Pune, India, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Global home healthcare market is anticipated to reach USD 288.38 billion in 2023 and forecasted to reach a value of USD 505.81 billion by 2030, demonstrating a CAGR of 8.4% during forecast period. There will be increased demand for home health services to provide long-term care and expected to drive market growth during 2023-2030.
Key Industry Development:
September 2022 - BAYADA Home Health Care declared a collaboration with Jefferson Health aimed at broadening patients' access to in-home care and enhancing their experience in Philadelphia.
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Key Takeaways:
- According to the 2022 report from the World Health Organization (WHO), the population aged 60 years and older is projected to rise from 1.20 billion to 1.40 billion by 2050.
- In February 2022, BAYADA Home Health Care introduced a novel digital service comprising digital care transition and coordination solutions, aimed at enhancing hospitals' ability to provide improved care to patients within their homes.
- In terms of region, North America generated a revenue of USD 116.88 billion in 2022.
Discover the Leading Players Featured in the Report:
Amedisys (U.S.), Trinity Health (U.S.), LHC Group, Inc. (U.S.), Portea Medical (India), BAYADA Home Health Care (U.S.), AccentCare, Inc. (U.S.), LifePoint Health, Inc. (U.S.), The Pennant Group, Inc. (U.S.), Abbott (U.S.), Baxter (U.S.), Masimo (U.S.), Omron (Japan)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.4% |
| 2030 Value Projection | USD 505.81 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 288.38 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 174 |
| Segments covered | By Type; By Indication; By Payor; and By Region |
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Segmentation:
Increasing acceptance of home healthcare services could contribute to the growth of the market.
Classified by type, the market is segmented into products and services. The services segment is poised to hold the largest market share, driven by the increasing demand for home-based treatments. The elderly population is expanding significantly, and their susceptibility to chronic diseases is notable.
According to the World Population Ageing 2020 Highlights from the United Nations (UN), the global population aged 65 years and older was 727 million, projected to double by 2050, reaching 1.5 billion.
Numerous research studies have demonstrated that old age is a significant factor in the onset of various chronic conditions, including cardiovascular disorders, neurological ailments, and mobility issues. This aspect is expected to propel the growth of the home healthcare market.
The increasing prevalence of diabetes and diabetes-associated disorders is expected to drive the development of the market. Segmented by indication, the market includes cancer, diabetes, mobility disorders, neurological disorders, cardiovascular disorders, and others. The diabetes segment holds a dominant position, driven by the rising number of patients with diabetes and related complications, such as diabetic ulcers. Elderly diabetic patients, aged 65 and above, often require frequent hospital admissions, deal with diabetic foot issues, and need multiple medications. These patients are increasingly favoring home health services due to their affordability and convenience compared to hospitals.
Specially trained caregivers can offer better assistance to diabetic patients at home than in hospitals. For instance, the International Diabetes Federation reported that in 2021, approximately 537 million adults aged 20 to 79 worldwide were living with diabetes, with 40-60 million people experiencing complications such as diabetic foot and lower limb issues.
The market's payer perspective encompasses public and private insurers, with the public insurer segment holding the largest market share in 2022. The segment's rapid growth is attributed to supportive initiatives by Medicare, Medicaid, and other public health insurers in countries like the U.S., Australia, Germany, and others.
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Driving factor:
Increasing favor for home health solutions because of their cost-effectiveness will enhance market growth.
Numerous countries are witnessing a significant increase in the prevalence of various chronic disorders, including cancer, diabetes, cardiovascular disorders, and other ailments. This trend is contributing to a higher average hospital admission rate. However, these illnesses often entail substantial treatment costs, prompting patients to choose cost-effective treatment models such as home health services.
For example, a 2022 study published in NCBI comparing the treatment costs between home healthcare and inpatient hospitalization revealed that home healthcare treatments were nearly USD 5,000 less expensive than hospitalization costs.
Providing treatment to patients at home offers several crucial advantages over hospital-based treatment. One notable benefit is the reduced risk of hospital-acquired infections (HAIs). Post-surgery recovery and the management of other chronic diseases can compromise a patient's immune system, making them more susceptible to various infections.
Regional insights:
In 2022, North America generated USD 116.88 billion in revenue and is expected to maintain its leading position in the market throughout the forecast period. The growing preference for home health services by patients is driven by several advantages, including privacy, convenience, reimbursement availability for various home health services, cost-effectiveness, the presence of leading home healthcare service providers, and the introduction of innovative products by medical device manufacturers specifically designed for use in home health settings. These factors will contribute to the growth of the home healthcare market in North America.
Competitive Landscape
Omron maintained a leading market position because of its extensive range of products designed for home use.
The home healthcare market comprises various well-established companies, but a select few dominate the industry. Notable organizations, including Omron, Baxter, Medtronic, and others, have secured a significant share in the global market. Among these, Omron holds the largest market share, attributed to its extensive product portfolio encompassing blood pressure monitoring devices, nebulizers, pulse oximeters, and other equipment suitable for home use. Additionally, the company's strategic initiatives to uphold its market position and enhance sales have contributed to its revenue growth.
FAQs
How big is the Home Healthcare Market?
Home Healthcare Market size is USD 288.38 billion in 2023.
How fast is the Home Healthcare Market growing?
The Home Healthcare Market will exhibit a CAGR of 8.4% during the forecast period, 2023-2030
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Related Links:
U.S. Home Healthcare Services Market Size, Share, Growth Industry Report.
U.K. Home Healthcare Market Share, Size, Demand, and Forecast.
Germany Home Healthcare Market Size, Share, Growth Industry Report.
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