The home healthcare market was valued at US$ 167.28 billion in 2020 and is anticipated to hit around US$ 383.66 billion by 2030 with a CAGR of 8.65% from 2021 to 2030. The rising percentage of geriatric patients across the world especially in developed countries like Germany, France, Japan, and the United States is considered as one major driving factor which promotes the growth of home healthcare market.
According to WHO, it is estimated in between 2015 to 2050, population above 60 years will approximately double from 12% to 22% across the globe. As per the study, it is also observed that each elder patient suffered from at least two or more major chronic disorders which further fuels the growth of the market. In addition, the rising demand for advanced healthcare services followed by high acceptance from the end-users is considered significant influence for the market growth.
The unhealthy aging of individuals will bring a huge opportunity for the healthcare services market. Recently, the rising penetrations of technology in the field of healthcare services followed by the delivery system are seen as a encouraging factor for the growth of the market. Rising investment in the upcoming technology followed by penetration of Artificial intelligence in healthcare is one of the major factors which will bring huge opportunities within the forecast period.
Developing countries with a mass population like India, China, Indonesia, Brazil, and others still need a good amount of time to develop and adapt themselves in the field of healthcare to become equivalent to developed countries. According to WHO, Counties like India lack the geriatric population and still need 20 more years to reach nearer to France.
Component Type Insights
This research study segments the global home healthcare market based on various parameters such as service type and equipment type. The home health care market mostly dominated by service type.It is estimated the same segment capture more than 80% of the market share in the year 2019. The growth of this segment solely depends upon the rising elderly population across the world. Many healthcare agencies are keenly working in this segment to get better outcomes for the needy patients and also for those patients suffering from the chronic diseases. Most of the patients suffering from one or more of the chronic disorders like heart, urinary and respiratory diseases, cancer and diabetes. Chronic disorders are one of the leading causes of the death in the United States and Europe. It is estimated that United States alone spent more than USD 1.1 Trillion on chronic disability patients.
The service segment classified into skilled service type and unskilled service and skilled type. The skilled type of service dominated the largest market share in the year 2020. These services commonly include nursing care, speech-language therapy, assisting in medical social devices, and helps in providing occupational and physical exercise services. The stable and knowledgeable skilled workforces are in high demand in the home healthcare sector.
The equipment segment of home healthcare market is further classified into therapeutic devices and diagnostic. The therapeutic device segment dominated the market for the last decades. High pollution leads to individuals suffering from acute to chronic respiratory disorders following by the patient with minor to major renal disorders. The heavy technologically advanced device is now into practice in-home healthcare which supports market growth in the segment. Oxygen concentrator and pressure massager are some of the devices used routinely for home healthcare purposes.
The diagnostic device also showed tremendous growth in the historic periods. As the recent study was done by WHO indicates that, there is a rapid rise of the patient suffering from diabetes and cardiovascular diseases. Due to increasing globalization, high awareness and the augmented rate of screening gives segment lucrative growth. The ready availability of devices in the market of both the developing and developed countries is also one of the major factors for growth. Low-cost test, Free Smart Phone Apps is considered futuristic opportunities for the diagnostic home healthcare market.
The report is broadly classified into five regions, North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. North America heavily invested in the home healthcare segment and thus contributed the largest market share in the year 2020. It is estimated that the same region contributes more than 40% of the market share. United states captured more than 75% of the total North American region.
Few other market influencers include technological advancement, advanced medical infrastructure, and increasing per-capita healthcare expenditures. As per the study, the U.S. holds the patients with the largest treatment affordability for chronic disorders. In Europe, the demography of the countries like Germany, France, UK, Italy, and Spain held the largest market share in the year 2019. Asia Pacific is also keenly focused on developing advanced healthcare infrastructures and due to burden of number of patients with diabetes, obesity, cardiovascular diseases, and others.
Key Companies & Market Share Insights
Some of the significant players in the home healthcare market include:
Service Providers: -
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2020 to 2030.This research study analyzes market thoroughly by classifying global home healthcare market report on the basis of different parameters including type of vector, application, workflow, end users, disease, and region:
By Component Type
By Regional Outlook
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