wound Care Products, IV Equipment, Sleep Apnea Therapeutic Devices)), By Service (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice & Palliative Care Services, Unskilled Care Services), By Indication (Cancer, Respiratory Diseases, Movement Disorders, Pregnancy), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2002 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
128
|Figures:
77
Home Healthcare Market Insights
Global Home Healthcare Market Size was valued at USD 335.56 Billion in 2022 and is poised to grow from USD 362.1 Billion in 2023 to USD 666.9 Billion by 2031, growing at a CAGR of 7.96% in the forecast period (2024-2031).
The patient-centric approach of home healthcare has several benefits such as enhanced patient results, long-term care, cost proficiency, end of superfluous hospitalization. Due to the rising trend to use home health care owing to its benefit, the market will show growth. In terms of services, the services of skilled nursing care had the largest revenue and growth share in 2021. The main factor contributing to the growth was the insurance coverage of such services and the possibility to have these services at home. The increase in the demand for cost effective alternatives and the growing penetration of the virtual and remote care industry is driving the home healthcare market growth. Home healthcare provides an alternative for cost effectiveness in comparison to the hospitals. For instance, according to the Commonwealth fund report, hospital at home program patients with care at home patient with fewer complications and about 29% reduction in cost of care. Therefore, provides comfort to the patient enabling market growth.
Furthermore, advancements in technology are contributing to the market growth like telemedicine and teleconsultation drives innovation in the market. This help in providing time to check up of the patient which helps in improving patient outcomes and reducing health care costs. The integration of remote health monitoring devices which include smart sensors, telehealth platforms, and others is expected to further surge the market during the forecasted period. The changing demographics in terms of age and the rising preference for value-based services will boost the home healthcare market growth. The demand for at-home health services is more among the aging population, which increases the demand for healthcare providers. Another factor that affects market growth is government support. The number of acquisitions taking place in the market also boosts the growth.
US Home Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
therapeutic
Fastest Growth
therapeutic
Growth Rate
7.96% CAGR
Europe Home Healthcare Market ($ Bn)
States Share for Germany Country (%)
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Home Healthcare Market Segmental Analysis
The global home healthcare market is segmented based on product, service, indication, and region. Based on product, the market is segmented into therapeutic products (dialysis equipment, wound care products, iv equipment, sleep apnea therapeutic devices, insulin delivery devices, oxygen delivery systems, inhalers, nebulizers, ventilators, others), testing, screening, and monitoring products (blood glucose monitors, hearing aids, activity monitors & wristbands, ECG/EKG devices, temperature monitoring devices, heart rate monitors, pulse oximeters, ovulation & pregnancy test kits, blood pressure monitors, HIV test kits, fetal monitoring devices, holter & event monitors, drug & alcohol test kits, coagulation monitoring products, peak flow meters, colon cancer test kits, EEG devices, home sleep testing devices, cholesterol testing products, home hba1c test kits), and mobility care products (wheelchairs, mobility scooters, walkers & rollators, crutches, canes). Based on Service, the market is segmented into skilled nursing services, rehabilitation therapy services, hospice & palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Based on indication, the market is segmented into cancer, respiratory diseases, movement disorders, pregnancy, neurological & mental disorder, cvd & hypertension, wound care, diabetes, hearing disorders, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Home Healthcare Market Analysis by Indication
The diabetes segment is the largest segment by indication in the home healthcare market. Due to the increase in the number of the diabetic patient around the world the market is rapidly expanding. The monitoring of the blood sugar levels at home halting the development of diabetes treatment plan and management of blood sugar levels, nutrition and exercise. Additionally, the aging population is prone to diabetic diseases due to which the demand for home health care services is increasing. This will benefit the home healthcare sector, which can improve overall reach and access to healthcare while lowering unnecessary visits, hospital admissions and readmissions, and the time and costs associated with traveling to meet with healthcare providers.
On the other hand, movement disorder is the fastest growing segment in the home healthcare market by indication. For instance, according to a report, there is a mobility related disability in 10.8% of the US with difficulty in walking or climbing stairs. Home health care services provide various benefits to the individuals with movement disorders by providing them assistance so that they can maintain independence and physiotherapists to help regain mobility and reduce pain through exercises. Therefore, driving the growth of the market.
Home Healthcare Market Analysis by Services
The skilled nursing segment is the largest segment in the home healthcare market by services. The aging population requires medical assistant services as they suffer from diseases like diabetes, cardiac disorders, and others. The skilled professionals help them by providing medication management and continuous monitoring. This contributes to the rising demand for the professional medical care at home. Furthermore, the growing preferences for home healthcare services helps in providing cost effective and comfortable options which is anticipated to grow the skilled nursing segment during the forecasted period.
On the other hand, the rehabilitation service is the fastest growing segment in home healthcare market by services. The rising prevalence of chronic diseases common neurological disorders, injuries and others requires long term rehabilitation, therefore driving the market. These help in providing services like physical therapy, speech therapy, and others which helps patient to recover from surgeries, trauma and others, thereby improving their quality of life. The awareness regarding the benefits of the at home therapy further contributes to the market growth as the helping speedy recovery of the patients.
Europe Home Healthcare Market By Product
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Home Healthcare Market Regional Insights
North America is the largest region in the home healthcare market with a share of more than 41%. In North America, the U.S. held the largest market share. The high disposable incomes, advanced healthcare infrastructure, and the large geriatric population are driving the home healthcare market share in this region. Furthermore, the rising government initiatives supports research and development helps in providing cost effective home health care services, driving the market.
