New York, April 19, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Home Healthcare Market size is projected to surpass around USD 797.8 billion by 2032 from USD 369.3 Billion in 2022 and it is poised to register a CAGR of 8.2% from 2023 to 2032. The Term Home health care contain various therapy and treatment such as skilled nursing, specialized treatments, physical and occupational therapy, speech and vocal therapy, medical social services, and several different types of therapy used to treat patients. These services are given at home by a qualified healthcare professional. The possibilities for taking home health care services for a patient are everlasting. Depending on the patient's situation, home healthcare might carry from nursing to personalized medical treatments such as laboratory work.
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Key Takeaway:
- By Product, the therapeutic products segment accounted for the highest market share in 2022.
- By Services, the segment skilled nursing services is expected to grow the fastest during the forecast period 2023-2032.
- In 2022, North America dominated the market with the highest revenue share of 40%.
- Asia Pacific held a 23% revenue share in 2022.
- Europe will grow at the fastest CAGR from 2023-2032.
There are many options available to patients for home healthcare services. Patients can receive nursing care or specialized medical treatment depending on their circumstances. The doctor will determine the treatment plan and any home treatments the patient may need. The length of home healthcare may vary depending on the patient's health.
Factors Affecting the Growth of the Global Home Healthcare Market
There are several factors that can affect the growth of the Factors Affecting the Growth of the global home healthcare market. Some of these factors include:
- Cost Efficiency
Global Home healthcare services are much more affordable than hospital treatment. The cost of acute care treatment in a hospital is around USD 3,300 per day, while the normal cost for home healthcare a day is US$ 50 approx. The increased acceptance during customers to save money. The uncertain way the overall global economy makes the price of home healthcare much more affordable than hospital care.
- Increasing Number of the Aging Population
The WHO reports that the global aging population will grow rapidly during the forecast period. The old age group is high on the list for several health conditions, such as chronic diseases requiring long-term care. Home healthcare is cost-effective and more desirable, as patients would demand to carry the treatment comfortably in their homes. Home healthcare for this old age group will give more space in hospitals and various healthcare centers compared to patients than other groups.
Top Trends in the Global Home Healthcare Market
The global home healthcare market's major trends, such as tracking health vitals and using wearable diagnostic devices, are currently trending in the market and have rapidly gained high popularity. These advanced devices have inbuilt sensors that can continuously analyze biochemical and physical rages. However, it can analyze vitals like heart rate, blood oxygen range, and body temperature. Additionally, smartphones can be used to gather information and store it on servers for further analysis. Such devices can improve communication between patients and physicians. Wearable devices can improve treatment and help detect a resilient home healthcare system. These future trends are anticipated to drive the growth of the market.
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Regional Analysis
North America dominated the global home healthcare market during the forecast period (2023-2032). This region gained 40 percent of the total market share globally, largely due to the availability of a more enhanced medical infrastructure, quality patient care, and high expense levels in this region. The Asia Pacific region is anticipated to experience rapid growth during the forecasted period. The rising number of the aging population, more acceptance of advanced techniques, the increased range of disposable incomes, and the growth of home healthcare industries in this region, as well as the rising awareness of home healthcare and the need for cost-affordable healthcare, are all factors that are expected to boost the growth of the global home healthcare market in Asia Pacific region.
Scope of the Report
| Report Attributes | Details |
| Market Value In 2022 | USD 369.3 Billion |
| Market Size In 2032 | USD 797.8 Billion |
| CAGR (2023 to 2032) | 8.2% |
| North America Revenue Share | 40.0% |
| Asia Pacific Revenue Share | 23.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
High Acceptance of Healthcare Devices
The various options available for in-home healthcare services have risen in the market growth due to the high demand for thermometers, home-based dialysis machines, and blood glucose monitoring devices. The decreasing demand for nurses because of the agitation in the patients regarding the spreading Covid infection positively affects the overall market growth. Due to these, home healthcare devices are increasing the market's growth.
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High Cost of Acquisitions of Various Healthcare Providers
The rising rate of mergers and various acquisitions within the number of organizations is a core technique followed by prominent market players. For example, Air Liquide gained two different home healthcare suppliers located in Switzerland, one named Megamed AG and another one is Sleep and Health SA, in the year 2019. The significant aim was to grow its home healthcare range over Europe.
Market Restraints
Low Home Healthcare Insurance Coverage
Home healthcare services are generally covered by insurance in most North American countries. However, Medicare-certified home care organizations are not eligible for this coverage. Insurance does not cover equipment used for remote monitoring or telemetry, multi-parameter monitoring, and rehabilitation. This equipment is not covered by insurance in North America and Europe. Insurance companies in Asian countries like India do not cover home healthcare for chronic diseases and elderly people. Instead, they only cover post-hospitalization treatments.
Market Opportunities
Rising Reimbursement Cost Provided by Organizations
In various developed and developing nations, their central government gives half or complete coverage for homecare services to propel market growth. As considering, in the united states., In-house Medicare reimbursements are highly favorable, with quality healthcare for enhanced patient reviews at a lower cost. Therefore, home care has become highly in demand for various treatments. This factor creates a huge opportunity and propels the market growth.
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Heighten Elderly Population
The global population of older people will rise on a huge scale, from 90.2 million at the start of 2020 to 130.8 million by 2045. The WHO reported a major growth in life durability in the last few generations. In maximum European nations, their central government has lengthened their policy for home healthcare, as more elderly as much need of homecare services due to the difficulty of getting hospital facilities which will directly create large-scale opportunities for emerging players in this sector.
Report Segmentation of the Global Home Healthcare Market
Product Insight
The global home healthcare market is segmented based on Therapeutic Products, Testing, Screening & Monitoring Products, Mobility Care Products, and Others. In 2022, the therapeutic products segment accounted for the highest share. The affecting factors such as growing awareness of the acceptance of home healthcare services in developing regions, rapid adoption of advanced technology in home-based healthcare services, and increasing the number of old age people population suffering from different health-related diseases such as Alzheimer's and Dementia, causing a high opportunity for the key players.
Service Insight
The global home healthcare market is segmented per services such as Rehabilitation Services, Pregnancy home care services, Nursing Services, and Others. The skilled nursing services segment is anticipated to register good revenue growth during the forecast period (2023-2032). A basic factor driving this skilled nursing segment's revenue growth is upcoming service providers investing in recent innovations to provide standard nursing services and high-quality care by skilled nursing professionals.
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Market Segmentation
By Product
- Therapeutic Products
- Testing, Screening & Monitoring Products
- Mobility Care Products
- Others
By Services
- Rehabilitation services
- Pregnancy home care services
- Skilled Nursing services
- Others
By Geography
North America
- The US
- Canada
- Mexico
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- McKesson Medical-Surgical Inc.
- Acelity L.P.
- 3M Healthcare
- Becton, Dickinson, And Company
- Braun Melsungen AG
- Fresenius Medical Care
- Arkray, Inc.
- Medline Industries, Inc.
- Baxter International Inc.
- Medtronic PLC
- ConvaTec Group PLC
- Molnlycke Health Care
- Hollister Inc.
- Others
Recent Development of the Global Home Healthcare Market
- In August 2022, Fresenius Medical Care started a new business, which is run under the brand name of InterWell Health, a merge of the value-based and performance phenomenon. Fresenius Health merged with InterWell Health's clinical care, forming a network of 1,700 nephrologists.
- In 2021, The market player Charles River Laboratories formed a standard agreement to merge with Cognate BioServices Inc., famous for a cell & gene therapy development and manufacturing organization (CDMO). This acquisition aims to grow Charles River's scientific strength in the rapid-growing cell and gene therapy area.
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