Home Healthcare Market Size to Surpass USD 783.45 Billion by 2032

The global home healthcare market size was estimated at USD 363.90 billion in 2022 and is expected to surpass around USD 783.45 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 7.97% during the forecast period 2023 to 2032.

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Key Takeaways:

• North America accounted for the largest market share of 43.7% in the market.
• Asia Pacific has been estimated to be the fastest-growing segment.
• The services segment dominated the market and held the largest revenue share of 85.3% in 2022.
• The neurological & mental disorder segment accounted for the largest revenue share of 17.6% in 2022
• Growing demand for skilled nurses for rehabilitation service, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment. Mainly, patients suffering major trauma due to accidents or those suffering from strokes opt for rehabilitation services to improve their way of talking, walking, and feeding themselves all over again
• The demand for home therapeutic equipment is increasing due to the rising prevalence of chronic conditions such as respiratory diseases, kidney disorders, and diabetes. The segment is expected to grow with the highest CAGR during the forecast period
• Advancement in technology is likely to favor the growth of the home healthcare equipment market. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms which helps the home health agency

Growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s, as well as orthopedic diseases, are factors expected to fuel the market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to an expensive hospital stay. For instance, as per a report by The Commonwealth Fund, “hospital at home,” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high impact rendering driver of the market.

The global geriatric population is growing at a rapid pace. According to World Population Prospects 2019 (United Nations, 2019), there were 703 million people aged 65 years and above globally in 2019. In 2050, the number of elderly people is anticipated to reach 1.5 billion. From 1990 to 2019, the proportion of the world's population aged 65 years and above increased from 6% to 9%. By 2050, it is anticipated that 16% of the global population, or one in six individuals, will be aged 65 years and above. Aging is considered the greatest risk factor for developing chronic diseases, which demands long-term care. Major diseases associated with old age are Alzheimer’s (the risk of suffering from Alzheimer’s reaches 50% in individuals beyond 85 years), dementia, and orthopedic disorders that affect mobility.

In addition, advancement in technology is likely to favor the growth of the home healthcare market. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms which helps the home health agency. People prefer devices that can be used at their convenience. This provides a sense of comfort and flexibility to the patients, thereby increasing the demand. For instance, the usage of insulin delivery devices, home dialysis equipment, intravenous pumps, and BP monitors.

Rising awareness of home care facilities and disposable income is leading to demand of for home healthcare services. The bed-ridden and old patients opt for home healthcare services and products, as it reduces readmission to the hospital and the recovery rate is higher in comparison to in-hospital. Companies are also focusing more on untapped countries such as India and China. For instance, Apollo Homecare offers long term plans for various categories such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother & baby care, and elderly care. These programs include medical supervision and personalized healthcare services.

The COVID-19 pandemic had a substantial impact on the market expansion. COVID-19 has raised the demand for patient monitoring in region such as Asia and MEA as a result of hospital visit restrictions. Government agencies provided a variety of services to help monitor the condition of COVID-19-infected individuals. In April 2020, for instance, the Saudi Ministry of Health released an app designed to track the health of individuals suspected of having COVID-19. During the pandemic, the government made attempts to monitor the health of patients, contributing to the expansion of the market. Moreover, during the post-pandemic period, the growing usage of patient monitoring across MEA is anticipated to boost the market.

Some of the prominent players in the home healthcare market include: B. Braun Melsungen AG; Abbott; Sunrise Medical; 3M Healthcare; Baxter International Inc.; Medtronic PLC; Cardinal Health Inc; F. Hoffmann-La Roche AG; Air Liquide; Amedisys, Inc; NxStage Medical, Inc. (Fresenius Medical Care); Arkray, Inc.; Becton, Dickinson and Company; Omron Healthcare, Inc; Drive DeVilbiss Healthcare; GE Healthcare; Medline Industries, Inc; Koninklijke Philips N.V; Johnson & Johnson Services, Inc.; Linde Healthcare; Acelity (3M); Vygon; Teleflex, Inc; Moog Inc.; Intersurgical Ltd.; Fresenius Kabi AG; GF Health Products, Inc.

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