Home Healthcare Market

Home Healthcare Market Size (2022 to 2027)

The global home healthcare market is expected to expand at a CAGR of 9.5% during the forecast period and the market size is estimated to be worth USD 465.64 billion by 2027. The adoption of home healthcare is increasing around the world at a significant level.

Home Healthcare Market Share Insights:

• Based on product type, the testing, screening, and monitoring segment dominated the home healthcare market in 2021.
• Based on software, the agency software had the leading home healthcare market share in 2021.
• The North American region captured 41% of the global home health market share in 2021.
• The European region is expected to reach USD 134.8 billion by 2027.
• The Asia-Pacific region is anticipated to grow at a CAGR of 11.48% from 2022 to 2027.

Home healthcare provides a wide variety of healthcare facilities that can be assumed at home for sickness or accidents. Home healthcare provides services to people and their families in their homes for advancement, preservation, or healing. Home healthcare is typically affordable, accessible, and more efficient than hospital care or specialist nursing facilities (SNF). Those accessing home healthcare offered by the Home Health Agency include chronically sick and disabled people of all ages, those suffering from hospitalization or severe illness, and the terminally ill. Home health nurses may assist patients with day-to-day activities (DLs) such as bathing, toileting, and feeding or guide and supervise aids in providing ADL treatment. In addition, nurses keep records of vital signs, perform emergency orders, take blood, record their activities and the patient's health status, and interact with the patient, relatives, and psychiatrist.

Impact of COVID-19 on the global home healthcare market:

Due to COVID-19, the demand for home healthcare services has grown exponentially.

The adoption of home healthcare has grown significantly due to the COVID-19 pandemic. The restrictions imposed to control the spread of coronavirus, such as travel bans and lockdowns, have created additional room for the home healthcare market to grow further. Licensed medical practitioners provide the services of home healthcare. Previously, home healthcare services were majorly limited to people who were disabled or aged. Still, considering the COVID-19 pandemic, the target audience for home healthcare services has evolved from all age groups. Many people have stopped visiting hospitals to take treatments, and the preference for home healthcare has increased. During the COVID-19 pandemic, people diagnosed with coronavirus also took advantage of home healthcare and had treatment via the home healthcare model. Likewise, COVID-19 has boosted the growth of the home healthcare market.

MARKET DRIVERS:

The rapid increase in the aging population worldwide is increasing the need for home healthcare and propelling market growth.

The need for home healthcare will be more across the aging population. According to the World Health Organization (WHO), there were 703 million people over 65 years of age in 2019. The number of older people to double by 2050 to 1.5 billion. Patient-oriented medical services are equally demanding with the growing aging population, helping the home healthcare market.

The increasing prevalence of chronic diseases and the growing need for cost-effective healthcare delivery due to healthcare prices further promote the global home healthcare market.

According to the Centers for Disease Control and Prevention (CDC), an estimated six in ten with one chronic disease and four with more than one chronic disease are suffering in the United States. Additionally, technical developments in-home care services, governments supporting home healthcare, COVID-19 impact on cost and unavailability of hospital beds, and ambulance services are further estimated to accelerate the global home healthcare market growth. In the COVID-19 pandemic, where coronavirus patients need medical assistance, many home health professionals choose to care for patients at home.

Furthermore, the increasing cost of medical treatment in hospitals and the rise in cancer patients and kidney diseases are projected to fuel the growth rate of the global home healthcare market. The growing investments from the market participants are another factor favoring the market growth. The maintenance, development, and other medical settings associated with home healthcare require significant investments.

MARKET RESTRAINTS:

The scarcity of skillful nursing staff is one of the major factors hampering the home healthcare market growth. High costs associated with home healthcare are another key factor inhibiting the growth rate of the global home healthcare market. The complex tasks involved with providing home healthcare services are a significant challenge to the growth of the home healthcare market. In addition, a lack of awareness around home healthcare services among people in rural areas and the unaffordability of a considerable population to adopt home healthcare services are further impeding the home healthcare market growth. Issues associated with payment plans, patient care, and insurance rates further showcase a negative impact on the growth rate of the global home healthcare market.

REPORT COVERAGE:

The research report on the global home healthcare market has been segmented and sub-segmented based on product type, service type, software, and region.

