Aging Population Fuels Growth in Home Healthcare Market: Projections and Insights

Home Healthcare Market

The global home healthcare market is projected to reach USD 383.0 Billion by 2028 from USD 250.0 Billion in 2023, at a CAGR of 8.9% during the forecast period. The primary drivers of the home healthcare market’s growth are the aging population and the growing need for cost-effective healthcare delivery brought on by rising healthcare expenses.

The home healthcare market is divided into three segments based on products: mobility care items, therapeutic products, and products for testing, screening, and monitoring. By 2022, the market for home healthcare goods was led by the therapeutic sector. The need for home healthcare treatment equipment has increased due to the rising prevalence of chronic illnesses such kidney failure and respiratory infections.

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Home Healthcare Market by Product (Dialysis Equipment, Ventilators, HIV Test Kits, Hearing Aids, Activity Monitors), Service (Skilled Nursing, Infusion Therapy, Palliative Care), Indication (Cancer, Wound Care, Diabetes), & Region- Global Forecast to 2028

The skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion treatment, and prenatal care services are the several service categories that make up the home healthcare market. In 2022, skilled nursing services held the most market share for home healthcare. Getting expert medical care at home can be a more consoling option than being in a hospital, assisted living facility, or nursing home. Over the course of the projection period, the market’s expansion is anticipated to be supported by the excellent insurance coverage for skilled nursing services.

The home healthcare market is divided into indications such as wound care, diabetes, cancer, respiratory illnesses, mobility disorders, cardiovascular diseases & hypertension, pregnancy, hearing abnormalities, and other indications. In 2022, the home healthcare market’s greatest share belonged to the other indications category. HIV infections are on the rise and sleep difficulties are highly prevalent, which is the main reason for this segment’s size.

Home healthcare markets throughout the world are divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. North America led the world’s home healthcare industry in 2022, with Europe following closely behind. The increased prevalence of chronic illnesses and high healthcare costs are the main reasons for North America’s significant market share in the global economy. On the other hand, throughout the course of the forecast period, the Asia Pacific market is anticipated to develop at the highest CAGR. The aging population and technology improvements are the main drivers of growth in the Asia Pacific home healthcare market.

Major Players:

Fresenius SE & Co. KGaA (Germany), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), A&D Company, Limited (Japan), Bayada Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed, Inc. (US), LHC Group, Inc. (US), Omron Corporation (Japan), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Drive Devilbiss Healthcare (UK), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), Vitalograph (UK), Advita Pflegedienst Gmbh (Germany), Renafan Gmbh (Germany), Contec Medical Systems Co., Ltd. (China), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India)

Recent Developments of Home Healthcare Industry:

  • In August 2022, Fresenius Medical Care North America (FMCNA) acquired InterWell Health Brand (US) to expertise in kidney care value-based contracting and performance.
  • In August 2022, Contessa (US) partnered with Mount Sinai Health System (US) offers a full continuum of home-based care that includes home health, hospitalization at home, rehabilitation at home (in lieu of care at a skilled nursing facility) and palliative care at home.
  • In July 2022, Invacre Corporation (US) introduced Next Generation e-fix eco Power Assist Device to Transform the Manual Wheelchair.