Wilmington, Delaware, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Home Healthcare Market by Product and Service (Equipment, Software, and Services), Indication (Cancer, Neurological Disorders, Mobility Disorders, Cardiovascular Disorders, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the home healthcare market was valued at $281.0 billion in 2023, and is estimated to reach $760.2 billion by 2033, growing at a CAGR of 10.5% from 2024 to 2033.
The global home healthcare market is experiencing growth due to several factors such as increase in prevalence of chronic diseases aging population, technological advancements, and the growth in demand for convenient, personalized care.
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Prime determinants of growth
The home healthcare market is driven by a confluence of factors, including demographic shifts, technological advancements, and rise in healthcare costs. With an aging population globally, there's a growing demand for convenient and cost-effective healthcare solutions that allow individuals to receive care in the comfort of their own homes. Moreover, innovations such as wearable devices, remote monitoring systems, and telemedicine platforms are enabling more sophisticated and efficient home-based care delivery. For instance, companies such as Philips Healthcare, have developed remote patient monitoring solutions that allow healthcare providers to remotely monitor patients' vital signs and intervene proactively, reducing hospital readmissions and overall healthcare expenses.
Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $281.0 billion |
| Market Size in 2035 | $760.2 billion |
| CAGR | 10.50% |
| No. of Pages in Report | 260 |
| Segments Covered | Product & Service, Indication and Region. |
| Drivers | Growth in geriatric population prone to chronic diseases |
| Technological Advancements in Home Healthcare Devices | |
| Opportunities | Growth opportunities in emerging economies |
| Restraint | High cost associated with home healthcare devices |
| Stringent regulatory requirements for product approval |
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Segment Highlights
Technological Advancement in Home Healthcare Equipment
Equipment, such as medical devices and assistive technologies, is driven by advancements in technology, making home-based care more accessible and effective. For instance, the development of portable oxygen concentrators allows patients with respiratory conditions to receive oxygen therapy at home, enhancing their quality of life and reducing the need for hospital visits. Additionally, the rising prevalence of chronic diseases such as diabetes and hypertension drives demand for home monitoring devices such as glucometers and blood pressure monitors, empowering patients to manage their health proactively.
Software solutions for home healthcare management play a pivotal role in streamlining operations and improving patient outcomes. Electronic health record (EHR) systems tailored for home healthcare providers enable efficient documentation, care coordination, and remote communication with patients and caregivers. These software platforms enhance data accuracy, facilitate real-time decision-making, and support compliance with regulatory requirements. For example, telemedicine platforms offer secure video conferencing capabilities, enabling virtual consultations between patients and healthcare professionals, particularly valuable for remote monitoring and follow-up appointments.
Services in the home healthcare segment encompass a wide range of offerings, including skilled nursing, physical therapy, and personal care assistance. The primary driver for home healthcare services is the growing preference for aging in place among the elderly population. Seniors prefer to receive care in familiar surroundings, promoting independence and preserving dignity. Home healthcare services provide personalized care plans tailored to individual needs, promoting holistic wellness and improving patient satisfaction. Moreover, the COVID-19 pandemic has accelerated the adoption of home-based care, as patients seek to minimize exposure to healthcare facilities while still receiving essential medical services.
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Regional Outlook
North America to maintain its dominance by 2035
By region, North America held the largest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. This is attributed to its advanced technology infrastructure, strong demand & availability of hemodynamic monitoring products, supportive regulatory environment, and collaborative ecosystem fostering innovation and market growth in the market. Emerging countries are experiencing a surge in healthcare spending as economies develop and populations grow. This increased investment in healthcare infrastructure, technology, and services creates a conducive environment for the adoption of home healthcare devices.
Key Players
- B. Braun Melsungen AG
- Abbott
- Sunrise Medical
- 3M Healthcare
- Baxter International Inc.
- Medtronic PLC
- Cardinal Health Inc.
- F. Hoffmann-La Roche AG
- Air Liquide
- Amedisys, Inc.
The report provides a detailed analysis of these key players in the global home healthcare market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments in Home Healthcare Market Worldwide
- In August 2023, Extendicare Inc. acquired Revera and its affiliates and gained 15% managed stakes in 25 LTC homes operated by Revera and oversaw an extra 31 LTC homes owned by Revera.
- In April 2020, Proxxi, a Canadian firm launched a wearable device, Halo. This device is designed to ensure compliance with social distancing at a workplace during the ongoing global COVID-19 pandemic. This device would constantly notify of separation to ensure proper social distancing.
- In September 2021, MSF introduced free telemedicine helpline for COVID-19 patients in India.
- In April 2020, IBM released AI-powered technologies to assist the research and health community in hastening the discovery of medical insights and treatments for COVID-19 by launching the COVID-19 High-Performance Computing Consortium in the collaboration with the U.S. Department of Energy and the White House Office of Science and Technology.
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