Home Healthcare Market

Global Home Healthcare Market:

The global home healthcare market size reached US$ 392.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 791.7 Billion by 2032, exhibiting a growth rate (CAGR) of 7.87% during 2024-2032. Several advancements in medical technology, along with the escalating demand for personalized and cost-effective healthcare services, are among the major factors propelling the market growth.

Home Healthcare Market Analysis:

• Major Market Drivers: The growing incidences of chronic ailments are primarily augmenting the market. Moreover, the expanding geriatric population susceptible to various diseases prefers to receive medical assistance and care in the comfort of their homes, which is stimulating the market.
• Key Market Trends: The introduction of telehealth solutions for healthcare providers to remotely monitor and manage patients in their homes is escalating the market. Apart from this, the launch of favorable government policies in the medical industry will continue to fuel the market in the coming years.
• Competitive Landscape: Some of the prominent companies in the market include A&D Company Limited, Addus HomeCare Corporation, Amedisys Inc., B. Braun Melsungen AG, Baxter International Inc., Becton Dickinson and Company, Fresenius Medical Care AG & Co. KGaA, Invacare Corporation, Koninklijke Philips N.V., McKesson Corporation, Medline Industries LP, OMRON Healthcare Inc. (Omron Corporation), and ResMed Inc., among many others.
• Geographical Trends: North America currently dominates the overall market, owing to the aging population in the region who need assistance with activities of daily living (ADLs). Additionally, the increasing number of skilled nursing and therapeutic services is also acting as another significant growth-inducing factor.
• Challenges and Opportunities: High costs associated with cutting-edge home healthcare services are among the challenges hindering the market. However, the development of advanced technologies that can improve patient outcomes, reduce hospital readmissions, enhance caregiver efficiency, etc., is anticipated to bolster the market over the forecasted period.
   

Home Healthcare Market Trends:

Prevalence of Chronic Diseases

The rising prevalence of diabetes, heart disease, chronic respiratory conditions, and neurological disorders is propelling the market. For instance, according to an article published by the U.S. Centers for Disease Control and Prevention in May 2024, one person dies every 33 seconds from cardiovascular disease. Also, in 2021, nearly 695,000 people died from heart disease. These conditions often require long-term management, frequent monitoring, and personalized care, thereby stimulating the market. Besides this, the introduction of remote monitoring can reduce the burden on hospitals and healthcare facilities, as patients with chronic diseases often require frequent follow-up visits, readmissions in hospitals, and ongoing support, thus augmenting the market growth. For example, in March 2024, UTMHealthcare, one of the mobile health technology firms, partnered with virtual care platform Somml Health to launch NuLink Health, which collaborates with physicians to improve the treatment of at-risk patients in between office visits, resulting in operational and economic savings for medical practices. It uses UTMHealthcare's remote patient monitoring (RPM) technology and Somml Health's virtual care platform to deliver optimal care to patients with complicated chronic diseases, with the goal of reducing hospital readmissions. Also, by providing care at home, healthcare resources can be better allocated to patients with acute and critical conditions, which is propelling the home healthcare market outlook.

Favorable Government Policies

The governments are transforming the potential benefits of home-based care and launching supportive policies to promote its adoption, especially for older people. For instance, in March 2024, the health minister of Columbia announced to extend programs to help more seniors remain in their homes by providing approximately US$354 Million in cash over three years. Under this program, home health services provided by regional health authorities and community-based senior services offered by nonprofit organizations would be improved to help seniors and relieve the burden on health institutes and long-term care facilities. Additionally, many governments promote the use of telehealth technologies and remote monitoring devices to facilitate virtual consultations, monitor patients remotely, and manage chronic conditions without the need for frequent hospital visits. For example, in October 2023, the government in Uttar Pradesh developed the 'Digital Doctor Initiative' aimed at increasing access to healthcare in the state. It also seeks to integrate telemedicine and on-the-spot basic diagnostic skills. Apart from this, investments in R&D activities aimed at improving home healthcare delivery, such as wearable devices, remote monitoring systems, and electronic health records, are further contributing to the home healthcare market share.

Increasing Adoption of Advanced Technologies

Technological advancements play a crucial role in driving the growth of the market. Advanced medical devices and sensors allow healthcare providers to remotely monitor patients' vital signs, health metrics, and adherence to treatment plans. For instance, in April 2024, Royal Philips, one of the health technology companies, partnered to combine smartQare's cutting-edge solution, viQtor, with the industry's best clinical patient monitoring platforms. Through this partnership, patients across Europe can benefit from the next generation of continuous monitoring, both inside and outside of hospitals. Besides this, innovations in telemedicine, remote patient monitoring devices, wearable health technologies, and electronic health records (EHRs) are transforming home healthcare. For example, in January 2024, Pylo Health, a supplier of remote patient monitoring equipment, launched two cutting-edge patient devices namely the Pylo 200-LTE weight scale and the Pylo 900-LTE blood pressure monitor for patients participating in remote patient monitoring (RPM) programs for hypertension and related chronic illnesses. The blood pressure monitor connects patients in even the remote and challenging-to-reach rural locations with its roaming 4G/5G connectivity and 2G fallback. These technologies improve communication between patients and healthcare providers, enable real-time monitoring of vital signs, and facilitate timely interventions, thereby enhancing patient outcomes and reducing healthcare costs.

Global Home Healthcare Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product, service, and indication.

Breakup by Product:

• Therapeutic Products
• Testing, Screening, and Monitoring Products
• Mobility Care Products
   

Therapeutic products represent the most popular product

The report has provided a detailed breakup and analysis of the market based on the product. This includes therapeutic products, testing, screening, and monitoring products, and mobility care products. According to the report, therapeutic products represented the largest market segmentation.

