Westford, USA, July 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Home Healthcare Market will attain a value of USD 666.9 billion by 2031, with a CAGR of 7.96% during the forecast period (2024-2031). The home-based approach has many advantages including improved patient outcomes, longer duration of care, cost savings, and elimination of unnecessary hospitalizations. The market will show growth owing to the increasing trend of using home healthcare because of its benefits. In practice, skilled nurses accounted for the largest share of income and growth by 2021. A key driver of growth was insurance coverage for such services and the likelihood of these services being home-based Increased demand for cost-effective options and increasing virtual and telecare facilities. Home healthcare offers an alternative to cost-effectiveness compared to hospitals.
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Browse in-depth TOC on " Home Healthcare Market "
- Pages – 157
- Tables - 128
- Figures – 77
Home Healthcare Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 362.1 Billion |
| Estimated Value by 2031 | USD 666.9 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.96% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Service and Indication |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Use of Digital Devices to Monitor Health at Home |
| Key Market Drivers | Increased Patient Demand for Home-based Treatments |
Diabetes Segment to Dominate Due to Increasing Number of Diabetic Patients
According to data, the diabetes segment is the largest segment in the home healthcare market. The market is growing rapidly due to the increasing number of diabetic patients across the globe. A deferred diabetes treatment program that will monitor blood sugar levels at home as well as monitoring blood sugar levels, nutrition and exercise. In addition, the elderly population is more susceptible to diabetes due to the increasing demand for home health care. This would benefit the home health service, potentially reducing unnecessary visits, hospitalizations and readmissions, as well as reducing travel time and costs to meet with health care providers.
Rehabilitation Services Segment to Drive Market Due to Increasing Prevalence of Chronic Diseases
On the other hand, rehabilitation services are the fastest growing segment in the home healthcare market by services. The increasing prevalence of chronic diseases, common arthritis, injuries, etc. requires long-term rehabilitation, thus driving the market. These helps provide physical therapy, speech therapy, and other services to help the patient recover from surgery, trauma, etc., thus improving their quality of life. Awareness of the benefits of home remedies to help patients recover faster is further contributing to the growth of the market.
North America is Dominating Due to Improved Healthcare
North America is the largest region in the home healthcare market with over 41% share. The U.S. had the largest market share in North America. Higher spending, improved healthcare, and a larger elderly population drive the home healthcare market in this region Furthermore, an increasing number of government programs support research and development they provide cost-effective home health services, driving the market.
On the other hand, Asia-Pacific is the fastest growing region in the home healthcare market and is anticipated to continue its growth in the coming years. Affordable hospitals are driving demand for the home healthcare market as chronic diseases require long-term care. Furthermore, technological advancements in patient care devices contribute to the growth of the market. Growing elderly population is prone to lifestyle diseases such as diabetes which is expected to fuel the growth of the home healthcare market during the forecast period.
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Drivers
- Rise in Disposable Income
- Increasing Cases of Surgical Procedures
- Rapid Technological Advancements in Home Healthcare
Restraints
- Lack of Skilled Workers and Concerns About Patients' Safety
Prominent Players in Home Healthcare Market
The following are the Top Home Healthcare Companies
- National HealthCare Corporation (US)
- Omron Healthcare Inc. (Japan)
- Philips Healthcare (Netherlands)
- Roche Holding AG (Switzerland)
- Almost Family Inc. (US)
- Sunrise Medical Inc. (Germany)
- Abbott Laboratories Inc. (US)
- B. Braun Melsungen AG (Germany)
- Drive Medical Design & Manufacturing (US)
- Medline Industries Inc. (US)
- Teleflex Inc. (US)
- Welch Allyn Inc. (US)
- Medline Industries Inc. (US)
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Key Questions Answered in Home Healthcare Market Report
- What is the current market size of home healthcare market?
- Which is the fastest growing region in the home healthcare market?
- Which region has the biggest share in the home healthcare market?
This report provides the following insights:
- Analysis of key drivers (increasing applications of Home Healthcare and rising government support, technological advancements and growing adoption of genomic medicine), restraints (lack of skilled workers and concerns about patients' safety), opportunities (increasing investments by government entities and innovative product launches), influencing the growth of Home Healthcare Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Home Healthcare Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Home Healthcare Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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