Rockville , Jan. 05, 2024 (GLOBE NEWSWIRE) -- The global home healthcare market is estimated to be valued at US$ 3,45,256.6 million in 2024. The market is projected to grow significantly at a 9.8% CAGR through 2034. The market is projected to reach US$ 8,78,383.5 million by 2034.
As the elderly population grows, there is a greater demand for home healthcare services in the comfort of their own homes. Furthermore, the increasing prevalence of specific conditions like dementia and Alzheimer's and orthopedic ailments are raising the demand for specialized care offered by home healthcare specialists. This is especially significant because many patients prefer to receive care at home rather than in a hospital or nursing home.
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Advancements in technology, such as remote monitoring devices and telemedicine, are also predicted to boost the home healthcare sector, allowing for more cost-effective and efficient care. Overall, the home healthcare market is expected to increase rapidly in the coming decade.
The sector is facing a fundamental challenge, which is a lack of professional home healthcare service providers. The fact that the position of a home healthcare provider necessitates particular skills and training that few people possess is restraining the market’s progress. As a result, there is a shortage of skilled specialists, which hinders the expansion of the home healthcare market.
| Report Attribute | Details |
| Value Projection (2034) | US$ 8,78,383.5 million |
| Growth Rate (2024-2034) | 9.8 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
“The rising expenditure on healthcare is an important cause of concern for governments and healthcare organizations worldwide. To address this issue, many people are turning to alternatives such as home healthcare, which is a cost-effective alternative to a hospital stay," says a Fact.MR analyst.
Key Takeaways from the Market Study
- The global home healthcare market is projected to expand at a CAGR of 9.8% from 2024 to 2034.
- The North American home healthcare market is expected to grow at a CAGR of 9.3% from 2024 to 2034.
- The market in the United States is expected to register a CAGR of 9.1% over the forecast period.
- The home healthcare industry in China is expected to rise at a CAGR of 9.9% through 2034.
- Based on the service type, the nursing segment leads the market, with an expected share of 38.0% in 2024.
Key Companies Profiled in This Report
- Abbott,
- 3M Healthcare,
- Baxter International Inc.,
- Medtronic PLC,
- Cardinal Health Inc.,
- Air Liquide,
- Amedisys, Inc.,
- NxStage Medical, Inc.
Competitive Landscape
Market players are focusing on growing their operations in new markets and developing countries to take advantage of the significant market growth potential of these regions. Suppliers are actively creating novel products and services to deal with these problems and make profits through market development prospects.
Recent Development
In 2021, Abbott recently unveiled NeuroSphere myPath, a new digital health software designed to assist doctors in tracking and managing chronic pain in patients. This enhanced version enables clinicians to track patients' progress and provide more targeted treatments. Service providers are banding together to improve care quality.
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Explore More Related Studies Published by Fact.MR Research:
Geriatric Care Services Market: Global demand for geriatric care services to reach a market revenue of US$ 850 million by the end of 2033.
Elderly Care Apps Market: The Elderly Care Apps market is expected to grow at a 10% CAGR from 2021 to 2031.
Senior Care Technologies Market: The global senior care technologies market is at present valued at USD 43.38 Billion in 2022. The market is further anticipated to cross a valuation of USD 76.23 Billion by end of 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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