Home Healthcare Market - By Product Type:

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

Based on product type, the testing, screening & monitoring segment dominated the global home healthcare market in 2021. Furthermore, the segment’s domination is anticipated to rise during the forecast period. Factors such as the growing availability of diagnostic procedures directly at home give reports immediately, promoting segmental growth. In addition, the increasing demand for effective treatment care for patients from the comfort of their homes propels the segment’s growth.

Home Healthcare Market - By Type:

• Home Telehealth Monitoring Devices        
• Home Telehealth Services
• Home Telehealth Software     

Based on the type, the home telehealth monitoring devices segment is projected to lead the global home healthcare market during the forecast period due to the rise in support from the IT sector in launching different software. In addition, increasing capital income in developed and developing countries significantly boosts segmental growth.

Home Healthcare Market - By Services Type:

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

Based on service type, the rehabilitation therapy service segment led the global home healthcare market in 2021. Increasing awareness over the availability of specialized care treatment services at home, growing privacy concerns, and personal care through professional caregivers are accelerating the growth of the home healthcare market.

Home Healthcare Market - By Software:

• Agency Software 
• Clinical Management Systems       
• Hospice Solutions

Based on the software, the agency software segment had the largest share of the global home healthcare market in 2021. As a result, the segment is anticipated to hold a major share of the worldwide market during the forecast period. With the growing adoption of the cloud-based deployment model among service providers and increasing support from governmental organizations, the segment is expected to witness growth in the coming years. In addition, growing healthcare costs, the increasing need for affordable treatment, the rising patient population suffering from chronic diseases, and the growing adoption of technological developments in manufacturing home healthcare devices are fuelling the segment's growth rate.

Home Healthcare Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

In 2020, the North American home healthcare market was the market leader in the global market, owing to the rise in the initiatives from the governments of North American countries towards home healthcare services. Also, per the research analysts at Market Data Forecast, the North American Home Healthcare Market size is predicted to be worth 154.22 billion by 2027, registering a healthy CAGR of 8.9%. In addition, increasing capital income in developed and developing countries is leveraging the market's growth. As a result, the U.S. home healthcare market is projected to showcase a CAGR of 7% and dominate the North American market during the forecast period. On the other hand, the Canadian home healthcare market is expected to exhibit a CAGR of 6.98% from 2022 to 2027.

The Asia Pacific home healthcare market is expected to be the most lucrative regional market globally and is estimated to register a CAGR of 11.48% from 2022 to 2027. The regional market's growth is expected to be driven by the growing acceptance of the latest technologies and the rising elderly population. From this region, the Indian home healthcare market is expected to show a CAGR of 21.24% during the forecast period. As a result, it is predicted to account for a significant share of the APAC market. 

The European Home Healthcare Market grew tremendously over the past decade and is predicted to register a CAGR of 8.66% from 2022 to 2027 owing to the growing healthcare expenditure and increased preference from people for home healthcare. In Europe, UK and Germany are predicted to dominate and account for the most significant European market share during the forecast period.

The Latin American home healthcare market is forecasted to witness a CAGR of 10.43% from 2022 to 2027. Mexico and Brazil are estimated to showcase dominance during the forecast period in this region.

The Home Healthcare market in the Middle East and Africa region is expected to have an inclined growth rate during the forecast period.

KEY MARKET PARTICIPANTS:

Companies playing a significant role in the global home healthcare market profiled in this report are Almost Family Inc., Amedisys Inc., General Electric Company (GE), Kinner Software Inc., Omron Corporation, Linde Group, Roche Holding AG, Philips Healthcare, Mckesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.

RECENT HAPPENINGS IN THIS MARKET:

• In April 2020, AliveCor and OMRON announced their investment plans in the remote patient care segment to offer better services for cardiovascular monitoring for about 70% of the world’s population.
• In February 2020, GE Healthcare and Preventive Solutions collaborated to develop an innovative idea that virtually connects the heart from hospital to home.
• In January 2020, Amedisys, the fourth largest hospice provider in 2019, announced the acquisition of Asana Hospice. With this acquisition, Amedisys extended its portfolio to eight locations and operates care services in 33 states.
• In January 2020, AdaptHealth Corp acquired the McKesson patient care solutions business.
• In July 2019, Amedisys signed an agreement to acquire home health regulatory assets to expand its access in New York.
• In July 2019, Amedisys announced its plan to establish a partnership with ClearCare Inc. This agreement improves the quality of connecting personal care to the patients.
• In June 2018, GE, a leading healthcare company, offered services in over 150 countries worldwide. In addition, it is to expand its services in medical imaging, data analytics, and bio-manufacturing.