Home Healthcare Market to Expand by 14.2% By 2027
Home Healthcare Market Size, Share & Growth Analysis Report From 2022 To 2027
According to Precedence Research, the global home healthcare market size accounted for USD 299.24 billion in 2021, which grew to USD 332.86 billion in 2022 and is expected to touch around USD 662.67 billion by 2027, while exhibiting a promising CAGR of 14.2% from 2022 to 2027.
The rising geriatric population coupled with the rising prevalence of various chronic diseases is boosting the demand for home healthcare across the globe. Geriatric people spend more in healthcare services as compared to any other age group as they are more prone to non-communicable diseases. There are certain health conditions in which patients are very uncomfortable visiting hospitals. Therefore, the easy availability of Home Healthcare has become a boon for them.
The increasing demand for home healthcare is propelled by the growing prevalence of chronic diseases and the growing geriatric population across the globe. The rapidly growing penetration of telehealth is supporting the growth of home healthcare as it easily connects patients and physicians on a click of a button. The on-demand availability of consultation and diagnostic services on telehealth platforms is expected to drive the growth of home healthcare.
Home Healthcare Market Key Insights
- By product type, the services segment has accounted more than 48% of total revenue share in 2021.
- By delivery mode, the web-based delivery segment has garnered market share of 46% in 2021.
- By end user, the providers segment accounted 54% revenue share in 2021.
- The North America region accounted 52% market share in 2021.
In 2020, North America was the leading home healthcare market. The presence of a huge elderly population in the region and the increased burden of various non-communicable diseases are the primary growth factors. According to the US National Cancer Institute, the number of cancer survivors is expected to reach over 22 million by 2030 in US. Moreover, it is estimated that over half of the US population is suffering from one or more chronic diseases. The presence of numerous home healthcare service providers and the adoption of advanced healthcare devices is augmenting the market growth. Moreover, the increased awareness regarding the hospital-acquired infections and the increased healthcare expenditure in US is positively impacting the market growth in North America.
Asia Pacific is estimated to be the fastest-growing market in the foreseeable future. The rising prevalence of chronic diseases among the population owing to various reasons such as unhealthy food habits, rising tobacco consumption, rising prevalence of smoking, rising pollution levels, and physical inactivity is expected to surge the number of patients. Moreover, the growing geriatric population will significantly boost the growth of the Home Healthcare market in the forthcoming years. Around 80% of the geriatric people in the globe are expected to live in low and middle-income countries by 2050.
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Home Healthcare Market Dynamics
Driver: Growing aging population and rising burden of diseases
The globe is expected to foresee a rapid increase in the old age population in the upcoming future. According to the World Health Organization, the proportion of the global population over 60 years is expected to increase from 12% to 22%, between 2015 and 2050. It is estimated that the old age population will reach at 2 billion by 2050. Geriatric people are more susceptible to various chronic diseases such as cancer, diabetes, musculoskeletal diseases, and CVDs. The increased healthcare expenditure and increased demand fore homecare services among the elderly population is expected to drive the market growth during the forecast period.
Restraint: Safety concerns related to the patient
Home healthcare reduces the contact between patients and the specialist doctors. The nurses are responsible for assessing the health conditions regularly and share the findings. Any serious concerns related to patient’s health that may not be identified by the nurse and the absence of doctors in home healthcare setting may increase the health risks.
Opportunity: Growing number of developmental strategies by the market players
The key market players are constantly engaged in various developmental strategies such as partnerships, acquisitions, and collaborations that positively impacts the market growth. These strategies helps the players to strengthen their position in the market. For instance, in 2021, Bayada Home Healthcare entered into a partnership with Autism Society of Hawaii in US to offer home care services to the autistic patients and individuals with other disabilities, at home.
Challenges: Lack of skilled home healthcare workers
The increasing demand for home healthcare is propelling the demand for skilled workers. There is a lack of skilled homecare health workers. As per the US Bureau of Labor Statistics, the home healthcare service providers had to keep around 3 million workers to serve the growing demand for Home healthcare.
- Based on the service type, the nursing care segment dominated the market in 2020. This is attributed to the presence of high geriatric population and increased healthcare expenditure in the developed regions like Europe and North America. The personalized care services and the conveniences associated with the nursing care has augmented the growth of this segment.
- Based on the application, the diagnostics segment dominated the market in 2020. The increasing awareness regarding the benefits of early detection of health conditions and regular monitoring the health of the patients has significantly driven the growth of this segment in the past years.
Home Healthcare Market Prominent Players
- McKesson Medical-Surgical Inc.
- Fresenius Medical Care
- Becton, Dickinson And Company
- Arkray, Inc.
- Medline Industries, Inc.
- 3M Healthcare
- Baxter International Inc.
- Medtronic PLC
- Braun Melsungen AG
- ConvaTec Group PLC
- Molnlycke Health Care
- Acelity L.P.
- Hollister Inc.
Service Providers: –
- Sunrise Carlisle, LP
- Extendicare, Inc.
- Brookdale Senior Living, Inc.
- Home Health Services Ltd.
- Care UK Limited
- Kindred Healthcare, Inc.
- Genesis Healthcare Corp.
- Sompo Holdings, Inc.
- Home Instead Senior Care, Inc.
- Diagnostic & Monitoring Devices
- Therapeutic Devices
- Home Mobility Assist Devices
- Respiratory Therapy
- Infusion Therapy
- Unskilled Homecare
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- North Africa
- South Africa
- Rest of MEA
Frequently Asked Questions:-
- What is the current size of the global home healthcare market?
- Who are the top key players of the home healthcare market?
- Which region dominates the global home healthcare market?
- What is the CAGR of home healthcare market?
- What is the home healthcare term?
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