PUBLISHER: Orion Market Research | PRODUCT CODE: 1363969
PUBLISHER: Orion Market Research | PRODUCT CODE: 1363969
Title: Global Home Healthcare Market Size, Share & Trends Analysis Report by Component (Equipment and Services), by Product (Therapeutic Products, Testing, Screening, and Monitoring Products, and Mobility Care Products), and by Service (Skilled Nursing, Rehabilitation Therapy, Hospice & Palliative Care, Unskilled Care, Respiratory Therapy, Infusion Therapy, Pregnancy Care), and by Indication (Cancer, Respiratory Diseases, Movement Disorders, Cardiovascular Diseases & Hypertension, Diabetes and Others),Forecast Period (2023-2030).
The global home healthcare market is anticipated to grow at a significant CAGR of 11.2% during the forecast period (2023-2030). Skilled nursing is emerging as the dominant service in the home healthcare market. This specialized form of care is provided by trained and licensed nurses who offer comprehensive medical support to patients in the comfort of their homes. Following the expansion of telehealth during the COVID-19 pandemic, healthcare stakeholders have examined ways to use virtual care to assist patients without the need for travel. Virtual visits, remote patient monitoring, and at-home care solutions have supported the growing popularity of remote care delivery. For instance, in May 2023, a partnership between Included Health and DispatchHealth led to the creation of a virtual-to-in-home care model to support patients with injuries, illnesses, and diseases while allowing them to remain in their homes. Such developments are contributing to the growth of the global home healthcare market.
The global home healthcare market is segmented on the components, products, services, and indications. Based on the component, the market is sub-segmented into equipment and services. Based on theproduct, the market is sub-segmented into therapeutic products, testing, screening, and monitoring products, and mobility care products. On the basis of service, the market is sub-segmented into skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. Furthermore, on the basis of indication, the market is sub-segmented intoskilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care.
Among the products, the therapeutic products sub-segment is anticipated to hold a considerable share of the market, owing to the rise in developing targeted immunological-based biologics using a unique and proprietary oral delivery platform.
The global home healthcare market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the increase in home healthcare products and services. The presence of key market players including American Home Health Corp., Covenant Care Home Health, and others is further contributing to the regional market growth.
Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the huge geriatric population in this region, coupled with sophisticated healthcare infrastructure and relatively high disposable incomes, are some key drivers of this market. Moreover, an increasing number of government initiatives that aim to curb healthcare expenditure levels, by promoting home healthcare is expected to serve as a vital impact-rendering driver. Thailand, Australia, South Korea, and New Zealand are some of the emerging countries in the region. Technological advancements in patient monitoring devices and an increasing geriatric population coupled with the growing prevalence of lifestyle diseases, such as obesity & diabetes, are anticipated to drive the growth of the regional market.
Some factors such as underdeveloped healthcare infrastructure, expensive in-hospital healthcare facilities, and chronic diseases requiring long-term care result in increasing adoption of home healthcare products and services- companies are focusing on developing countries that will boost home healthcare services market in the upcoming future.
The major companies serving the home healthcare market include Abbott Laboratories, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc. Baxter International Inc., 3M Healthcare, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2022, GE Healthcare and AMC Health announced a collaboration that allows clinicians to offer Remote Patient Monitoring (RPM) as a virtual care solution that extends patient care outside the hospital to the home environment. GE Healthcare and AMC Health to partner in remote patient monitoring to provide patients with chronic and post-acute care in the home.