Home Healthcare Market Size to Rake USD 705.1 billion by 2030

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The global home healthcare market size is expected to be worth around USD 705.1 billion by 2030 from at USD 350.0 billion in 2020 and is anticipated to grow at a CAGR of 11.8% during forecast period 2021 to 2030.

Vision Research Report, Announced New Report on “Home Healthcare Market (By Component: Equipment, Services) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030”.

In this study, the years considered to estimate the market size of Home Healthcare are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

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What are the Growth Factors of Home Healthcare Market?

The growing geriatric population and rising incidence of target diseases, such as dementia and Alzheimer’s, as well as orthopedic diseases are factors expected to fuel the market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to expensive hospital stays. For instance, as per a report by The Commonwealth Fund, “hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high-impact rendering driver of the market.

Advancements in medicine have led to a shift from communicable to noncommunicable diseases in developing countries. A sedentary lifestyle and high consumption of alcohol are factors responsible for an increase in the prevalence of lifestyle diseases. The growing incidence of target diseases requiring long-term care, such as Alzheimer’s disease and dementia, is expected to drive the market during the forecast period. Furthermore, awareness about home care services and devices for such conditions is increasing. Availability of portable devices, such as heart rate monitors, respiratory aids, and blood glucose monitors,0 has improved the efficiency & effectiveness of home care for lifestyle diseases.

Value-based healthcare is another major factor contributing to the market. In most of the developed and developing nations, the central government is offering either partial or complete coverage for the in-home services. In the U.S., Medicare reimbursements are highly favorable in providing value-based healthcare for improved patient outcomes at a low cost. Thus, in-home care has become a modality of choice for treatment.

The advent of advanced home healthcare services in the country has enabled the delivery of high-quality healthcare in the comfort of one’s home. Moreover, patients can save 10 to 25% from their overall medical treatment costs by opting for home healthcare services. Modern-age networking has provided physicians with access to patient data from remote locations and the ability to provide immediate consultation.

Component Insights

The services segment led the market with a revenue share of over 84% in 2020. The equipment segment, on the other hand, is estimated to register the fastest CAGR from 201 to 2028. The market by services is segmented into skilled home care and unskilled home care. Skilled home care services are provided by healthcare professionals. Unskilled home care services are provided for daily living aid to home-bound patients and are categorized as basic assistance care/personal care services. Skilled home healthcare services dominated the market in 2020 due to rising medical expenditure associated with hospital stays.

The home healthcare equipment market is segmented into three major categories; diagnostic, therapeutic, and mobility assist. The therapeutic segment led the market in 2020 and will expand further at a steady CAGR over the forecast period. This growth is due to the rising prevalence of diseases that require frequent usage of therapeutic equipment. For instance, the usage of insulin delivery devices, home dialysis equipment, and intravenous pumps.

Diagnostics accounted for approximately 39% of the overall home healthcare equipment market in 2020. It is expected to gain a lucrative share over the forecast period. The segment growth is credited to the increasing prevalence of diabetes and cardiovascular & cardiopulmonary diseases, growing patient awareness, increasing cases of long-term illnesses requiring frequent diagnosis, and high adoption of BP monitors & pregnancy & fertility tests.

With the growing geriatric population, the demand for home healthcare services is rising in several countries. Service providers focus on covering the entire scope to deliver the best services to the geriatric population. Individualized disease management programs are developed to address physical needs specific to Alzheimer’s disease and dementia (Memory Care Specialty Program) as well as manage symptoms related to heart diseases, focusing on pain control and quality of life (Cardiac Specialty Program).

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Regional Insights

North America accounted for the highest revenue share of 42.92% in 2020. The presence of a large geriatric population in this region, sophisticated healthcare infrastructure, and relatively higher disposable income levels are some of the key factors driving the growth. Moreover, an increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare supports the regional market growth. For instance, the “Hospital at Home” program was initiated wherein the patients received treatment at home, this reduced the cost of care by nearly 30%.

Asia Pacific is estimated to be the fastest-growing regional market. Factors, such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases that require long-term care, are resulting in increasing adoption of home healthcare products and services. Moreover, companies are focusing on untapped countries, such as India and China. For instance, Apollo Homecare offers long-term plans for various categories, such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother & baby care, and elderly care. These programs include medical supervision and personalized healthcare services.

By Type

  • Device
  • Services

By Device

  • Diagnostic & Monitoring Devices
  • Therapeutic Devices
  • Home Mobility Assist Devices

By Services

  • Rehabilitation
  • Telehealth
  • Respiratory Therapy
  • Infusion Therapy
  • Unskilled Homecare

By Regional Outlook

  • North America
    • US.
    • Canada
  • Europe
    • UK.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of MEA

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Buy this premium research report (USD 3500), click here@ or call: +1 9197 992 333 

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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