Home Healthcare Market worth $340.2 billion by 2027: Opportunities and Challenges in Emerging Healthcare Economies
The home healthcare market is expected to witness a significant growth rate due to the increasing adoption of home healthcare services and the growing geriatric population. Home healthcare services provide personalized medical care and assistance to patients in their own homes. The growing demand for home healthcare services is driven by factors such as rising prevalence of chronic diseases, availability of technologically advanced home healthcare equipment, and government initiatives to provide healthcare services to the elderly.
The home healthcare market is segmented by product, service, and geography. On the basis of product, the market is divided into home healthcare equipment, home healthcare services, and home healthcare pharmaceuticals. The home healthcare equipment segment is further divided into home dialysis equipment, respiratory care equipment, lift chairs, and mobility assistive products. The home healthcare services segment is further divided into home healthcare, clinical care, and remote patient monitoring.
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Key Factors Driving Market Growth:The Rapid growth in the elderly population, the rising incidence of chronic diseases, the growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices are the major factors driving the growth of home healthcare market.
The therapeutic products segment accounted for the largest share of the home healthcare market, by product segment, in 2021
The home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. The therapeutic products holds the largest share of the home healthcare market in 2021, mainly due to increased incidence of chronic ailments, such as diabetes, cancer, and kidney failures.
Infusion therapy services segment to register the highest growth rate during the forecast period
The home healthcare market has been segmented into skilled nursing services, rehabilitation therapy services, hospice & palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. In 2021, skilled nursing services accounted for the largest share of the home healthcare market. Factor such as growing elderly population is driving the growth of the market.
The other indications segment accounted for the largest share of the home healthcare, by indication segment, in 2021
Based on the indication, 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, the other indications segment accounted for the largest share of the home healthcare market. The increasing older population and renal disorders is driving the growth of this segment.
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North America is the largest regional market for home healthcare market
The global home healthcare market is segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. In 2021, North America accounted for the largest share of the home healthcare market. The large share of North America in the global market is attributed to the increasing overall geriatric population, and high disposable income. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Growth in the Asia Pacific home healthcare market is driven primarily by the rising disposable income, efforts by the government in promoting home healthcare.
The major players operating in this market are 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), Löwenstein Medical Technology Gmbh + Co., KG. (Germany), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Allied Healthcare Products, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India).
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