Therapeutic products encompass several medical devices, equipment, and supplies designed to aid in the treatment and management of various health conditions at home. These products include mobility aids, such as wheelchairs and walking aids, respiratory devices, and wound care products, including dressings and wound healing agents, thus influencing the market growth. Additionally, therapeutic monitoring devices, such as blood glucose meters and blood pressure monitors, are essential in managing chronic conditions and promoting proactive health management, which is augmenting the home healthcare market revenue. For instance, in June 2024, Prevounce Health, a remote care management software, devices, and services provider, launched its first remote blood glucose monitoring device, Pylo GL1-LTE.

Breakup by Service:

• Skilled Nursing
• Rehabilitation Therapy
• Hospice & Palliative Care
• Unskilled Care
• Respiratory Therapy
• Infusion Therapy
• Pregnancy Care
   

Skilled nursing holds the largest share of the market

The report has provided a detailed breakup and analysis of the market based on the service. This includes skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. According to the home healthcare market research report, skilled nursing represented the largest market segmentation.

Skilled nursing is emerging as the dominant service in the market. This specialized form of care is provided by trained and licensed nurses who offer comprehensive medical support to patients in the comfort of their homes. It encompasses several healthcare tasks, including wound care, medication management, intravenous therapy, and post-surgical care, thus influencing the market growth. Additionally, the growing geriatric population and the rising prevalence of chronic illnesses are escalating the demand for skilled nursing services as patients with complex medical conditions seek personalized and continuous care, thus accelerating the market growth. Also, skilled nursing at home allows patients to avoid hospital stays and reduce the risk of infections while also providing convenience and comfort during their recovery process.

Breakup by Indication:

• Cancer
• Respiratory Diseases
• Movement Disorders
• Cardiovascular Diseases & Hypertension
• Pregnancy
• Wound Care
• Diabetes
• Hearing Disorders
• Others
   

Diabetes presently accounts for the largest market share

The report has provided a detailed breakup and analysis of the market based on the indication. This includes cancer, respiratory diseases, movement disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and others. According to the report, diabetes represented the largest market segmentation.

The increasing incidences of diabetes are escalating the demand for home-based care for diabetic patients, thus influencing the home healthcare market statistics. Managing diabetes requires continuous monitoring of blood glucose levels, medication adherence, lifestyle modifications, and regular follow-up with healthcare professionals. Home healthcare offers a convenient and personalized approach to address these needs. For instance, in March 2024, Dexcom, one of the real-time continuous glucose monitoring (CGM) device manufacturers for people with diabetes, introduced its latest CGM system, the Dexcom ONE+, in Ireland.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others); Latin America (Brazil, Mexico, and Others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The growing geriatric population, the rising prevalence of chronic diseases, and advanced healthcare infrastructures represent some of the factors driving the home healthcare market demand in North America. Additionally, technological advancements in medical devices and telehealth solutions are further accelerating the adoption of home healthcare in North America. For instance, in April 2024, the United States Food and Drug Administration (FDA) launched an initiative to help create home healthcare models and home-based solutions that promote health equity.

Competitive Landscape:

Nowadays, key players in the home healthcare market are implementing several strategies to strengthen their position and maintain a competitive edge. They are expanding their range of services to cater to a broader spectrum of patient needs, including offering a comprehensive suite of medical, nursing, rehabilitation, and personal care services at home. Moreover, key players are investing in advanced medical technology, remote monitoring devices, telehealth platforms, and mobile health applications to enhance the quality of care, improve patient outcomes, and facilitate remote consultations. Besides this, several companies are prioritizing patient-centric care by customizing services to individual needs, providing personalized treatment plans, and actively involving patients and their families in care decisions. Furthermore, key players are building a robust network of skilled healthcare professionals, including nurses, therapists, and caregivers, to ensure the seamless and efficient delivery of services. They are also establishing a strong brand identity and implementing effective marketing strategies to help companies create awareness, build reputation, and attract new patients, thereby contributing to the home healthcare market forecast.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• A&D Company Limited
• Addus HomeCare Corporation
• Amedisys Inc.
• B. Braun Melsungen AG
• Baxter International Inc.
• Becton Dickinson and Company
• Fresenius Medical Care AG & Co. KGaA
• Invacare Corporation
• Koninklijke Philips N.V.
• McKesson Corporation
• Medline Industries LP
• OMRON Healthcare Inc. (Omron Corporation)
• ResMed Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Home Healthcare Market Recent Developments:

• June 2024: Prevounce Health, one of the remote care management software, devices, and services providers, launched its first remote blood glucose monitoring device, Pylo GL1-LTE.
• June 2024: Auscura tailored its SmartContactTM platform with features that redefine home healthcare. Through the use of mobile technology and a simple interface, SmartContact enabled patients and authorized family members to communicate with their care teams.
• May 2024: LG Electronics introduced "Primefocus Health," a new venture intended to utilize innovative technology and novel healthcare therapies to enable clinicians to give a comprehensive care experience and empower consumers to take charge of their health at home.

Home Healthcare Market Report Scope:

Key Questions Answered in This Report:

• How has the global home healthcare market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global home healthcare market?
• What is the impact of each driver, restraint, and opportunity on the global home healthcare market growth?
• What are the key regional markets?
• Which countries represent the most attractive home healthcare market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the home healthcare market?
• What is the breakup of the market based on the service?
• Which is the most attractive service in the home healthcare market?
• What is the breakup of the market based on the indication?
• Which is the most attractive indication in the home healthcare market?
• What is the competitive structure of the global home healthcare market?
• Who are the key players/companies in the global home healthcare market?

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the home healthcare market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global home healthcare market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the home healthcare industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.