The global 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% during the forecast period. The primary drivers of the home healthcare market’s growth are the aging population and the growing need for cost-effective healthcare delivery brought on by rising healthcare expenses.
The home healthcare market is divided into three segments based on products: mobility care items, therapeutic products, and products for testing, screening, and monitoring. By 2022, the market for home healthcare goods was led by the therapeutic sector. The need for home healthcare treatment equipment has increased due to the rising prevalence of chronic illnesses such kidney failure and respiratory infections.
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Home Healthcare Market by Product (Dialysis Equipment, Ventilators, HIV Test Kits, Hearing Aids, Activity Monitors), Service (Skilled Nursing, Infusion Therapy, Palliative Care), Indication (Cancer, Wound Care, Diabetes), & Region- Global Forecast to 2028
The skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion treatment, and prenatal care services are the several service categories that make up the home healthcare market. In 2022, skilled nursing services held the most market share for home healthcare. Getting expert medical care at home can be a more consoling option than being in a hospital, assisted living facility, or nursing home. Over the course of the projection period, the market’s expansion is anticipated to be supported by the excellent insurance coverage for skilled nursing services.
The home healthcare market is divided into indications such as wound care, diabetes, cancer, respiratory illnesses, mobility disorders, cardiovascular diseases & hypertension, pregnancy, hearing abnormalities, and other indications. In 2022, the home healthcare market’s greatest share belonged to the other indications category. HIV infections are on the rise and sleep difficulties are highly prevalent, which is the main reason for this segment’s size.
Home healthcare markets throughout the world are divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. North America led the world’s home healthcare industry in 2022, with Europe following closely behind. The increased prevalence of chronic illnesses and high healthcare costs are the main reasons for North America’s significant market share in the global economy. On the other hand, throughout the course of the forecast period, the Asia Pacific market is anticipated to develop at the highest CAGR. The aging population and technology improvements are the main drivers of growth in the Asia Pacific home healthcare market.
Major Players:
Fresenius SE & Co. KGaA (Germany), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), A&D Company, Limited (Japan), Bayada Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed, Inc. (US), LHC Group, Inc. (US), Omron Corporation (Japan), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Drive Devilbiss Healthcare (UK), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), Vitalograph (UK), Advita Pflegedienst Gmbh (Germany), Renafan Gmbh (Germany), Contec Medical Systems Co., Ltd. (China), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India)
Recent Developments of Home Healthcare Industry:
- In August 2022, Fresenius Medical Care North America (FMCNA) acquired InterWell Health Brand (US) to expertise in kidney care value-based contracting and performance.
- In August 2022, Contessa (US) partnered with Mount Sinai Health System (US) offers a full continuum of home-based care that includes home health, hospitalization at home, rehabilitation at home (in lieu of care at a skilled nursing facility) and palliative care at home.
- In July 2022, Invacre Corporation (US) introduced Next Generation e-fix eco Power Assist Device to Transform the Manual Wheelchair.
The global home healthcare market is poised to achieve significant growth, expected to soar to USD 383.0 Billion by 2028 from USD 250.0 Billion in 2023, indicating a robust CAGR of 8.9% during the forecast period. This growth trajectory is primarily propelled by the expanding elderly population and the increasing prevalence of chronic ailments.
Key Market Players:
Leading players in the market include Fresenius SE & Co. KGaA (Germany), Abbott (US), GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), ResMed, Inc. (US), among others. These key industry participants are strategically employing various tactics to steer the global growth trajectory of the home healthcare sector.
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Fresenius SE & Co. KGaA (Germany):
Fresenius SE & Co. KGaA (Germany) secured the top position in the home healthcare market in 2022, commanding a 4.7% market share. The company has cemented its leading status through robust distribution networks spanning North America, Europe, Latin America, Asia Pacific, and Africa. Fresenius boasts both direct and indirect distribution channels globally and pursues a blend of organic and inorganic growth strategies. Notably, the company expanded its home hemodialysis product offerings in Europe, the Middle East, and Africa in May 2020. Additionally, in August 2022, Fresenius acquired InterWell Health Brand (US), augmenting its expertise in kidney care value-based contracting and performance.
Abbott (US):
Abbott (US) captured a 3.9% share of the home healthcare market in 2022, leveraging its expanding global sales and distribution network. The company prioritizes research and development endeavors to develop and produce innovative products, enhancing its competitive edge. Abbott’s substantial investments in R&D fortify its product portfolio and distribution strategies, positioning it favorably for future growth. Moreover, Abbott pursues strategic acquisitions to bolster its market presence, exemplified by its collaboration with Insulet Corporation (US) in June 2020 to integrate Abbott’s CGM technology with Insulet’s Omnipod Horizon Automated Insulin Delivery System, providing tailored automated insulin delivery and care solutions for individuals with diabetes.
Global Home Healthcare Manufacturers:
Prominent manufacturers in the home healthcare industry include Philips Healthcare (Netherlands), Medtronic plc (Ireland), Omron Healthcare, Inc. (Japan), Fisher & Paykel Healthcare Limited (New Zealand), Bayer AG (Germany), Roche Diagnostics (Switzerland), Becton, Dickinson and Company (BD) (United States), among others. These companies specialize in offering a diverse array of home healthcare products and solutions, spanning medical devices, monitoring equipment, diagnostic tools, and other tailored healthcare products for home use.
