CHICAGO, July 29, 2022 /PRNewswire/ — Home Healthcare Market size 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, according to a new report by MarketsandMarkets™. 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 this market.
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Rapid growth in the elderly population and the rising incidence of chronic diseases;
According to the UN Department of Economic and Social Affairs, there were 703 million people aged 65 years and over globally in 2019; this number is projected to reach 1.5 billion by 2050. Additionally, the number of people aged 80 and over is projected to triple from 143 million in 2019 to 426 million by 2050.
The growth of this population segment will boost the demand for healthcare and greatly 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. Home healthcare reduces unnecessary hospital admissions & readmissions and the time and costs involved in traveling to meet healthcare professionals.
Chronic illness is a long-lasting condition that can be controlled but not cured. Treating and managing chronic illnesses has become a major concern. Approximately 50% of all home healthcare patients have at least one chronic illness, and this number is expected to keep increasing in the future. Chronic diseases, which affect older adults disproportionately, contribute to disabilities, diminish the quality of life, and increase long-term care costs, thus opening an array of opportunities for various home healthcare companies.
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Based on products, the home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. In 2020, the therapeutic segment accounted for the largest share of the home healthcare products market. The heightened prevalence of chronic ailments, such as kidney failure, respiratory diseases, diabetes, and cancer, has increased the demand for home healthcare therapeutic equipment.
Based on service, the home healthcare market is categorized into skilled nursing services, rehabilitation therapy services, hospice & palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Skilled nursing services accounted for the largest share of the market in 2020. Skilled medical care in home settings can provide a comforting solution over residing in a hospital, nursing home, or an assisted living community. The favorable insurance coverage for skilled nursing services is expected to support the growth of this market during the forecast period.
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North America was the largest regional market for the home healthcare market in 2020
The global home healthcare market is segmented into North America (the US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), and the Rest of the World. In 2020, North America dominated the global market, followed by Europe. The large share of North America in the global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, 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 home healthcare market is driven primarily by the rising aging population, high 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), ResMed (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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