Global Home Healthcare Market Research Report: Forecast (2024-2030)

Market Definition

Home Healthcare encompasses therapeutic products, monitoring products, test kits, etc. as well as any professional support services that are intended to help individuals such as those who are aging, have certain chronic conditions, and have witnessed some kind of accident that resulted in major injury among others, outside formal healthcare spaces at the comfort of their home.

Market Insights & Analysis: Global Home Healthcare Market (2024-30):

The Global Home Healthcare Market size was valued at USD 390.24 billion in 2023 and is projected to reach USD 666.91 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.

The high rates of numerous chronic diseases like diabetes & CVDs that require frequent care & monitoring of their health conditions to better manage the disease have elevated the demand for home healthcare products like blood glucose monitors, electrocardiogram monitors, infusion pumps, blood pressure monitors, and others. Further, the elderly population has been growing at an enormous rate across the globe. Also, as a person ages immunity weakens, and strength & resiliency of muscle, bone, and other tissues decline, the individual develops a range of medical conditions including hearing loss, bone diseases, dementia, diabetes, respiratory disorders like asthma & COPD, and many others. Thereby, to maintain a lifestyle with healthy behaviors and manage chronic conditions effectively, need for home healthcare products such as inhalers, infusion pumps, blood glucose monitors, assistive products like crutches & hearing aids, etc. has been in high demand by elderly patients. For instance,

• The World Health Organization (WHO) highlighted that the number of people aged 60 & over would increase from around 1 billion in 2020 to about 1.4 billion in 2030. Also, it has been estimated that by 2050, this population will double reaching 2.1 billion.

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Moreover, countries like the US, Norway, Canada, Germany, Australia, Sweden, GCC, etc., and many others have extremely high healthcare costs attributed to the presence of private sector hospitals, defensive medical practices, etc. A large number of patients in these countries could not afford such high healthcare costs which tend to increase more as the number of days of hospital stay increases. As a result, with doctors’ consultation, several patients have started taking medical services at their homes which turns out to be less expensive than staying at the hospital for a longer period. Thereby, the overall market for Home Healthcare has been expanding globally. Additionally, rising instances of hospital-acquired infections (HAIs) have further prompted patients to receive medical care in the comfort of their homes to avoid infections, thereby augmenting the growth of the overall Home Healthcare Market.

Home Healthcare Market Driver:

Lack of Healthcare Facilities & Medical Professionals – In many countries like India, China, GCC, Vietnam, the Philippines, Nigeria, and others, despite the significant proportion of the diseased population, there is a lack of healthcare facilities that could cater to the patients who tend to suffer from diseases like CVDs, cancer, sleep apnea, and others. As a result, the focus has been shifting towards home healthcare leading to enhanced adoption of products like blood glucose monitors, sleep apnea therapeutic devices, ventilators, and numerous others and a heightened need for services like respiratory therapy services, skilled nursing services, etc.

Moreover, in both developing and certain developed countries like the US & UK, not enough medical professionals in different specialties like orthopedics, cardiology, respiratory, radiology, and others are present. However, patient visitations have been increasing and eventually, the burden on the healthcare system has been greater than before. To cater to a large number of patients at once, healthcare providers have been releasing those who they thought received sufficient treatment, although these patients still need care & assistance. Due to this, patients as well as their family members have been choosing suitable home healthcare services that allow proper recovery. Hence, the market for Home Healthcare has been experiencing positive growth trends. For instance,

• As per the US Department of Health & Human Services, the projected demand for healthcare workers is around 60,160 in the US. However, the expected supply would be around 53,860, highlighting a significant gap.

Home Healthcare Market Challenge:

Compliance & Regulatory Challenges – The home healthcare product as well as service providers are required to follow a wide range of laws & regulations. However, complying with the regulations & standards including meeting strict criteria for patient eligibility, service provision, and quality of care, has become complicated for the companies. This has been because staying updated with the latest laws & regulations and then implementing compliance programs requires hiring experts from different backgrounds in legal, regulatory, and compliance, which raises the overall cost. The startups or companies with limited budgets thereby face delays or even fail to introduce newer products or offer services in the market. Those who already have their products in the market or have been offering their services to patients would have to train their professionals as per newer updates which consumes time & resources.

Further, as compliance requires documentation of accurate and up-to-date records, preparing it has been a time-consuming task for home healthcare companies and they often witness errors that lead to enhanced compliance issues. As a result, the market has been adversely impacted.  

Home Healthcare Market Trend:

Advances Such as Remote Patient Monitoring & Telehealth to Boost Market Growth – In recent times, as the patient population is increasing & sufficient medical facilities are not present to cater to them, advances such as remote patient monitoring & availability of telehealth platforms for home healthcare tends to boost the market growth. The home healthcare solutions with integrated remote patient monitoring features allow healthcare professionals to obtain valuable data on patients who have illnesses such as COPD, diabetes, cancer, and others. Due to this, they could timely direct treatment or provide any other medical advice which ultimately results in enhanced patient outcomes.

Further, post-COVID-19 pandemic, the popularity of home health telehealth platforms has increased as they allow patients with ongoing conditions to connect with clinicians for medical advice virtually without the need for travel and coming in contact with other individuals.  The rise in the number of smartphone users & enhanced internet connectivity has further allowed these patients even the elderly to access various telehealth platforms to connect with medical professionals and seek health advice. Moreover, ongoing investments in telehealth & support for remote patient monitoring by major healthcare bodies like WHO, the US FDA and others have successfully driven the market.

