Press Release

Global Home Healthcare Market to Grow at a CAGR of 7.60% During 2024 to 2030

The Global Home Healthcare Market size was valued at USD390.24 billion in 2023 and is projected to reach USD666.91 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 7.60% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report.

The heightened rates of multiple chronic diseases such as diabetes & COPD have led to the adoption of home healthcare products such as infusion pumps & inhalers. Further, as the risk for different diseases such as osteoarthritis & CVDs increases with age, a large number of elderly individuals & their families have been directed by their doctors to keep essential products such as pulse oximeters & blood pressure monitors at home. This then successfully drives the market for Home Healthcare. Also, as elderly individuals have always been prone to falls and other accidents, families have been actively enrolling them to receive home healthcare services for fall prevention, mobility assistance, and others.

Moreover, the high healthcare costs across countries have made patients opt for home healthcare services and receive enhanced medical care at affordable rates, thereby augmenting the growth of the Global Home Healthcare Market. Further, in many countries of the world, not enough medical facilities are there that could cater to the ever-increasing patient population. As a result, the inclination toward home healthcare has been increasing. Moreover, the lack of medical professionals like nurses, radiologists, physicians, and others in both developed & developing countries like India, Argentina, the US, the UK, Nigeria, and others have led patients to take services from home healthcare service providers.

Additionally, there have been reports stating a high rate of hospital-acquired infections (HAIs) across major healthcare facilities in countries like the UK, US, Germany, and others resulting in active adoption of home healthcare services by patients in the region. As a result, the market size of Home Healthcare has been expanding globally, further states the research report, “Global Home Healthcare Market Analysis, 2024.”

Global Home Healthcare Market Segmentation Analysis

Monitoring Products Segment to Held a Considerable Market Share of the Global Home Healthcare Market

Based on the products segment, the market is further bifurcated into, therapeutic, monitoring, testing kits, mobility care/assistive products, and others. Out of all, the monitoring products category held a significant market share of the Global Home Healthcare Market. This is because a large number of patients are suffering from diabetes and rely on home healthcare monitoring products like blood pressure and glucose monitors, weighing scales, and others for adequate monitoring of their health condition. Also, the increase in rise hypertension cases resulting from unhealthy lifestyles and overweight has resulted in the adoption of home healthcare monitoring products like blood pressure monitors leading to its demand in the region. Furthermore, heightened problems related to sleep which tend to influence day-to-day life have influenced many to opt for sleep monitors to get insights on their sleeping habits and receive adequate care. Additionally, the growing focus on preventive healthcare has further surged the adoption of health monitoring devices like ECG, BP monitors, and others. As a result, the category’s market size has been expanding rapidly.

North America to Lead Global Home Healthcare Market

North America expects to hold a considerable market share of the Global Home Healthcare Market, among all regions. The large elderly population in the area has accelerated the adoption of home healthcare and services largely. This is because, with age, the risk for many diseases including orthopedic, cardiovascular, neurological, and others increases and elderly individuals need to continuously monitor their vital health parameters, thereby propelling the growth of the regional market. Further countries in the region have high healthcare costs which prompts patients to opt for home healthcare services that are suitable in terms of affordability and help them to cope with their health problems effectively. Moreover, authorities in the region have been launching initiatives to promote home healthcare services, especially after the COVID-19 pandemic. As a result, the market for Home Healthcare has been registering remarkable growth in the North America region.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Fresenius SE & Co. KgaA, GE Healthcare, Linde plc, Amedisys, Care24, LHC Group, Inc., Vitalograph, advita Pflegedienst GmbH, RENAFAN GmbH, Addus HomeCare, Caremax Rehabilitation Equipment Co., Ltd., Alora Health, Portea Medical, BAYADA Home Health Care, Koninklijke Philips N.V., and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?