Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) — In the near future, the home healthcare industry is poised to undergo a transformative shift, driven by technological advancements, evolving patient preferences, and the increasing need for personalized care. Remote monitoring and telemedicine solutions will become integral, enabling healthcare professionals to remotely track vital signs, administer treatments, and offer consultations, all from the comfort of patients’ homes. This trend will not only enhance convenience and accessibility but also alleviate the burden on traditional healthcare facilities. With a growing aging population, the demand for specialized home-based services such as chronic disease management, post-operative care, and palliative support will surge, prompting a collaborative approach among medical practitioners, caregivers, and technology developers. As the home healthcare landscape evolves, striking the balance between innovation, regulatory considerations, and maintaining a compassionate human touch will be pivotal in shaping the industry’s trajectory.
Home Healthcare market in terms of revenue was estimated to be worth $226.0 billion in 2022 and is poised to reach $340.2 billion by 2027, growing at a CAGR of 8.5% from 2022 to 2027 according to a latest report published by MarketsandMarkets(TM). The rising demand for cost-effective healthcare delivery due to the increasing healthcare costs and the increase in the geriatric population are the major factors driving the home healthcare market’s growth.
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Home Healthcare Market Scope:
Report CoverageDetailsMarket Revenue in 2022$226.0 billionEstimated Value by 2027$340.2 billionGrowth RatePoised to grow at a CAGR of 8.5%Market Size Available for2020-2027Forecast Period2022-2027Forecast UnitsValue (USD Billion) Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredProduct, Service, Indication, and regionGeographies CoveredNorth America, Europe, Asia Pacific, and Rest of the WorldReport HighlightsUpdated financial information / product portfolio of playersKey Market OpportunitiesRising focus on telehealthKey Market DriversRapid growth in elderly population and rising incidence of chronic diseases
Home Healthcare market major players covered in the report, such as:
Fresenius SE & Co. KGaA (Germany)Linde, Plc (Ireland)F.Hoffmann-La Roche, Ltd. (Switzerland)A&D Company, Limited (Japan)Bayada Home Health Care (US)Invacare Corporation (US)Abbott (US)Amedisys (US)ResMed, Inc. (US)LHC Group, Inc. (US)Omron Corporation (Japan)Koninkluke Philips N.V. (Netherlands)GE Healthcare (US)Drive Devilbiss Healthcare (UK)Hamilton Medical (Switzerland)Sunrise Medical (Germany)Roma Medical (UK)Caremax Rehabilitation Equipment Co., Ltd. (China)Vitalograph (UK)Advita Pflegedienst Gmbh (Germany)Renafan Gmbh (Germany)ADMR (France)Apex Medical Corp. (Taiwan)Contec Medical Systems Co., Ltd. (China)L?wenstein Medical Technology Gmbh + Co., KG. (Germany)B. Braun Melsungen Ag (Germany)Baxter International, Inc. (US)Allied Healthcare Products, Inc. (US)Medline Industries, Inc. (US)Advin Health Care (India)and Among Others
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This report categorizes the home healthcare market into the following segments and subsegments:
By Product
Therapeutic ProductsTesting, Screening, and Monitoring ProductsMobility Care Products
By Service
Skilled NursingRehabilitation TherapyHospice & Palliative CareUnskilled CareRespiratory TherapyInfusion TherapyPregnancy Care
By Indication
CancerRespiratory DiseasesMovement DisordersCardiovascular Diseases & HypertensionPregnancyWound CareDiabetesHearing DisordersOther Indications
By Region
North America USCanadaEurope Germany UKFranceItalySpainRest of EuropeAsia Pacific ChinaJapanIndia Rest of Asia PacificRest of the World
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The key stakeholders in the Home Healthcare market include:
Patients and Care Recipients: They are the central focus of the home healthcare industry. Patients seek personalized and convenient care options that allow them to receive medical attention, monitoring, and support from the comfort of their homes.Families and Caregivers: Family members often play a crucial role in providing care and support to patients at home. They collaborate with healthcare professionals to ensure the well-being of their loved ones, contributing to the holistic care approach.Healthcare Providers: Doctors, nurses, therapists, and other medical professionals offer specialized medical services and expertise to patients in their homes. They leverage technology to remotely diagnose, monitor, and treat patients, adapting their practices to the home environment.Home Healthcare Agencies: These agencies coordinate and manage the delivery of home healthcare services. They match patients with appropriate caregivers, provide training and support, and ensure compliance with regulations and standards.Technology Developers: Companies developing telehealth