Home Healthcare Market Projected to Expand at 7.60% CAGR Through 2030

The Global Home Healthcare Market size was valued at USD 390.24 billion in 2023 and is projected to reach USD 666.91 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 7.60% during the forecast period, i.e., 2024-30.

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Strategic Takeaways from the Report:

• Market Sizing and Forecasting
• Regulatory and Policy Influence
• Competitive Trends and M&A Activity
• Innovation Drivers and Disruptive Technologies
• Investment Hotspots and Emerging Niches
• Geographical Dynamics and Trade Flows

Home Healthcare Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Product

• Therapeutic Products- Market Size & Forecast 2019-2030, USD Million
  • Dialysis Equipment- Market Size & Forecast 2019-2030, USD Million
  • Inhalers- Market Size & Forecast 2019-2030, USD Million
  • IV Equipment- Market Size & Forecast 2019-2030, USD Million
  • Infusion Pumps- Market Size & Forecast 2019-2030, USD Million
  • Sleep Apnea Therapeutic Devices- Market Size & Forecast 2019-2030, USD Million
  • Ventilators- Market Size & Forecast 2019-2030, USD Million
  • Nebulizers- Market Size & Forecast 2019-2030, USD Million
  • Others (Wound Care Products, Oxygen Delivery Systems, etc.)- Market Size & Forecast 2019-2030, USD Million
• Monitoring Products- Market Size & Forecast 2019-2030, USD Million
  • Blood Glucose Monitors- Market Size & Forecast 2019-2030, USD Million
  • Blood Pressure Monitors- Market Size & Forecast 2019-2030, USD Million
  • Pulse Oximeters- Market Size & Forecast 2019-2030, USD Million
  • Sleep Monitoring Devices- Market Size & Forecast 2019-2030, USD Million
  • Electrocardiogram Monitor- Market Size & Forecast 2019-2030, USD Million
  • Fetal Monitors- Market Size & Forecast 2019-2030, USD Million
  • Others (Weight scale, Blood coagulation (PT/INR) meter, etc.)
• Testing Kits
  • Pregnancy Test Kits- Market Size & Forecast 2019-2030, USD Million
  • Male & Female Stress Hormone Test Kits- Market Size & Forecast 2019-2030, USD Million
  • Cholesterol Test Kits- Market Size & Forecast 2019-2030, USD Million
  • Allergy Test Kits- Market Size & Forecast 2019-2030, USD Million
  • HIV Test Kits- Market Size & Forecast 2019-2030, USD Million
  • Colon Cancer Test Kits- Market Size & Forecast 2019-2030, USD Million
  • Others (Drugs, Alcohol, Nicotine Test Kits, etc.)- Market Size & Forecast 2019-2030, USD Million
• Mobility Care/Assistive Products- Market Size & Forecast 2019-2030, USD Million
  • Wheelchairs- Market Size & Forecast 2019-2030, USD Million
  • Walkers- Market Size & Forecast 2019-2030, USD Million
  • Crutches- Market Size & Forecast 2019-2030, USD Million
  • Canes- Market Size & Forecast 2019-2030, USD Million
  • Hearing Aid- Market Size & Forecast 2019-2030, USD Million
  • Others (Scooter, Orthotic devices, etc.)- Market Size & Forecast 2019-2030, USD Million
• IT & Software- Market Size & Forecast 2019-2030, USD Million
• Others (Feeding Equipment, Medication Administration Equipment, etc.)- Market Size & Forecast 2019-2030, USD Million

The Monitoring Products category is expected to hold a considerable market share as there has been a rise in the number of individuals suffering from diabetes globally on account of obesity and family history. Patients suffering from diabetes require continuous monitoring of their glucose levels to avoid dangerous consequences, leading to an increase in demand for blood glucose monitors.