On the other hand, Asia-Pacific is the fastest growing region in home healthcare market share and is expected to register growth in the upcoming years. The expensive hospital facilities are driving the demand for the home healthcare market as chronic diseases require long term care. Additionally technological advancements in patient monitoring devices contributes to the home healthcare market growth. The rising aging population is prone to lifestyle diseases like diabetes which is expected to grow home healthcare market during the forecasted period.
Europe Home Healthcare Market By Geography
- Largest
- Fastest
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Home Healthcare Market Dynamics
Home Healthcare Market Driver
Increased Patient Demand for Home-based Treatments
- COVID-19 caused acute respiratory distress syndrome (ARDS) in severe cases, resulting in significant lung damage. Due to the pandemic and lockdown, there is seen a rising awareness for non-emergent home healthcare services which is a safer and more cost-effective alternative to hospital services. Patients with chronic diseases such as cancer, chronic obstructive pulmonary disease (COPD), arthritis, and diabetes may not want to go to the hospital.
Government Initiatives and Measures Drives the Market Growth
- Along with the trends, government initiatives and measures are also supporting the market growth. For instance, In Europe, the central government offers some reimbursement benefits for this service. People are free to choose the providers and even the type of healthcare. The US also recently launched the Well-Being Insurance for Seniors to be at Home (WISH) Act. This will help senior citizens to fund their long-term care services.
Home Healthcare Market Restraints
Lack of Skilled Workers and Concerns About Patients' Safety Restraining the market growth
- There may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances. Home healthcare is a booming market, with increasing demand for home care providers/workers. Considering the rising demand, there are fewer health care workers to meet the rising demand of the consumers.
High Cost of Advanced Technology
- The home healthcare for patients mainly depends on advanced healthcare equipment like remote monitoring and portable diagnostic tools. These require high initial investment which makes them less accessible for many people. The high operational costs and maintenance further hinders the growth of the market particularly in developing regions.
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Home Healthcare Market Competitive Landscape
The market is characterized by a few well-established firms and also several small and medium-sized businesses. Many home health agencies and providers have experienced a drop in business. However, this downturn in the home healthcare market is only expected to last a short time, since the industry is expected to rise faster in the future as more patients recover from COVID-19.
Companies can promote home healthcare as a clinically safer alternative to traditional inpatient services, such as ICU care and dialysis/chemotherapy, which require more clinical supervision.
Home Healthcare Industry Top Players Company Profiles
- Fresenius SE & Co. KGaA (Germany)
- Amedisys Inc. (US)
- Bayada Home Health Care (US)
- CareCentrix (US)
- Gentiva Health Services Inc. (US)
- Home Healthcare Solutions Co. (Georgia)
- National HealthCare Corporation (US)
- Omron Healthcare Inc. (Japan)
- Philips Healthcare (Netherlands)
- Roche Holding AG (Switzerland)
- Sunrise Medical Inc. (Germany)
- Abbott Laboratories Inc. (US)
- B. Braun Melsungen AG (Germany)
- Drive Medical Design & Manufacturing (US)
- Medline Industries Inc. (US)
- Teleflex Inc. (US)
- Welch Allyn Inc. (US)
Recent Developments in Home Healthcare Industry
-
In April 2024, Simple HealthKit announced the launch of at-home diagnostic and follow up care kits for diabetes (HbA1c), respiratory wellness and sexual wellness.
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In October 2023, Daye and Lindus Health collaborated with each other and announced the launch of a clinical trial at-home tampon capable of detecting human papillomavirus (HPV) and sexually transmitted infections (STIs).
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In September 2023, 2San and Phoenix Healthcare continuing their partnership launched self-diagnostics test kits to speedup diagnostics and allow consumers to take control of their health.
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In May 2022, Sakra World Hospital teamed up with MyHealthcare to launch a patient-centered digital health ecosystem. The platform aims to provide patients with access to all Sakra World Hospital, Sakra Premium Clinic, and Sakra Homecare services from the comfort of their own homes.
Home Healthcare Key Market Trends
The Rising Use of Digital Devices to Monitor Health at Home:
- Technology will play an important in the home health market. The rising use of digital devices to monitor health at home is one of the emerging trends. Home healthcare providers are now using big data, AI, and automation to make the consumer experience novel. With the help of big data, it is possible to recognize patterns among the patients, which will help in better treatment and diagnosis. Data analytics have been used to manage the flu epidemic and identify the strains to include in the flu vaccine. Software solutions and platforms are used for remote monitoring of health.
The Demand for Companionship Services:
- Owing to the pandemic, the home health care market will offer more growth opportunities. There is a trend towards the demand for companionship services. Home care agencies will double down on companionship services, pumping new money into old offerings. Clients, their families, and potential referral sources will seek out those agencies that do companionship well.
Home Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
According to our analysis, as the aging population is becoming more prone to chronic diseases, the demand for healthcare will rise, putting a significant strain on governments and healthcare systems. This will boost the home healthcare sector, which can improve overall reach and access to healthcare while lowering unnecessary visits, hospital admissions and readmissions, and the time and costs associated with traveling to meet healthcare experts. The deputy segment is having the highest share whereas the movement disorder segment is growing continuously. North America is the largest region where is Asia-Pacific is coming at a quick pace. One major trend is the rising use of digital devices to monitor health at home which provide convenience and early detection. The technological advancements like remote monitoring devices provide high quality care of the patients remotely. The companies are providing strategic initiatives which helps in strengthening the market position and increasing the sales contributing to the market's revenue growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 335.56 Billion |
| Market size value in 2031 | USD 666.9 Billion |
| Growth Rate | 7.96% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Home Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Home Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Home Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Home Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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