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(Medical-NewsWire.com, March 21, 2023 ) Home Healthcare market is estimated to grow at a CAGR of 8.5 % during the forecast period. The market is projected to reach USD 340.2 billion by 2027 from USD 226.0 billion in 2022
Major Growth Driving Factors:
The rising demand for cost-effective healthcare delivery due to the increasing healthcare costs and the increase in the geriatric population are the major factors driving the home healthcare market’s growth.
Based on products, the home healthcare market is segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. In 2021, the therapeutic segment accounted for the largest share of the home healthcare products market. The heightened prevalence of chronic ailments, such as kidney failure and respiratory diseases has increased the demand for home healthcare therapeutic equipment.
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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 home healthcare market in 2021. 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.
Based on indication, the home healthcare market is categorized into cancer, respiratory diseases, movement disorders, cardiovascular diseases & hypertension, pregnancy, wound care, diabetes, hearing disorders, and other indications. The other indications segment accounted for the largest share of the home healthcare market in 2021. The large share of this segment can primarily be attributed to the high prevalence of sleep disorders and rising HIV infections.
Geographical Growth Dynamics:
The global home healthcare market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America dominated the global home healthcare market, followed by Europe. The large share of North America in the global market is attributed to the rising prevalence of chronic conditions and high healthcare expenditure. 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, and technological advancements.
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Key Market Players:
The major players operating in this market are Fresenius SE & Co. KGaA (Germany), Linde, Plc (Ireland), F.Hoffmann-La Roche, Ltd. (Switzerland), A&D Company, Limited (Japan), Bayada Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed, Inc. (US), LHC Group, Inc. (US), Omron Corporation (Japan), Koninkluke Philips N.V. (Netherlands), GE Healthcare (US), Drive Devilbiss Healthcare (UK), 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 Corp. (Taiwan), Contec Medical Systems Co., Ltd. (China), Löwenstein Medical Technology Gmbh + Co., KG. (Germany), B. Braun Melsungen Ag (Germany), Baxter International, Inc. (US), Allied Healthcare Products, Inc. (US), Medline Industries, Inc. (US), and Advin Health Care (India).
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