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

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.