Home Healthcare Market (2024-30): Segmentation Analysis

The Global Home Healthcare Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Product:

• Therapeutic Products
  • Dialysis Equipment
  • Inhalers
  • IV Equipment
  • Infusion Pumps
  • Sleep Apnea Therapeutic Devices
  • Ventilators
  • Nebulizers
  • Others
• Monitoring Products
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • Pulse Oximeters
  • Sleep Monitoring Devices
  • Electrocardiogram monitor
  • Fetal monitors
  • Others
• Testing Kits
  • Pregnancy Test Kits
  • Male & Female Stress Hormone Test Kits
  • Cholesterol Test Kits
  • Allergy Test Kits
  • HIV Test Kits
  • Colon Cancer Test Kits
  • Others
• Mobility Care/Assistive Products
  • Wheelchairs
  • Walkers
  • Crutches
  • Canes
  • Hearing Aid
  • Others
• IT & Software
• Others

The Monitoring Products category is expected to hold a considerable market share as there has been a rise in the number of individuals suffering from diabetes globally on account of obesity and family history. Patients suffering from diabetes require continuous monitoring of their glucose levels to avoid dangerous consequences, leading to an increase in demand for blood glucose monitors. For instance,

• The International Diabetes Federation (IDF) mentioned that the cases of diabetes are expected to increase to 643 million by 2030, up from 537 million in 2021.

Additionally, an increase in the number of hypertension cases across countries like India & China has been reported in recent times. Hypertension raises the risk of heart, brain, and kidney diseases and thus patients suffering from them are advised by their doctors to use blood pressure monitors and effectively monitor their blood pressure levels even at home. This, in turn, has raised the demand for home healthcare monitoring products such as blood pressure monitors significantly. For instance,

• The WHO stated in 2023, globally, about 1.28 billion adults aged between 30 and 79 years have the condition of hypertension.

Moreover, several individuals from across the world have been facing severe issues related to sleep disorders resulting from factors such as irregular sleep schedules, stress, mental health disorders, neurological problems, medications, and others. With rising awareness about the importance of proper & adequate sleep, there has been an increase in the demand for sleep-monitoring home healthcare products, increasing the market size of monitoring products. Furthermore, inclination towards preventive healthcare has influenced many to adopt home healthcare monitoring products like blood pressure monitors, ECG monitors, etc.

Based on Services:

• Rehabilitation Therapy Services
• Respiratory Therapy Services
• Pregnancy Care Services
• Skilled Nursing Services
• Unskilled Care Services
• Others

Out of all, the rehabilitation therapy services category held the prominent market share of the Global Home Healthcare Market. The rates of spinal cord injury (SCI) have been alarming across the world, as people have been involved in automobile & motorcycle crashes, falls, medical/surgical complications, diving incidents, and others. As individuals with spinal cord injury (SCI) need extensive rehabilitation to continue functioning well in their community & home environment, the demand for rehabilitation therapy services has been on the rise, augmenting the growth of the category’s market. For instance,

• The Spinal Injuries Association mentioned in 2023 that, every year around 4,400 people get injured or diagnosed with spinal cord injury in the UK.

Further, there have been many patients suffering from long-term conditions, such as COPD, Cancer, diabetes, and neurological conditions, which tend to impair a person’s activity level so companies are offering supportive rehabilitation therapy services to assist such patients with chronic & serious health conditions. Hence, the market for rehabilitation therapy has been witnessing significant growth trends.

Home Healthcare Market (2024-30): Regional Projection

Geographically, the Global Home Healthcare Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America expects to hold a considerable market share, among all regions. This is due to the presence of a large chunk of the elderly population that tends to suffer from varied health conditions including orthopedic, & cardiovascular. This has resulted in increased adoption of home healthcare products such as blood glucose monitors, blood pressure monitors, and pulse oximeters helping the elderly population avoid mishaps. Also, as they are always at risk for accidents, falls, and other consequences, family members have been opting for Home Healthcare Services for assistance with mobility, fall prevention, and emergency care.  Subsequently, the market for Home Healthcare has been expanding in North America. For instance,

• The Population Reference Bureau (PRB) mentioned that in the US, people aged 65 & older are expected to increase to 82 million by 2050, up from 58 million in 2022.

Further, countries like the US have high healthcare costs which have prompted individuals with chronic health conditions like Congestive heart failure (CHF) & neurological diseases to shift towards home healthcare products & services, thereby positively impacting the growth of the North America Home Healthcare Market. Moreover, after observing the burden of a large number of patients during the COVID-19 pandemic, healthcare authorities too have been working on the promotion of home healthcare services which tend to have a significant impact on the growth of the North America Home Healthcare Market. For instance, in 2024, the US FDA launched a new initiative named Home as a Health Care Hub. The initiative is to advance healthcare at home in the US and improve health equity.

Home Healthcare Industry Recent Development:

• 2023: Portea Medical and Merago Inc. announced a partnership to launch home healthcare services in India.
• 2022: GE Healthcare entered the homecare segment with a strategic investment of USD50 million in Israeli start-up Pulsenmore. The investment aimed at accelerating the global adoption of Pulsenmore’s homecare ultrasound solutions.

Gain a Competitive Edge with Our Home Healthcare Market Report

• Global Home Healthcare Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Home Healthcare Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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