Global Home Healthcare Market By Equipment (Therapeutic, Diagnostic, and Mobility Assist), By Services (Skilled Home Healthcare Services and Unskilled Home Healthcare Services), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Home Healthcare Market Overview

The global home healthcare market was worth US$ 311,540.7 million in 2021. This number will increase at a CAGR of 8.4% between 2023-2032. Market growth will be driven by factors such as the increasing geriatric population and increased incidence of target diseases, like Alzheimer’s and dementia. Governments and healthcare organizations are worried about the rising cost of treatment and are trying to lower them. The cost-efficient alternative for expensive hospital stays is home health care.

Global Home Healthcare Market Analysis

Equipment Analysis

Because of the increasing prevalence of diseases that require frequent use, the therapeutic segment is expected to be the most profitable over the forecast period. You can use intravenous pumps, home dialyzers, insulin delivery equipment, and other devices to help you. Diagnostics accounted for the largest share of the global home healthcare equipment market in 2021. They are expected to continue to enjoy a significant market share over the forecast period due to increasing prevalence, growing patient awareness, and severity of long-term diseases such as cardiovascular, diabetes, and cardiopulmonary disease, and high adoption rates of BP monitors.

Service Analysis

The demand for home healthcare services is increasing in many countries due to an aging population. To provide the best care for the elderly population, service providers ensure that they cover the whole spectrum of the market. Individualized disease management programs are designed to address the physical needs of people with Alzheimer’s and dementia. They also manage symptoms associated with heart disease. There are two types of services in the market: skilled home care and unskilled homecare. Healthcare professionals can provide skilled home care services. Home care services that are not skilled are offered for the daily living of homebound patients. They are classified as basic assistance care/personal services. The skilled home healthcare professionals due to increasing medical costs associated with hospital stays

Key Market Segments

By Equipment

• Therapeutic
• Diagnostic
• Mobility Assist

By Services

• Skilled Home Healthcare Services
• Unskilled Home Healthcare Services

Market Dynamics

According to The Commonwealth Fund, “hospital-at-home” programs can provide acute care at home for patients with fewer complications and up to 30% lower costs. This ensures patient comfort and is expected to be a significant market driver. The shift from communicable disease to no communicable has been made possible by advances in medicine. The rise in lifestyle diseases is due to the increased prevalence of lifestyle disorders such as high alcohol consumption and sedentary living. Market growth is expected to be driven by an increase in target diseases that require long-term care such as Alzheimer’s Disease and dementia.

Awareness about home care services is growing. Access to portable devices like heart rate monitors, respiratory aids, and blood glucose monitors has increased the effectiveness and efficiency of home care for lifestyle-related diseases. The market is also influenced by value-based healthcare. The in-home healthcare services are covered by the central government in both developed and developing countries. Medicare reimbursements in the U.S. are extremely favorable for providing value-based care that results in better patient outcomes at a lower cost. Therefore, in-home healthcare has been a preferred option for treatment.

Due to changes in norms regarding the COVID-19 pandemic, the healthcare industry saw a shift to home care as opposed to hospital care. The shift to home healthcare services is expected to increase the demand for home healthcare equipment. This trend is expected to create more opportunities for both multinational and regional medical device makers. As these services offer a safer, more cost-effective alternative to hospital services, the awareness of home healthcare services has increased in 2021. Service providers are increasing their offerings by providing services like at-home COVID-19 tests. Many countries have a gap in their ability to provide adequate healthcare staff at home. This has led to several strategies being implemented by providers, such as a hotline dedicated to handling questions related to C0VID-19 emergencies.

High-quality healthcare can now be delivered in your home thanks to the availability of home healthcare services. Patients can also save up to 25% on their overall medical treatment expenses by choosing home healthcare services. Modern-age technology has enabled physicians to have instant access to patient information from distant locations, and also to provide consultations.

Regional Analysis

North America was dominant in the market and held a 42.5% revenue share in 2021. This is due to the high number of elderly people in the region, as well as the sophisticated healthcare infrastructure and higher disposable income. A growing number of government initiatives are increasing the market share for home healthcare. They aim to curb healthcare spending and promote it. Hospital at Home, for example, was a program where patients were treated at home.

The Asia Pacific market is forecast to grow rapidly over the forecast period. Several factors, including poor healthcare infrastructure and expensive in-hospital care facilities, as well as chronic diseases that require long-term healthcare, are driving an increase in home healthcare products. Companies are also looking at untapped countries like India and China. Apollo Homecare provides long-term plans that cover a range of services, such as heart rehab or heart rehabilitation, neuro rehab, and other services. These programs provide personalized healthcare and medical supervision.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Because of the large number of local market players as well as multinational companies, the market is fragmented. The consolidation efforts of multinational companies will increase competition among new and existing market players. It is a constant goal of the top players to increase their market share. Nightingales Home Health Services (India) has recently established its Chennai office. Portea Medical now offers COVID-19 home testing to expand its service offerings. At the moment, service providers are more concerned with expanding geographically than offering new services. This market is also unregulated, which could result in unfair competition or hostile takeovers.

Маrkеt Кеу Рlауеrѕ:

• McKesson Medical-Surgical Inc.
• Medtronic PLC
• Baxter International Inc.
• 3M Healthcare
• Braun Melsungen AG
• Hoffmann-La Roche AG
• Becton, Dickinson, and Company
• Other Key Players

For the Home Healthcare Market research study, the following years have been considered to estimate the market size: