Published Date : 12 Jan 2023
The global home healthcare market size was exhibited at USD 339.04 billion in 2022 and is expected to gain around USD 961.12 billion by 2030, growing at a CAGR of 13.9% from 2022 to 2030.
The term "home healthcare" refers to a range of medical treatments that can be given to patients in the convenience of their own homes to treat an illness or accident. There are countless possibilities for patients seeking home health care. Depending on the needs of each patient, care may include nursing or more specialist medical procedures, like laboratory tests.
The doctor will choose the course of treatment and any remedies the patient might need at home. Depending on the patient's health, home healthcare may be provided for a short period of time or for a lengthy period of time.
There are various home healthcare service options available, including
The market is anticipated to develop as a result of the aging population, and rising incidence of target diseases such as dementia and Alzheimer's, as well as orthopedic diseases. Patients over the age of one typically have complicated prescription schedules, especially those with many chronic diseases. Most senior patients find it challenging to adhere to regular treatment schedules, especially those who have dementia.
Discomfort that can be easily prevented is caused by non-adherence to the treatment regimen, which has a detrimental influence on health. Such patients must follow a prescribed regimen religiously in order to manage chronic diseases and support everyday activities.
One of the most widespread developments is remote patient monitoring (RPM), in which home healthcare devices provide important patient data to their caregivers. Home healthcare will definitely continue to develop quickly over the coming years, due to the high patient demand.
The market for home healthcare will rise as a result of increased acceptance of homecare services due to advancements in in-home technology.
Home Healthcare Market Report Scope
|Market Size in 2022||USD 339.04 Billion|
|Market Size by 2030||USD 961.12 Billion|
|Growth Rate from 2022 to 2030||CAGR of 13.9%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||By Type, By Device and By Services|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The report is broadly divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. North America made significant investments in the home healthcare market, and as a result, contributed the greatest market share in 2020. The same region is thought to account for more than 40% of the market share. More than 75% of the entire North American region was seized by the United States.
Over the forecast period, the Asia Pacific market is anticipated to expand quickly. The need for home healthcare goods and services is rising as a result of issues like underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic conditions that demand long-term care.
Chronic illnesses like diabetes, asthma, high blood pressure, and other respiratory and cardiovascular problems need to be continuously and routinely monitored. The number of people receiving these diagnoses is rising, which fuels demand for home healthcare equipment and services. Asthma is expected to have killed 461,000 people and impacted 262 million people worldwide in 2019, according to the World Health Organization.
Furthermore, according to the organization, 17.9 million fatalities are thought to be caused annually by cardiovascular diseases (CVDs), making them the world's largest cause of mortality. Furthermore, it is anticipated that by 2030, there would be 23.3 million fatalities from cardiovascular disorders. And by 2050, according to the American Diabetes Association, one in three adults in the United States would have diabetes.
The Annals of Internal Medicine reported in 2019 that using home medical devices for continuous illness monitoring rather than recurrent hospital visits gives a more accurate picture of chronic diseases. As a result, these data and research are in favor of the adoption of home healthcare products and services, which will likely accelerate the expansion of the global home healthcare market.
When diagnosing a condition, measuring accuracy is crucial because a divergence could result in over-treating the patient. The number of people who prefer self-diagnosis is expected to rise in Latin America as home healthcare device adoption rises. Patients engage in self-diagnosis rather than seeing doctors or going to clinics. Thus, an increase in self-monitoring raises the possibility of improper use of home medical equipment.
Because hypertension can cause consequences including a heart attack, renal failure, and heart failure, a patient is unlikely to experience a sign of hypertension unless their blood pressure is monitored at a doctor's office. It's crucial to make an accurate diagnosis of these disorders.
The home healthcare market has a lot of prospects in the emerging markets of Latin America and the Asia Pacific. There are many unmet medical needs in Brazil, China, South Africa, and India. The demand for home healthcare has a significant opportunity because of the high patient populations in places like Latin America, India, and China as well as the aging population. The risk of type II diabetes and hypertension is continuously rising, according to the World Health Organization (WHO), particularly in developing nations like China, Latin America, and the Caribbean.
In 2020, the devices segment held an 83.31% market share of the global home healthcare market. Despite having a market share of 16.69% in 2020, gadgets are predicted to overtake home healthcare services as a result of the rising need for things like blood glucose monitors, thermometers, and home dialysis machines, among other things. The decline in demand for nurses brought on by patients' concerns about acquiring coronavirus infection is anticipated to have a negative impact on the expansion of this market. From 2021 to 2027, the services segment is anticipated to grow at a CAGR of 14.8%.
The gadget type is divided into three categories: therapeutic devices, diagnostic & monitoring devices, and home mobility support devices. Due to the increasing demand for walkers, crutches, wheelchairs, and canes, home mobility aid devices held the greatest market share (43.10%) in 2020. Home mobility aid devices are anticipated to lose market share to diagnostic and monitoring devices over the course of the forecast period. Sales are anticipated to increase as patients become more aware of the importance of routinely checking their health in the face of the pandemic.
The market is divided into categories based on service, including telehealth, respiratory therapy, infusion therapy, and unskilled homecare. The projection term will see a 40.06% CAGR for the telehealth market. Due to their widespread use for post-operative recovery, rehabilitation services held the greatest market share of 49.77% in the global market for home healthcare services in 2020.
However, due to the rising consumer uptake of using mobile phones to access healthcare services, telehealth is predicted to experience exponential development during the projection period. The COVID-19 pandemic's lockdown and social withdrawal standards are anticipated to drive this market's expansion.
Major Key Players
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