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Growth Opportunities in the Home Healthcare Industry

Home healthcare market is projected to reach USD 383.0 Billion by 2028 from USD 250.0 Billion in 2023, at a CAGR of 8.9%
Home Healthcare

Home Healthcare Market in terms of revenue was estimated to be worth $250.0 billion in 2023 and is poised to reach $383.0 billion by 2028, growing at a CAGR of 8.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The primary drivers propelling the growth of this market are the aging population, rising healthcare expenditures, and the increased need for home care due to technological advancements in home healthcare.

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The home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. In 2022, the home healthcare market will be dominated by therapeutic items, primarily because chronic illnesses like diabetes, cancer, and kidney failure are becoming more common.

The home healthcare market on the basis of service is divided into skilled nursing services, rehabilitation therapy services, hospice & palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Skilled nursing services have the biggest market share for home healthcare in 2022. The industry is expanding due to factors including the aging population.

On the basis of the indication, the home healthcare market has been segregated into cancer, respiratory diseases, movement disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. By 2022, the home healthcare market’s greatest share belonged to the other indications category. The growing older population and kidney problems are the main factors propelling this market’s expansion.

The global home healthcare market is segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. North America held the biggest market share for home healthcare in 2022. Due to its high disposable income and growing senior population, North America accounts for a sizable portion of the global industry. On the other hand, throughout the course of the forecast period, the Asia Pacific market is anticipated to develop at the highest CAGR. Rising disposable income and government initiatives to promote home healthcare are the main factors driving growth in the Asia Pacific home healthcare industry.

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Home Healthcare Market Dynamics:

Drivers:

  1. Rapid growth in elderly population and rising incidence of chronic diseases
  2. Rising R&D investments
  3. Need for cost-effective healthcare delivery due to rising costs
  4. Increased preference for personalized care

Restraint:

  1. Changing reimbursement policies
  2. Limited insurance coverage
  3. Patient safety concerns

Opportunities:

  1. Rising focus on telehealth
  2. Untapped developing regions
  3. Growing demand for home-use therapeutic devices
  4. Growing demand for home sleep apnea tests
  5. Rising preference for home hemodialysis treatment

Challenge:

  1. Shortage of home care workers
  2. Lack of supporting infrastructure

Key Market Players of Home Healthcare Industry:

The major players operating in home healthcare market are Fresenius SE & Co. KGaA (Germany), Abbott (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US),  ResMed, Inc. (US), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), A&D Company, Limited (Japan), Bayada Home Health Care (US), Invacare Corporation (US), Amedisys (US), LHC Group, Inc. (US), Omron Corporation (Japan), Drive Devilbiss Healthcare (UK), Hamilton Medical (Switzerland), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), Vitalograph (UK), Advita Pflegedienst Gmbh (Germany), Renafan Gmbh (Germany), ADMR (France), Apex Medical Corp. (Taiwan), Contec Medical Systems Co., Ltd. (China), Löwenstein Medical Technology Gmbh + Co., KG. (Germany), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Allied Healthcare Products, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India).

Research Insights: https://www.marketsandmarkets.com/ResearchInsight/home-healthcare-equipment-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/home-healthcare.asp

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