Home Healthcare Market : Analysis of Potential Growth Opportunity Worth USD 298.2 billion by 2026
This report aims to provide detailed insights into the global home healthcare market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth: The Home Healthcare Market is projected to reach USD 298.2 billion by 2026 from USD 198.9 billion in 2021, at a CAGR of 8.4% during the forecast period.
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Key Factors Driving Market Growth:
The Rapid growth in the elderly population, the rising incidence of chronic diseases, the growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices are the major factors driving the growth of home healthcare market.
DRIVER: Rising aging population, high incidence of chronic diseases, and need to expand home healthcare access
The growth of the aging population segment will boost the demand for healthcare and significantly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. This will prove favorable to the market for home healthcare, which can enhance the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
OPPORTUNITY: Growing demand for home care therapeutic devices
Rising healthcare costs have resulted in increased patient preference for home-based treatments. Products such as nebulizers, ventilators, and continuous positive airway pressure (CPAP) devices are used by patients to treat, diagnose, and monitor various respiratory diseases in-home care settings. These devices, along with home care services, provide cost-effective healthcare to patients. The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to the players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products, including nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.
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Regional Growth Analysis: North America was the largest regional market for the home healthcare market in 2020
The market is segmented into four major regions—north America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for home healthcare in 2020. The large share of North America in the global market is attributed to the high healthcare expenditure, rising prevalence of chronic conditions, high disposable income, the increasing overall geriatric population, high disposable income, and superior healthcare infrastructure. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Growth in the Asia Pacific market is driven primarily by the rising aging population, increased incidence of chronic diseases, rising disposable income, technological advancements, government initiatives to promote home healthcare, and increasing healthcare costs.
The global home healthcare market is highly fragmented. The prominent players in the overall market include Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), A&D Company (Japan), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), Kindred at Home (US), LHC Group, Inc. (US), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Drive DeVilbiss Healthcare (US), Hamilton Medical (Switzerland), Sunrise Medical (Germany), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd(China), Vitalograph (UK), Advita Pflegedienst GmbH (Germany), RENAFAN GmbH (Germany), ADMR (France), Apex Medical Corporation (Taiwan), CONTEC MEDICAL SYSTEMS CO., LTD (China), and Löwenstein Medical Technology GmbH + Co. KG. (Germany).
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