Segments - Home Healthcare Market by Services (Unskilled Home Healthcare Services and Skilled Home Healthcare Services), Equipment (Diagnostic and Therapeutic), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global home healthcare market size was valued at USD 346.04 Billion in 2022 and is expected to surpass USD 685.99 Billion by 2031, expanding at a CAGR of 7.9% during the forecast period, 2023–2031. The growth of the market is attributed to the growing geriatric population and rising incidence of target diseases such as dementia, Alzheimers and orthopaedic diseases.
Home health care refers to a broad variety of medical treatments that can be provided at home for a sickness or accident. The market for home healthcare also comprises service providers, such as those offering elder care and prenatal care, among other services. According to estimates, the global home healthcare industry will increase as more patients want at-home care. The expansion of the global home healthcare industry is also aided by the rising number of products that leading companies are launching.
The portable oxygen concentrators used by patients in home care settings may now be remotely monitored thanks to the launch of OxyGo FIT Connect by OxyGo LLC in February 2019. Companies in the home healthcare industry sell both items used to therapeutically treat an illness as well as tools used to monitor and identify any disease indication.
The healthcare sector saw a shift in tendencies towards home healthcare as opposed to inpatient treatment, due to altered standards about the COVID-19 pandemic. Home healthcare services became increasingly popular in 2020, as safer and more affordable alternatives to hospital treatments. Additionally, service providers are diversifying their offerings by include solutions as at-home COVID-19 testing.
The report on the global home healthcare market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Home Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Services (Unskilled Home Healthcare Services and Skilled Home Healthcare Services), and Equipment (Diagnostic and Therapeutic) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
B. Braun Melsungen AG; Arkray, Inc.; F. Hoffmann-La Roche AG; Becton, Dickinson And Company; Acelity L.P.; Hollister Inc.; ConvaTec Group PLC; Molnlycke Health Care; Brookdale Senior Living, Inc.; McKesson Medical-Surgical Inc.; Fresenius Medical Care; Medline Industries, Inc.; Medtronic PLC; 3M Healthcare; and Baxter International Inc. |
On the basis of services, the home healthcare market is segmented into unskilled home healthcare services and skilled home healthcare services. The unskilled home healthcare services segment is projected to expand at a considerable CAGR during the forecast period. Unskilled home care services are offered to patients who are housebound as a daily life help and fall under the categories of basic assistance care and personal care services. The skilled home healthcare services segment is anticipated to account for a major market share during the forecast period, owing to rising medical expenditure associated with hospital stays.
Based on equipment, the market is divided into diagnostic and therapeutic. The therapeutic segment is expected to hold a significant share of the market in the coming years, due to increasing prevalence of diseases that require frequent usage. The diagnostic segment accounts for a significant market share, due to the growing patient awareness and increasing prevalence of long-term illnesses.
In terms of regions, the home healthcare market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, due to the presence of large geriatric populations. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. There is a surge in home healthcare goods and services as a consequence of factors including inadequate healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic conditions that require long-term care.
The global home healthcare market has been segmented on the basis of
Key players competing in the global home healthcare market are B. Braun Melsungen AG; Arkray, Inc.; F. Hoffmann-La Roche AG; Becton, Dickinson and Company; Acelity L.P.; Hollister Inc.; ConvaTec Group PLC; Molnlycke Health Care; Brookdale Senior Living, Inc.; McKesson Medical-Surgical Inc.; Fresenius Medical Care; Medline Industries, Inc.; Medtronic PLC; 3M Healthcare; and Baxter International Inc.
The market is extremely fragmented due to the existence of several local and global market competitors. The competition between new and local market competitors is also predicted to intensify as a result of the consolidation efforts made by multinational corporations. The market's top companies are always striving to gain market share. For instance, Chennai has just become the headquarters of Nightingales Home Health Services (India).
The global home healthcare market size was valued at USD 320.7 billion in 2021.
Rising prevalence of respiratory disorders such as asthma and chronic obstructive pulmonary disease is projected to propel the market during the forecast period.
The global home healthcare market is expanding at a CAGR of 7.9% during the forecast period, 2021–2030.
North America is expected to constitute a key share of the market during the forecast period.
Key players competing in the global home healthcare market are B. Braun Melsungen AG; Arkray, Inc.; F. Hoffmann-La Roche AG; Becton, Dickinson and Company; Acelity L.P.; Hollister Inc.; ConvaTec Group PLC; Molnlycke Health Care; Brookdale Senior Living, Inc.; McKesson Medical-Surgical Inc.; Fresenius Medical Care; Medline Industries, Inc.; Medtronic PLC; 3M Healthcare; and Baxter International Inc.