Philips Healthcare (Netherlands):
Philips Healthcare leads the global home healthcare solutions market, offering an extensive range of medical devices and equipment designed to facilitate at-home health management. From sleep apnea therapy devices to remote patient monitoring solutions, Philips’ innovative offerings empower individuals to monitor and manage their health conditions conveniently.
Medtronic plc (Ireland):
Renowned for its medical technologies and solutions, Medtronic plc provides a wide array of home healthcare products aimed at enhancing patient outcomes and quality of life. With a focus on innovation and patient-centricity, Medtronic’s portfolio includes insulin pumps, continuous glucose monitoring systems, and other devices tailored for managing chronic conditions at home.
Omron Healthcare, Inc. (Japan):
A leading manufacturer of home healthcare devices, Omron Healthcare, Inc. emphasizes wellness promotion and disease prevention. Its product lineup encompasses blood pressure monitors, nebulizers, thermometers, and activity trackers, empowering individuals to monitor vital health parameters and make informed decisions about their health.
Fisher & Paykel Healthcare Limited (New Zealand):
Specializing in respiratory care products and sleep apnea therapy devices, Fisher & Paykel Healthcare Limited prioritizes patient comfort and compliance. Its offerings include humidification systems, nasal masks, and CPAP devices, tailored to meet diverse patient needs worldwide.
Bayer AG (Germany), Roche Diagnostics (Switzerland), Becton, Dickinson and Company (BD) (United States):
These global healthcare giants offer a wide range of consumer health products and medical devices for home use, spanning blood glucose meters, self-testing kits, insulin syringes, pen needles, lancets, and more, empowering individuals to manage their health conditions effectively at home.
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:
- Rapid growth in elderly population and rising incidence of chronic diseases
- Rising R&D investments
- Need for cost-effective healthcare delivery due to rising costs
- Increased preference for personalized care
Restraint:
- Changing reimbursement policies
- Limited insurance coverage
- Patient safety concerns
Opportunities:
- Rising focus on telehealth
- Untapped developing regions
- Growing demand for home-use therapeutic devices
- Growing demand for home sleep apnea tests
- Rising preference for home hemodialysis treatment
Challenge:
- Shortage of home care workers
- 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).
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Market Scope
The Home Healthcare Market Size was assessed at USD 216.0 billion in 2021, and it is expected to rise from USD 246.1 billion in 2022 to USD 661.12 billion by 2030, representing a compound annual growth rate (CAGR) of 7.14% over the forecast period (2022- 2030).
Drivers and Restrains Impacting Home Healthcare Market
The rise of the global home healthcare market can be attributed to factors, such as; adoption of advanced technology in healthcare and diagnosis equipment and introduction of initiatives by governments to encourage home healthcare solutions. On the contrary, the home healthcare market is anticipated to face challenges and restraints owing to rising about patient safety and high healthcare costs. However, the expansion of the geriatric population in can support the market rise in years to come.
Segment Analysis of Home Healthcare Market
The home healthcare market segment study is based on product, software, and service.
By products, the segments of the home healthcare market study are screening, therapeutic and testing, and monitoring products. The segment of therapeutic and testing is sub-segmented into respiratory therapy equipment, dialysis equipment, insulin delivery devices, IV equipment, and wound care products among others.
By software, the home healthcare market study is segmented into hospice solutions, agency software, telehealth solution, and clinical management systems.
By services, the global home healthcare market is segmented into unskilled care services, skilled nursing services, rehabilitation therapy services, respiratory therapy services, infusion pregnancy care services, and therapy services. The expansion of the respiratory therapy services to support market.
Regional Assessment of Home Healthcare Market
The growing concerns regarding authenticity and safety of treatment are encouraging innovations that can influence the home healthcare market expansion in different regions across the globe. The market research report reveals that companies in the global home healthcare market can be supported by new revenue sources that are utilized by key market players and the surging investment over the forecast term. The regional analysis of the market is spread across Europe, North America, and Asia-Pacific among other. As per market study, the home healthcare market trend is set to experience a tremendous growth across software, product, service, and region segments. The home healthcare market in North America region covers the United States, and Mexico and Canada. Businesses present in this regional market are profiled for their strategies and are presented in detail in this market report. The home healthcare market in the European region covers Germany, Italy, France, and the United Kingdom.
Competitive Landscape of Home Healthcare Market
Some reputed companies that are functioning in the home healthcare market include Abbott (U.S.), Koninklijke Philips N.V. (The Netherlands), Fresenius SE & Co KGaA (Germany), F. Hoffmann-La Roche AG (Switzerland), GE Healthcare (U.S.), A&D Company (Japan), B. Braun Melsungen AG (Germany), McKesson Corporation (U.S.), Omron Corporation (Japan), Becton Dickinson Company (U.S.), LG Electronics (South Korea), Medtronic PLC (U.S.), Apple (U.S.), Kinnser Software (U.S.), and 3M (U.S.) and others. Eminent players are engaged in launching new products and entering partnerships in the global market and to expand their consumer base.
The report offers vivid profiles on market players and study their current scenario in the market. History of companies coupled with their annual turnover, segmental share, profit margins, growth strategies, SWOT analysis, mergers and acquisitions (M&A) activities, new product launches, and R&D initiatives are discussed on a granular level.
The market report provides comprehensive analysis of the worldwide home healthcare market in segments that include service, product, region, and software. Analysts have also assessed the market’s rise across several regional markets across different market’s segments on a country level.
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