Home Healthcare Market Size is Expected to Register a CAGR of 6.3% and to Reach USD 568 Billion by 2030 | Market Research Future
Research Reports
Oct 25, 2022
Market overview:
The growing adoption of telehealth technology in healthcare systems to remotely provide high-quality medical services to patients is driving the global home healthcare market. The adoption of advanced technology and increased research and development activities in the telehealth field contribute to market growth. Technological advancements and the implementation of telehealth systems are assisting in expanding home-based healthcare services. The rising cost of hospital beds and other hospital services has increased patients opting for home-based services that are comfortable, dependable, efficient, and cost-effective. Diabetes, orthopedic diseases, cardiovascular diseases, asthma, and the increasing rate of novel pandemics are all driving up demand for home healthcare services. The market is expected to grow rapidly. The market is expected to experience lucrative growth opportunities during the forecast period, owing to an increasing geriatric population, rapid technological advancements, and favorable government policies.
The home healthcare market is expected to reach USD 568 billion by 2030, growing at a CAGR of 6.3% between 2022 and 2030.
The COVID-19 pandemic placed enormous strain on already overburdened and understaffed hospitals and healthcare systems worldwide. Home health hub technology allowed patients to stay safe in their homes during the pandemic, relieving pressure on hospitals, emergency rooms, and front-line healthcare workers, and boosting the market. As a result, COVID-19 positively impacted the home health hub market. With social isolation becoming the new norm and hospital visits becoming risky and costly, telemedicine solutions have emerged as a convenient alternative. As a result, there is a greater demand for home healthcare solutions.
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Market segmentation:
The Global Home Healthcare Market is segmented based on indication, market service and market product.
According to the indication:
- Cancer
- Wound Care
- Diabetes
- Cardiovascular Disorders and Hypertension
- Respiratory Diseases
- Mobility Disorders
- Pregnancy
- Hearing Disorders
- Other
According to the market service:
- Infusion Therapy Services
- Rehabilitation Therapy Services
- Skilled Nursing Services
- Hospice and Palliative Care Services
- Respiratory Therapy Services
- Unskilled Care Services
- Others
According to the market product:
- Home sleep testing Devices
- Screening and Monitoring Products
- Testing
- Blood Glucose Monitors
- Pulse oximeters
- Blood Pressure Monitors
- Others
Regional analysis:
The Global Home Healthcare Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. Factors such as physician shortages, the widespread use of advanced technology, rising healthcare spending, and chronic and lifestyle diseases contribute to North America’s large share of the global market. The rising demand for better healthcare services is also expected to boost the market in this region. Furthermore, the increasing prevalence of infectious diseases is expected to drive up the demand for home healthcare diagnostics. As a result, the abovementioned factors are expected to drive market growth in North America.
The Asia-Pacific is expected to be the fastest-growing regional home healthcare market in the coming years. Some factors, such as costly in-hospital healthcare facilities, and underdeveloped healthcare infrastructure, contribute to the market growth in this region. Furthermore, chronic diseases requiring long-term care and the increased adoption of home healthcare products and services are other factors driving the market share. Companies focus on developing countries, which will boost home healthcare services shortly.
Recent developments:
- Axxess launched a fully independent palliative care software solution in March 2022. Axxess Palliative Care is the newest addition to Axxess’ comprehensive suite of solutions designed for organizations that provide in-home care.
- CVS Pharmacy launched six home healthcare products in February 2022 as an extension of the CVS Health product line. Convertible shower chairs, easy-fold travel walkers, and canes with comfort grips are among the new items.
Competitive Landscape:
Koninklijke Philips N.V.,F. Hoffmann-La Roche AG,A&D Company,Fresenius SE & Co KGaA,Abbott,GE Healthcare,McKesson Corporation,B. Braun Melsungen AG,Becton Dickinson Company,Omron Corporation,Medtronic PLC,LG Electronics,Kinnser Software,Apple,3M
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