The global Home Healthcare Market is estimated to be valued at US$ 384584.69 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Home healthcare provides medical care and services to patients at home. Some key products and services include diagnostic testing kits, therapeutic equipment, telehealth solutions, unstructured supplementary service data, and homecare IT solutions. These solutions help patients receive medical care in the comfort of their home and prevent hospital readmissions.
Market key trends:
One of the major trends in the home healthcare market is rising adoption of telehealth solutions. Telehealth enables remote monitoring of vital signs such as blood pressure, blood glucose, weight, and oxygen saturation. It ensures convenience, improves quality of life, and reduced cost of care for patients. With the COVID-19 pandemic, the demand for telehealth and telemedicine services has increased significantly as people preferred virtual visits and remote patient monitoring over in-person visits to hospitals and clinics to reduce risk of virus exposure. This trend is expected to continue even in the post pandemic era and fuel growth of the overall home healthcare market.
Segment Analysis
The Global Home Healthcare Market Size is segmented on the basis of product & service, into home healthcare equipment, services, software, and telehealth. Home healthcare equipment dominates the overall market and accounted for over 30% share of the total market in 2022. Increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases, and obesity is the key factor driving the demand for home healthcare equipment including testing kits, diagnostic & monitoring devices.
Key Takeaways
The global home healthcare market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population globally. This has increased the demand for home-based healthcare services and medical devices.
Regional analysis
North America dominates the global home healthcare market and is expected to continue its dominance over the forecast period. This is attributed to increasing healthcare expenditure, favorable reimbursement policies, growing incidence of chronic diseases, and rising elderly population in the US and Canada. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to improving healthcare infrastructure and rising medical tourism in countries such as India, China, and Japan.
Key players
Key players operating in the home healthcare market are 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum, Outset Medical, and Regeneron Pharmaceuticals, Inc. 3M dominates the overall market due to its robust portfolio of home healthcare products and wide geographic presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
