New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has recently published a detailed market report on the “Global Home Healthcare Services Market” for the forecast period, i.e., 2023-2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Home Healthcare Services Market Size:
The global home healthcare services market is to acquire a notable revenue by 2033 and grow at a CAGR of ~9% during the forecast period. In addition, the market garnered significant revenue in 2022. The demand for personal care for the aged population is the major factor driving the market expansion. The rising geriatric population worldwide enhances the market expansion. The World Health Organization (WHO) predicts that by 2030, every 6th individual in the world to be 60 or older.
The public health insurance investments made by the government are helping to fuel the expansion of the global home healthcare services market. In 2019, 10.52% of Norway’s GDP was spent on the healthcare sector. In addition, the European Commission spent about USD 1062.1 billion, or roughly 8.2% of its GDP on public health in 2020. The market will continue to rise as more people are diagnosed with diseases such as diabetes, kidney, heart and dementia. For instance, by 2030, it is expected to be 643 million diabetics worldwide, and by 2045 it is predicted to be 783 million.
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Global Home Healthcare Services Market, Key Takeaways
- North American region gains the largest portion of the revenue
- The dialysis equipment segment to influence the revenue graph
- The nursing care segment retains a sizable presence in the market
Growing Aging Population and Rising Incidence of Lifestyle Diseases to Accelerate Market Expansion
The geriatric population needs special care for their health, and since many older people are unable to travel to the hospitals or have no one to drive them there, home healthcare services are crucial. Therefore, the need for home healthcare services increases as the ageing population grows. The number of individuals 65 and over worldwide was 703 million in 2019, and the United Nations projects that number to reach 1.5 billion by the year 2050.
People are at a high risk of getting lifestyle-based disorders such as diabetes, cardiac diseases, kidney failures, high cholesterol, hypertension, and others owing to their sedentary and obese lifestyles WHO estimates that 422 million people worldwide have diabetes causing 1.5 million fatalities. In addition, 17.9 million people worldwide die from cardiovascular disorders each year, making them the leading cause of mortality.
Global Home Healthcare Services Market: Regional Synopsis
The global home healthcare services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Increasing Prevalence of Alzheimer’s Disease and Growing Elderly Population to Fuel the Asia Pacific Market
By 2033, it is predicted that the North American market to have the biggest market share. North American markets are expected to grow as a result of the ageing population in the region. In the United States, there were 54.1 million people aged 65 and older as of July 2019, according to the U.S. Census Bureau. The need for home care services rises owing to an increase in Alzheimer’s disease prevalence. Over 6.5 million U.S. citizens have Alzheimer’s disease. This figure is anticipated to grow to around 13.5 million by 2050.
Growing Geriatric Population and Rising Hospital Expenses to Boost the APAC Market
On the other hand, the Asia Pacific (APAC) market is anticipated to experience rapid expansion. Home healthcare products and services are becoming more popular as a result of factors such as inadequate healthcare infrastructure, exorbitant in-hospital treatment centres, chronic conditions that require extensive care, and a growing geriatric population. In 2020, there were around 265 million people aged 60 and older (19% of the overall population) and 191 million persons aged 65 and above (14%). Businesses are also focusing more an emphasis on underdeveloped nations such as China and India. For instance, Apollo Homecare offers reliable plans for a number of categories including maternal and infant care, geriatric care, cardiac and lung rehab and many more. These programs offer individualized healthcare services and medical oversight. In addition, out-of-pocket spending in China was 35.23% in 2019 and is predicted to increase in recent years.
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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa)
Global Home Healthcare Services Market, Segmentation by Product
- Peak Flow Meters
- IV Equipment
- Coagulation Monitors
- Dialysis Equipment
Over the forecast period, the dialysis equipment segment is expected to expand at a considerable CAGR. The increase in the number of persons with kidney issues and failures fueled the development of the segment. In the United States in 2018, there were close to 37 million residents, 1 in 7 of whom had renal disease, and around 2 in 1,000 individuals had end-stage kidney disease (ESKD), kidney failure where the solution could be transplant or dialysis. An estimated 2 million people worldwide suffer from kidney disorders.
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Global Home Healthcare Services Market, Segmentation by Type
- Physician Care
- Nursing Care
- Occupational & Speech Therapy
- Physical
- Medical Social Services
- Others
The nursing care segment is anticipated to hold a substantial market share during the forecast period. In-home care services are used by 65.5% of people. At some period in their life, a large number of people require long-term nursing care. Long-term nursing care services may be needed by the geriatric population, sick or handicapped adults, disabled children, and children with special needs, including those who are chronically or terminally ill. 71% of adults who turn 65 eventually require long-term care. Up to 31 million individuals in the U.S. is predicted to be needed long-term care services by 2050.
Global Home Healthcare Services Market, Segmentation by Payer
- Private Health Insurance
- Public Health Insurance
- Personal Savings
A few of the well-known market leaders in the global home healthcare services market that are profiled by Kenneth Research are Amedisys, Inc., LHC Group Inc., Brookdale Senior Living Inc., Trinity Health, AccentCare, Inc., BAYADA Home Health Care, Kindred at Home, Home Instead, Inc., Sompo Care Inc., Extendicare, Inc., and others.
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Recent Developments in Global Home Healthcare Services Market
- On February 3rd, 2022, Extendicare Inc. stated that it had reached a deal with Sienna-Sabra LP to sell its 1,048 senior living units in Saskatchewan and Ontario for USD 307.2 million.
- On June 30th,2021, Amedisys Inc. stated that it would strategically acquire Contessa health for USD 250 million in order to expand its home-based hospital services to include tech-enabled, higher acuity hospitals with skilled nursing facilities.
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