Home Healthcare Market to be Worth $514.5 Billion by 2030

Meticulous Market Research Pvt. Ltd.

Meticulous Market Research Pvt. Ltd.

Home Healthcare Market by Offering (Fertility, Pregnancy, Cholesterol Tests, Oximeter, CPAP, Nebulizer, Ventilator, Dialysis, Patient Support Equipment), Service (Rehabilitation, Telehealth, Nursing, Hospice), Application (Cardiovascular, Diabetes, Respiratory) – Global Forecast to 2030

Redding, California, March 20, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘Home Healthcare Market by Offering (Fertility, Pregnancy, Cholesterol Tests, Oxygen Delivery, Dialysis, IV, Patient Support Equipment), Services (Rehabilitation, Telehealth, Nursing, Hospice), Application (Cardiovascular, Diabetes)Global Forecast to 2030,’ published by Meticulous Research®, the home healthcare market is projected to reach $514.5 billion by 2030, at a CAGR of 7.9% from 2023 to 2030.

Population aging is the dominant demographic trend of the twenty-first century—a reflection of increasing longevity, declining fertility, and the progression of a large number of individuals to older ages. The OECD forecasts that, globally, the population aged 60 and over is expected to reach 2.1 billion by 2050. As per the World Health Organization (WHO) statistics, the global population in the age group of 60 years and above was expected to increase from 1 billion in 2020 to 1.4 billion in 2022. The growth in the aging population has resulted in the increased adoption of home healthcare services due to the high costs of hospital healthcare services.

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The geriatric population is highly susceptible to diseases such as high blood pressure, diabetes, arthritis, and cardiovascular diseases. Therefore, the growing global geriatric population, coupled with the fact that approximately 70% of home health patients belong to the age group of 65 years and above, is expected to drive the demand for home healthcare products and services during the forecast period.

Impact of COVID-19 on the Home Healthcare Market

The COVID-19 pandemic positively impacted the home healthcare market. The pandemic has increased the preference for home healthcare due to the risks of acquiring infections during hospital and clinic visits for treatment and related purposes. The pandemic has also increased the adoption of telehealth, making it a primary source of care for many patients. According to the 2021 World Economic Forum’s 5G Outlook Series report, there has been an increase of 490% in telemedicine visits for urgent cases. Furthermore, the outbreak of the COVID-19 pandemic increased the demand for home healthcare infrastructure and increased investments from governments in promoting homecare services. For instance, in August 2022, Fresenius Medical Care North America, the North American division of Fresenius Medical Care AG & Co. KGaA (Germany), acquired Interwell Health U.S. This acquisition was aimed at bringing Fresenius Health Partners’ expertise in kidney care and value-based performance and contracting.

The home healthcare market is segmented based on Offering (Home Tests and Patient Monitoring Equipment [Fertility Tests & Aids, Pregnancy Tests, Gender, DNA, and Parental Tests, Cholesterol Tests, HIV Tests, Holter Monitors, Blood Pressure Monitors, Oximeters, Heart Rate Monitors,

Thermometers, Stethoscopes, Defibrillators, Pedometers, Scales & Body Fat Monitors, Peak Flow Meters, Apnea Monitors, Baby Monitors, Coagulation Monitors, Diabetes Management]), Home Therapeutic Equipment (Home Respiratory Therapy Equipment, [Continuous Positive Airway Pressure Equipment (CPAP Machines, CPAP Accessories & Consumables)], Oxygen Delivery Equipment, Nebulizers & Accessories, Ventilators & Accessories, Home Dialysis Equipment, Home Peritoneal Dialysis Products, Home Hemodialysis Products, Home IV Equipment IV Pumps, Other Home IV Equipment, Other Equipment), Patient Support Equipment, {Mobility Assist Equipment, [Wheelchairs], Walking Assist Devices {Walking Assist Devices, [Walkers and Rollators, Canes & Walking Sticks, Crutches], Mobility Scooters, Medical Furniture and Accessories, Bathroom Safety Equipment), Services (Rehabilitation Services, Infusion Services, Skilled Care/Nursing, Unskilled Care Services, Telehealth Services, Hospice Care Services, Respiratory Therapy Services, Other Services), Application (Cardiovascular Diseases & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Cancer, Wound Care, and Other Applications) and Geography. The study also evaluates industry competitors and analyzes their market shares at the country and regional levels.

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Based on offering, in 2023, the home therapeutic equipment segment is expected to account for the largest share of the home healthcare market. The growth of this segment is attributed to increasing cases of chronic kidney and respiratory diseases, the high costs of therapeutic services in hospitals, and the availability of rental products, including ventilators, nebulizers, and oxygen delivery equipment.

Based on services, the skilled care/nursing segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the wide range of daily tasks performed by nurses to provide adequate care for patients receiving homecare, the rising adoption of home-based treatments that require technical knowledge of operating healthcare products which includes home dialysis equipment, and home IV equipment, home respiratory therapy equipment, and the increasing demand for home care for the elderly population.

Based on application, in 2023, the diabetes segment is expected to account for the largest share of the home healthcare market. The growth of this segment is attributed to the rising number of diabetic patients globally who are more prone to diseases such as cardiovascular diseases and Alzheimer’s disease. Furthermore, the growing need to monitor the heart rate, hemoglobin, cholesterol, and blood pressure levels of diabetic patients contributes to the growth of this market segment.

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Based on geography, in 2023, North America is expected to account for the largest share of the home healthcare market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest shareholding market in North America. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, and government investments in promoting home healthcare.  However, Asia-Pacific is expected to witness a rapid growth during forecast period. The growth of this regional market is attributed to the increasing geriatric population, the rising prevalence of chronic diseases in developing nations, the increasing investments in home healthcare in developing countries such as China and India, and the higher preference for home-based treatments due to the high costs of hospital services. Furthermore, government initiatives promoting homecare and the launch of advanced homecare products are driving the growth of the home healthcare market in Asia-Pacific.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the past three to four years. In the last couple of years, the home healthcare market has witnessed various developments.

Some of the key players operating in the home healthcare market are Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Owens & Minor (U.S.), B. Braun SE (Germany), Baxter International, Inc. (U.S.), BAYADA Home Health Care (U.S.), Convatec (U.K.), Halyard Health, Inc. (U.S.), Covidien (Ireland), Fisher & Paykel (New Zealand), Fresenius Medical (Germany), GE Healthcare (U.S.), Johnson & Johnson (U.S.), and F. Hoffmann-La Roche AG (Switzerland).

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Scope of the Report:

Home Healthcare Market, by Offering

Home Healthcare Market, by Services

Home Healthcare Market, by Application

Home Healthcare Market, by Geography

  • North America

  • Europe

    • Germany

    • France

    • Italy

    • U.K.

    • Spain

    • Rest of Europe (RoE)

  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia-Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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Content Source: https://www.meticulousresearch.com/pressrelease/364/home-healthcare-market-2030

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