By Services

• Rehabilitation Therapy Services- Market Size & Forecast 2019-2030, USD Million
• Respiratory Therapy Services- Market Size & Forecast 2019-2030, USD Million
• Pregnancy Care Services- Market Size & Forecast 2019-2030, USD Million
• Skilled Nursing Services- Market Size & Forecast 2019-2030, USD Million
• Unskilled Care Services- Market Size & Forecast 2019-2030, USD Million
• Others (Infusion Therapy Services, Hospice & Palliative Care Services, etc.)- Market Size & Forecast 2019-2030, USD Million

Out of all, the rehabilitation therapy services category held the prominent market share of the Global Home Healthcare Market. The rates of spinal cord injury (SCI) have been alarming across the world, as people have been involved in automobile & motorcycle crashes, falls, medical/surgical complications, diving incidents, and others. As individuals with spinal cord injury (SCI) need extensive rehabilitation to continue functioning well in their community & home environment, the demand for rehabilitation therapy services has been on the rise, augmenting the growth of the category’s market.

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific.

North America expects to hold a considerable market share, among all regions. This is due to the presence of a large chunk of the elderly population that tends to suffer from varied health conditions including orthopedic, & cardiovascular. This has resulted in increased adoption of home healthcare products such as blood glucose monitors, blood pressure monitors, and pulse oximeters helping the elderly population avoid mishaps. Also, as they are always at risk for accidents, falls, and other consequences, family members have been opting for Home Healthcare Services for assistance with mobility, fall prevention, and emergency care.  Subsequently, the market for Home Healthcare has been expanding in North America.

These divisions help clarify demand patterns and expected shifts.

Market Driver

Lack of Healthcare Facilities & Medical Professionals – In many countries like India, China, GCC, Vietnam, the Philippines, Nigeria, and others, despite the significant proportion of the diseased population, there is a lack of healthcare facilities that could cater to the patients who tend to suffer from diseases like CVDs, cancer, sleep apnea, and others. As a result, the focus has been shifting towards home healthcare leading to enhanced adoption of products like blood glucose monitors, sleep apnea therapeutic devices, ventilators, and numerous others and a heightened need for services like respiratory therapy services, skilled nursing services, etc.

Moreover, in both developing and certain developed countries like the US & UK, not enough medical professionals in different specialties like orthopedics, cardiology, respiratory, radiology, and others are present. However, patient visitations have been increasing and eventually, the burden on the healthcare system has been greater than before. To cater to a large number of patients at once, healthcare providers have been releasing those who they thought received sufficient treatment, although these patients still need care & assistance. Due to this, patients as well as their family members have been choosing suitable home healthcare services that allow proper recovery. Hence, the market for Home Healthcare has been experiencing positive growth trends. For instance,

• As per the US Department of Health & Human Services, the projected demand for healthcare workers is around 60,160 in the US. However, the expected supply would be around 53,860, highlighting a significant gap.

Home Healthcare Market Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Home Healthcare Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

• Fresenius SE & Co. KGaA
• GE HealthCare
• Linde plc
• Amedisys
• Care24
• LHC Group, Inc.
• Vitalograph
• advita Pflegedienst GmbH
• RENAFAN GmbH
• Addus HomeCare
• Caremax Rehabilitation Equipment Co., Ltd.
• Alora Health
• Portea Medical
• BAYADA Home Health Care
• Koninklijke Philips N.V.
•  

Their activities include partnerships, product launches, and geographic expansions.

Home Healthcare Industry Prime Challenge

Compliance & Regulatory Challenges – The home healthcare product as well as service providers are required to follow a wide range of laws & regulations. However, complying with the regulations & standards including meeting strict criteria for patient eligibility, service provision, and quality of care, has become complicated for the companies. This has been because staying updated with the latest laws & regulations and then implementing compliance programs requires hiring experts from different backgrounds in legal, regulatory, and compliance, which raises the overall cost. The startups or companies with limited budgets thereby face delays or even fail to introduce newer products or offer services in the market. Those who already have their products in the market or have been offering their services to patients would have to train their professionals as per newer updates which consumes time & resources.

Further, as compliance requires documentation of accurate and up-to-date records, preparing it has been a time-consuming task for home healthcare companies and they often witness errors that lead to enhanced compliance issues. As a result, the market has been adversely impacted.

Frequently Asked Questions (FAQs):

• What industries are most impacted by this market?
• How is technology reshaping operations and offerings?
• Which competitors dominate the landscape?
• What risks could disrupt market expansion?
• How should businesses respond to demand fluctuations?

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