Home Healthcare Market to be Worth $514.5 Billion by 2030
Added: (Wed Nov 08 2023)
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Meticulous Research®—a leading global market research company, published a research report titled 'Home Healthcare Market by Offering (Fertility, Pregnancy, Cholesterol Tests, Oximeter, CPAP, Nebulizer, Ventilator, Dialysis, Patient Support Equipment), Service (Rehabilitation, Telehealth, Nursing, Hospice), Application (Cardiovascular, Diabetes, Respiratory) - Global Forecast to 2030.'
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According to this latest publication from Meticulous Research®, the home healthcare market is projected to reach $514.5 billion by 2030, at a CAGR of 7.9% during the forecast period. The growth of this market is attributed to factors such as the increasing prevalence of chronic diseases and the growing adoption of home healthcare services due to the high cost of hospital healthcare services. Furthermore, the growing preference for home care due to the prevalence of infectious diseases, the high market growth potential offered by developing economies, and the launch of technologically advanced products used for convenient home healthcare are expected to offer significant growth opportunities for the home healthcare market.
Home Healthcare Market: Future Outlook
The home healthcare market is segmented based on Offering (Home Tests and Patient Monitoring Equipment [Fertility Tests & Aids, Pregnancy Tests, Gender, DNA, and Parental Tests, Cholesterol Tests, HIV Tests, Holter Monitors, Blood Pressure Monitors, Oximeters, Heart Rate Monitors, Thermometers, Stethoscopes, Defibrillators, Pedometers, Scales & Body Fat Monitors, Peak Flow Meters, Apnea Monitors, Baby Monitors, Coagulation Monitors, Diabetes Management], Home Therapeutic Equipment [Home Respiratory Therapy Equipment {Continuous Positive Airway Pressure Equipment, Oxygen Delivery Equipment, Nebulizers & Accessories, Ventilators & Accessories}, Home Dialysis Equipment, {Home Peritoneal Dialysis Products, Home Hemodialysis Products}, Home IV Equipment {IV Pumps, Other Home IV Equipment}, Other Equipment], Patient Support Equipment, [Mobility Assist Equipment, {Wheelchairs}, Walking Assist Devices {Walkers and Rollators, Canes & Walking Sticks, Crutches}, Mobility Scooters, Medical Furniture and Accessories, Bathroom Safety Equipment]), Services (Rehabilitation Services, Infusion Services, Skilled Care/Nursing, Unskilled Care Services, Telehealth Services, Hospice Care Services, Respiratory Therapy Services, Other Services), Application (Cardiovascular Diseases & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Cancer, Wound Care, and Other Applications) and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, in 2023, the home therapeutic equipment segment is expected to account for the largest share of the home healthcare market. The growth of this segment is attributed to the rising incidence of chronic diseases such as kidney diseases and respiratory disorders and the availability of rental therapeutic equipment.
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Based on services, the home healthcare market is segmented into rehabilitation services, infusion services, skilled care/nursing, unskilled care services, telehealth services, hospice care services, respiratory therapy services, and other services. The skilled care/nursing segment is projected to register the highest CAGR of the home healthcare market during the forecast period. The growth of this segment is attributed to the rising geriatric population that requires long-term home care, the increasing burden of chronic diseases where the patient needs caregiver services, rising awareness about telehealth which further reduces chances of hospital-acquired infections, and less healthcare expenditure compared to hospital services.
Based on application, the home healthcare market is segmented into cardiovascular diseases & hypertension, diabetes, respiratory diseases, pregnancy, mobility disorders, cancer, wound care, and other applications. In 2023, the diabetes segment is expected to account for the largest share of the home healthcare market due to the rising prevalence of diabetes globally, the need for continuous monitoring of glucose levels among diabetes patients, and rising awareness and use of diabetes monitoring products.
Geographic Review:
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
In 2023, North America is expected to account for the largest share of the home healthcare market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest shareholding market in North America. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, and government investments in promoting home healthcare.
Key Players:
The key players operating in the home healthcare market are Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Owens & Minor (U.S.), B. Braun SE (Germany), Baxter International, Inc. (U.S.), BAYADA Home Health Care (U.S.), Convatec (U.K.), Halyard Health, Inc. (U.S.), Covidien (Ireland), Fisher & Paykel (New Zealand), Fresenius Medical (Germany), GE Healthcare (U.S.), Johnson & Johnson (U.S.), and F. Hoffmann-La Roche AG (Switzerland).
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Key questions answered in the report-
Which are the high-growth market segments in terms of offering, services, application, and region/country?What was the historical market size for home healthcare across the globe?What are the market forecasts and estimates for the period 2023–2030?What are the major drivers, restraints, and opportunities in the global home healthcare market?Who are the major players in the global home healthcare market?How is the competitive landscape, and who are the market leaders in the global home healthcare market?What are the recent developments in the home healthcare market?What are the different strategies adopted by the major players in the home healthcare market?What are the geographical trends and high growth regions/countries?
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