Home Healthcare Market

Global Home Healthcare Market Size (2024 to 2029)

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 354.6 billion USD in 2024 and 558.3 billion USD by 2029. The adoption of home healthcare is increasing around the world at a significant level.

Home healthcare is supportive of home care and nursing can be done by a qualified healthcare professional who meets your medical needs, or by a professional caregiver who provides daily assistance to make sure that daily activities are my own. It is beneficial for those patients who are not able to go out or people from a rural area. Home health staff helps patients how to take care of us at home to get better early, they keep updating doctors about patient's health daily, maintain records of each patient and much more. Technological innovation in the healthcare industry is gaining traction. The need for personalized care for chronic and lifestyle-based diseases, shifts in the traditional family system and the rise of nuclear families driving demand for the market worldwide. Patients need not visit the hospital for a check-up, and with the help of technical devices, they'll be checked regularly.

MARKET DRIVERS

The growing aging population, rising prevalence of chronic diseases and increasing demand for personal medical care services are primarily propelling the home healthcare market growth.

According to the World Health Organization (WHO), there were 703 million people over the age of 65 in 2019. The number of older people to double by 2050 to 1.5 billion. Technological advancements in home medical devices, a growing patient population suffering from chronic diseases, a rising preference for home-based care among patients and the cost-effectiveness of home healthcare compared to hospital care are boosting the growth rate of the global home healthcare market.

The comfort and familiar environment associated with home healthcare to patients, the shift towards value-based healthcare models, growing healthcare access in rural areas, increasing demand for palliative and end-of-life care and increasing awareness among people regarding the impact of home healthcare in reducing readmission rates are supporting the expansion of the home healthcare market.

The demand for agency management software is growing rapidly in the global home healthcare market due to its increasing use in roaster planning, billing, remote patient monitoring, and operational record keeping. The rising medical costs, increasing demand for affordable treatment, rapid adoption of technological improvements in the pharmaceutical and medical science fields and growing support for home healthcare from the governments of various countries are boosting the expansion of the global market. The adoption of home healthcare is on the rise by patients suffering from cancer and kidney diseases and growth in the patient population suffering from these diseases is estimated to contribute to the global market growth.

MARKET RESTRAINTS

The scarcity of skilled nursing staff is primarily hampering the growth of the global home healthcare market.

Additionally, negligence in giving certificates to the caretakers from professionals, lack of sufficient knowledge of these services in rural areas and rapid changes in the economic strategies are further expected to limit the growth of the global home healthcare market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Home Healthcare Market By Product Type

Based on product type, the testing, screening & monitoring segment dominated the market and accounted for 46.2% of the worldwide market share in 2023 and is expected to grow at a CAGR of 6.44% during the forecast period. The growing emphasis on preventive healthcare and the rising prevalence of chronic diseases are primarily propelling the expansion of the testing, screening and monitoring segment in the worldwide market. For instance, more than 70% of patients prefer home monitoring devices for managing chronic conditions. The rising awareness about early disease detection and prevention among consumers is further contributing to the segmental growth.

The mobility care products segment is anticipated to showcase rapid expansion during the forecast period, growing at a CAGR of 8.44%. People who are aged have a higher incidence of mobility-related health issues. Therefore, the growing aging population worldwide is one of the major drivers to the growth of the mobility care products segment in the global market. For instance, an estimated 80% of seniors prefer to age in place. An increase in the initiatives from governments to promote home healthcare and accessibility for the elderly and disabled and the growing adoption of technological advancements to develop innovative and lightweight mobility devices are further supporting the growth rate of the mobility care products segment in the global market.

Global Home Healthcare Market Analysis By Type

Based on type, the home telehealth monitoring devices segment led the market and occupied 40.9% of the worldwide market share in 2023. The domination of the home telehealth monitoring devices segment is majorly attributed to the rising preference for home-based healthcare solutions due to convenience and cost-effectiveness, increasing patient population suffering from various diseases and growing adoption of technological developments such as wearable devices and IoT integration to enhance the capabilities and accuracy of home monitoring.

The home telehealth software segment is expected to grow at the fastest and showcase a CAGR of 13.88% during the forecast period. The growing demand for comprehensive electronic health record (EHR) systems for remote patient monitoring and management and integration of artificial intelligence (AI) and machine learning to offer personalized healthcare insights and predictive analytics are contributing to the growth of the home telehealth software segment.

Global Home Healthcare Market Analysis By Software

Based on software, the agency software segment accounted for 43.7% of the global market share in 2023 and is expected to grow at a healthy CAGR during the forecast period. Agency software streamlines administrative tasks, enhances communication between caregivers and patients, and ensures compliance with regulations. Over 70% of home healthcare agencies worldwide utilize agency software for scheduling, billing, and patient management.

The clinical management systems segment is another promising segment and is estimated to grow at a notable CAGR during the forecast period owing to the growing emphasis on the integration of electronic health records (EHR) and clinical management systems.

REGIONAL ANALYSIS

North America outperformed all the other regions and emerged as the most dominating regional segment for home healthcare worldwide, accounting for 40.1% of the worldwide market share. The North American region is also expected to grow at a healthy CAGR during the forecast period owing to the growing demand for home healthcare services, favorable reimbursement policies, technological advancements and the shift towards value-based care models. The U.S. occupied the largest share of the North American market in 2023 and is predicted to continue the trend throughout the forecast period due to the rapid adoption of home healthcare services. For instance, more than 12 million individuals receive home healthcare services annually in the U.S.

The Asia-Pacific region is predicted to grow rapidly during the forecast period and witness a CAGR of 11.48% during the forecast period. Factors such as the growing elderly population, rising healthcare expenditures, increasing awareness about home-based care options, initiatives of Asia-Pacific governments to improve healthcare access, growing investments in healthcare infrastructure and quick advancements of healthcare technologies are propelling the home healthcare market growth in the Asia-Pacific region. China, India and Japan are estimated to account for the major share of the Asia-Pacific market during the forecast period.

Europe was the second-largest regional segment in the global home healthcare market in 2023 and is estimated to grow at a prominent CAGR during the forecast period. Factors such as the increasing number of initiatives from the governments of European countries to support home-based care, growing investments in healthcare infrastructure, rising emphasis on reducing healthcare costs and improving patient outcomes and rapid adoption of technological advancements in remote monitoring and telemedicine are propelling the growth of the European market. Germany is expected to hold the major share of the European market during the forecast period due to the growing number of patients availing of home healthcare services.

KEY PLAYERS IN THE GLOBAL HOME HEALTHCARE MARKET

Companies playing a key role in the global home healthcare market include 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.

DETAILED SEGMENTATION OF THE GLOBAL HOME HEALTHCARE MARKET INCLUDED IN THIS REPORT

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

By Product Type

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

By Type

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

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 

By Software

• Agency Software 
• Clinical Management Systems 
• Hospice Solutions

By Region

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