New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Home Healthcare Market revenues were estimated at US$ 310.6 Billion in 2021 and are anticipated to grow at a CAGR of 11.5% from 2022-2032, according to a recently published report by Persistence Market Research. By the end of 2032, the market is expected to reach a revenue of US$ 1 Trillion.
The fast rise in the senior population throughout the world is a major element driving the demand for home healthcare. Along with this, the rising incidence of chronic diseases such as Alzheimer's, dementia, and orthopedic disorders are further driving the demand for the Home Healthcare industry. Also, rapid growth for value-based healthcare is likely to propel the market's expansion throughout the forecast period.
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Furthermore, rising demand for more healthcare services, as well as healthcare personnel and agencies, is expected to boost market expansion. The Home Healthcare industry is expected to expand considerably as demand for home health and personal healthcare assistants rises in both developed and developing nations.
The government's entire or partial in-home service coverage contributes to market growth. Moreover, the government's provision of complete or partial in-home service coverage in several countries helps the market growth. The desire for better clinical outcomes at a cheap cost is expected to drive the growth of the Home Healthcare industry.
In 2021, North America held the largest share of the global market. The market in the country is projected to expand because of the country's aging population, and rising chronic illnesses such as Alzheimer's, dementia, and orthopedic disorders. Besides, technical improvements for multiple home use applications increased awareness, and sufficient insurance coverage is further propelling the market forward.
Competitive Landscape
Major market players are mainly focusing on mergers and takeovers to explore the potential in this field. Some of the key players in the home healthcare market include Pediatric Home Healthcare, Interim Healthcare Inc., ParaMed, Aveanna Healthcare, MGA Homecare, CVS Health, Kindred Healthcare Inc., Brookdale Senior Living, Inc., Fresenius Medical Care, and Baxter International, Inc.
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Some of the recent developments of key Home Healthcare service providers are as follows:
- In December 2021, Interim HealthCare Inc., the United States’ largest franchise network of residential care, elderly care, home health, hospice, and healthcare staffing services, announced the acquisition of Interim HealthCare of Sacramento Hospice in California.
- In December 2021, Aveanna Healthcare Inc announced that it has effectively completed the takeover of Comfort Care, a renowned elderly home health and hospice firm, for US$ 345 million. Comfort Care is scheduled to be fully integrated into Aveanna by the end of 2022.
- In September 2021, Baxter International Inc. took over Hillrom for US$ 156 per share in cash or a total equity value of roughly US$ 10.5 billion. The purchase brings together the portfolios of two Medtech giants, enhancing the potential for improvements in linked care to improve clinical insights, improve patient outcomes, and boost operational efficiency.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Home Healthcare Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Home Healthcare Market by Specialty (Skilled Nursing Services, Personal Care Assistance, Rehabilitation Therapy Services), by Indication (Cardiovascular Disorders & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Cancer, Wound Care, Other Indications), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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