platforms, remote monitoring devices, wearable technology, and health apps are pivotal in enabling remote healthcare delivery. Their innovations facilitate virtual consultations, real-time data collection, and treatment adherence.Health Insurance Companies: Insurers play a role in covering home healthcare services, influencing the availability and affordability of such services to patients. They may partner with home healthcare providers to create comprehensive coverage options.Government and Regulatory Bodies: Regulatory agencies oversee licensing, accreditation, and compliance of home healthcare providers. Their guidelines and policies shape the industry’s standards, ensuring patient safety and quality of care.Medical Equipment Manufacturers: Companies producing medical devices, equipment, and supplies used in home healthcare, such as infusion pumps, respiratory equipment, and mobility aids, contribute to the industry’s growth and effectiveness.Pharmaceutical Companies: They provide medications, treatments, and therapies that are administered in the home setting, addressing various medical conditions and supporting patients’ recovery and well-being.Research and Academia: Academic institutions and researchers contribute to advancements in home healthcare practices, technology, and patient outcomes through studies, clinical trials, and the development of best practices.Advocacy Groups and Nonprofits: Organizations focused on healthcare advocacy and support for specific conditions or demographic groups play a vital role in raising awareness, promoting patient rights, and providing resources to patients and caregivers.Financial Institutions: They might offer funding, investment, or financial support to home healthcare agencies and technology developers, driving innovation and expansion in the industry.
The collaboration and synergy among these stakeholders will shape the evolution of the home healthcare market as it responds to the changing needs and preferences of patients and the broader healthcare landscape.
Recent Developments:
In August 2022, Fresenius Medical Care North America (FMCNA) acquired InterWell Health Brand (US) to expertise in kidney care value-based contracting and performance.In August 2022, Contessa (US) partnered with Mount Sinai Health System (US) offers a full continuum of home-based care that includes home health, hospitalization at home, rehabilitation at home (in lieu of care at a skilled nursing facility) and palliative care at home.In July 2022, Invacre Corporation (US) introduced Next Generation e-fix eco Power Assist Device to Transform the Manual Wheelchair.
Frequently Asked Questions (FAQs) of Home Healthcare Market:
What are the recent trends affecting the home healthcare market?Recent trends affecting the home healthcare market are the growth in elderly population coupled with growing incidence of chronic diseases and rising need for cost-effective treatments.
What are the major products of home healthcare used?The home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. The therapeutic products accounted for the largest share of the home healthcare market in 2021, mainly due to the rising need for home healthcare therapeutic products.
Who are the key players in the home healthcare market?The key players in this market are Fresenius SE & Co. KGaA (Germany), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), A&D Company, Limited (Japan), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed, Inc. (US), LHC Group, Inc. (US), Omron Corporation (Japan), Koninkluke Philips N.V. (Netherlands), and GE Healthcare (US)
What are the major indications home healthcare is used for?Based on indications, the home healthcare market has been segmented into cancer, respiratory diseases, movement disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. In 2021, other indications segment accounted for the largest share of the home healthcare market. The rising incidence of kidney and sleep disorders is driving the growth of this segment.
Which region is lucrative for the home healthcare market?Like China, Japan, and India, the emerging economies in the Asia Pacific region will be lucrative markets for home healthcare.
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Report Objectives:
To define, describe, segment, and forecast the global home healthcare market by product, service, indication, and regionTo provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall home healthcare marketTo analyze market opportunities for stakeholders and provide details of the competitive landscape for key playersTo forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, and Rest of the World.To profile the key players and comprehensively analyze their product portfolios, market positions, and core competenciesTo track and analyze company developments such as product launches, agreements, partnerships, and acquisitions in the home healthcare marketTo benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy
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