Home Healthcare Market to Expand at a 10.5% CAGR from 2021-2028, Globally: TMR Report

Wilmington, Delaware, United States, April 12, 2023 (GLOBE NEWSWIRE) -- According to the recent study by Transparency Market Research, the global home healthcare market is anticipated to flourish at a staggering 10.5% CAGR from 2021 to 2028. By the end of the aforementioned forecast period, a valuation of USD 499.6 Bn is anticipated.

With rapid technological advancements in the healthcare industry, combined with an exponentially rising geriatric population, the demand for affordable and good quality healthcare is inclining.

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Market Snapshot:

Pharmaceutical companies and healthcare organizations are leveraging key advancements such as artificial intelligence, telehealth, and automation to provide health services to patients within the comfort of their homes. A prominent trend in this regard is the increasing popularity of retail healthcare. It is expected that the amount of business conducted via this channel will double by the end of 2023.

Companies such as Walmart, Amazon, and CVS are already offering home healthcare services such as blood tests, vaccinations, and medical check-ups which are traditionally delivered within conventional healthcare settings. As global economic conditions lead to squeezed budgets, home healthcare services are only expected to take a turn for the better. Moreover, retail healthcare is easier to access than traditional healthcare.

Healthcare providers are also leveraging the popularity of wearable gadgets to introduce remote healthcare monitoring devices. This “Internet of Medical Things” has significantly widened in scope, encompassing simple devices such as heart rate tracking devices and smartwatches, to smart textiles capable of detecting blood pressure abnormalities. Moreover, they are also adept at predicting the risks of heart attacks. In addition, smart gloves capable of reducing tremors in Parkinson’s disease patients are also a testimony to the fact that home healthcare is on the rise.

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Key Takeaways from the Market Report

• The global home healthcare market was worth US$ 238.1 billion as of 2020
• From 2021 to 2028, demand for home healthcare services is likely to grow 1.8x
• Telehealth and telemedicine services to experience significant uptake in upcoming years
• By device type, patients are likely to opt for diagnostic & monitoring home devices for key chronic ailments
• The emerging economies of the Asia Pacific are expected to provide major growth opportunities for key service providers
  

Home Healthcare Market: Growth Drivers & Trends

• Various funding initiatives are augmenting home healthcare popularity. A case in point is the Hospital at Home® initiative. Developed by the Johns Hopkins Schools of Medicine and Public Health, the program offers good quality healthcare at nearly 1/3^rd of the actual cost
• Service providers are integrating artificial intelligence to provide proper home healthcare service, from virtual nurse assistants to digital companionship, as well as remote patient monitoring.
• Integration of telemedicine is further augmenting demand for home healthcare services. For instance, MedShield’s Hospital-at-home service, delivered by Quro Medical, allows members to receive a personalized treatment plan at home instead of in a general hospital ward. Additionally, the company’s SmartCare feature allows patients to schedule a call with a general practitioner for a virtual consultation
  

Home Healthcare Market: Regional Analysis

• North America is expected to account for over 40% of all home healthcare service deployment, attributed to an increase in the number of geriatrics across the continent.
• Asia-Pacific is likely to emerge as the fastest-growing market for home healthcare services. The region is expected to flourish at a CAGR of nearly 9% until 2028.

Home Healthcare Market: Prominent Players

The global home healthcare market is characterized by the presence of numerous regional as well as global entities. Some key home healthcare service providers profiled by TMR include:

• 3M Health Care
• Bayer AG
• Abbott Laboratories
• Cardinal Health, Inc.
• GE Healthcare
• Johnson & Johnson Services, Inc.
• Gentiva Health Services, Inc.
• Invacare Corporation
• F. Hoffmann-La Roche Ltd.
• Phillips Healthcare
• Medtronic, Inc.
• Omron Healthcare, Inc.

Prominent developments in the home healthcare domain by key players are as follows:

• Starting in 2020, Bayer AG initiated the G4A Agents of Change program. The initiative is a partnership program that aims to foster a digital health ecosystem through which key start-ups can avail funding. On the home healthcare front, the company has funded two start-ups named Caria and Elly. The former uses artificial intelligence (AI) to help women in menopause track symptoms and connect them with evidence-based treatments. The latter is a “smart companion” for people with chronic conditions that aim to help them live healthier and happier lives. 
• In February 2023, CVS Health acquired the home healthcare services company Signify Health. Through this acquisition, CVS Health has become among the first pharmacy chains in the U.S. to enter the at-home healthcare space, and will be able to penetrate rural areas. Its main product offering is the at-home rapid-antigen testing for COVID-19

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Home Healthcare Market- Key Segments

By Device Type

• Diagnostic & Monitoring Home Devices
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • Heart Rate Monitors
  • Temperature Monitors
  • Sleep Apnea Monitors
  • Coagulation Monitors
  • Pregnancy Test Kits
  • Pulse Oximeters
  • Pedometers
• Therapeutics Home Healthcare Devices
  • Insulin Delivery Devices
  • Nebulizers
  • Ventilator & CPAP Devices
  • IV Equipment
  • Dialysis Equipment
• Home Mobility Assist Devices
  • Wheelchairs
  • Cranes & Crutches
  • Other Home Mobility Assist Devices
• Medical Supplies
  

By Service

• Rehabilitation Services
• Telehealth and Telemedicine Services
• Infusion Therapy Services
• Respiratory Therapy Services
• Unskilled Home Healthcare Services
  

By Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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