Home Healthcare Market is Expected to Reach $383.0 Billion | MarketsandMarkets™
Chicago, Feb. 26, 2024 (GLOBE NEWSWIRE) -- *Home Healthcare market* in terms of revenue was estimated to be worth $250.0 billion in 2023 and is poised to reach $383.0 billion by 2028, growing at a CAGR of 8.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The primary drivers of the home healthcare market's growth are the aging population and the growing need for cost-effective healthcare delivery brought on by rising healthcare expenses.
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*Home Healthcare** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $250.0 billion
Estimated Value by 2028 $383.0 billion
Growth Rate Poised to grow at a CAGR of 8.9%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Service, Indication, and region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Growing focus on newer technologies such as telehealth
Key Market Driver Sharp increase in the number of older people and the prevalence of chronic illnesses
The home healthcare market is divided into three segments based on products: mobility care items, therapeutic products, and products for testing, screening, and monitoring. By 2022, the market for home healthcare goods was led by the therapeutic sector. The need for home healthcare treatment equipment has increased due to the rising prevalence of chronic illnesses such kidney failure and respiratory infections.
The skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion treatment, and prenatal care services are the several service categories that make up the home healthcare market. In 2022, skilled nursing services held the most market share for home healthcare. Getting expert medical care at home can be a more consoling option than being in a hospital, assisted living facility, or nursing home. Over the course of the projection period, the market's expansion is anticipated to be supported by the excellent insurance coverage for skilled nursing services.
The home healthcare market is divided into indications such as wound care, diabetes, cancer, respiratory illnesses, mobility disorders, cardiovascular diseases & hypertension, pregnancy, hearing abnormalities, and other indications. In 2022, the home healthcare market's greatest share belonged to the other indications category. HIV infections are on the rise and sleep difficulties are highly prevalent, which is the main reason for this segment's size.
Home healthcare markets throughout the world are divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. North America led the world's home healthcare industry in 2022, with Europe following closely behind. The increased prevalence of chronic illnesses and high healthcare costs are the main reasons for North America's significant market share in the global economy. On the other hand, throughout the course of the forecast period, the Asia Pacific market is anticipated to develop at the highest CAGR. The aging population and technology improvements are the main drivers of growth in the Asia Pacific home healthcare market.
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*Home Healthcare market major players covered in the report, such as:*
· Fresenius SE & Co. KGaA (Germany)
· Linde, Plc (Ireland)
· F.Hoffmann-La Roche, Ltd. (Switzerland)
· A&D Company, Limited (Japan)
· Bayada Home Health Care (US)
· Invacare Corporation (US)
· Abbott (US)
· Amedisys (US)
· ResMed, Inc. (US)
· LHC Group, Inc. (US)
· Omron Corporation (Japan)
· Koninklijke Philips N.V. (Netherlands)
· GE Healthcare (US)
· Drive Devilbiss Healthcare (UK)
· Sunrise Medical (Germany)
· Roma Medical (UK)
· Caremax Rehabilitation Equipment Co., Ltd. (China)
· Vitalograph (UK)
· Advita Pflegedienst Gmbh (Germany)
· Renafan Gmbh (Germany)
· Contec Medical Systems Co., Ltd. (China)
· B. Braun Melsungen Ag (Germany)
· Baxter International, Inc. (US)
· Medline Industries, Inc. (US)
· Advin Health Care (India)
· and Among Others
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*This report categorizes the home healthcare market based on by products, service, indication, and region:*
*By Product*
· Therapeutic Products
· Testing, Screening, and Monitoring Products
· Mobility Care Products
*By Service*
· Skilled Nursing
· Rehabilitation Therapy
· Hospice & Palliative Care
· Unskilled Care
· Respiratory Therapy
· Infusion Therapy
· Pregnancy Care
*By Indication*
· Cancer
· Respiratory Diseases
· Movement Disorders
· Cardiovascular Diseases & Hypertension
· Pregnancy
· Wound Care
· Diabetes
· Hearing Disorders
· Other Indications
*By Region*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Italy
· Spain
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· Rest of Asia Pacific
· Rest of the World
· Latin America
· Middle East Africa
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*Key Market Stakeholders:*
· Senior Management
· End User
· Finance/Procurement Department
· R&D Department
*Report Objectives:*
· To define, describe, segment, and forecast the global home healthcare market, by products, service, indication, and region
· To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
· To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall home healthcare market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
· To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
· To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
· To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, agreements, and other developments
· To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence
*Related Reports:*
*Telehealth & Telemedicine Market*
*IoT Medical Devices Market*
*Wound Care Market*
*Medical Supplies Market*
*Healthcare IT Market*
*Research Insights: **https://www.marketsandmarkets.com/ResearchInsight/home-healthcare-equipment-market.asp*
*Content Source: **https://www.marketsandmarkets.com/PressReleases/home-healthcare.asp*
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