Home Healthcare Market

Home Healthcare Market registered a revenue of USD 230.2 billion in 2022 and is projected to reach USD 429.3 billion in 2030, growing at a CAGR of 8.1% during the forecast period from 2023-2030

Home Healthcare Market Overview

Home healthcare includes any specialized assistance service that allows an individual to live independently in their home. It consists of a wide range of healthcare services that can be given in-home during illness or injury. Home healthcare services are less expensive and more convenient and efficient as provided in hospitals. It also helps in the management of chronic diseases like diabetes, arthritis, cancer, etc. The rise in the prevalence of chronic diseases like type 2 diabetes, cardiovascular diseases, etc. is pushing the home healthcare market to expand at a healthy rate.

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Major Home Healthcare Market Drivers

The increase in the prevalence of the chronic disease worldwide drives the growth of the global home healthcare market. For instance, overweight and obesity have become very common across developing countries due to disturbed diet plans, which has led to a double prevalence rate of obesity and overweight in India between 1998-2016, leading to chronic disease. According to WHO, chronic disease prevalence is expected to increase by 60% by the end of 2021. Furthermore, the rising aging population is another significant factor contributing to the growth of the home healthcare industry. For instance, according to WHO, by the end of 2050 world population, population aged 60 years, is expected to reach a total of 2 billion due to the increase in the percentage of average life expectancy.  During the COVID-19, there has been robust growth of the home healthcare market. This was due to the stringent lockdown and social distancing norms, which encouraged the patients to opt for home healthcare rather than visiting hospitals and clinics.

According to the Bureau of Labor Statistics, the growing workforce in healthcare services has led to the increase in demand for personal home healthcare aides, which is helping in the adoption of home healthcare trends and created more than 4 million jobs in the home care industry. Additionally, home healthcare provides better services with skilled professionals for patients suffering from the disease. For instance, CDC states that 6-7% of the U.S. population has a coronary disease that prefers home health care services, thus driving the growth of the home healthcare market size.

Restraint in the Home Healthcare Market

As per the home healthcare market analysis, safety issues associated with the devices and solutions of home healthcare that can be sometimes difficult to handle at a remote location may lead to a high degree of damage to the patient, which is expected to hinder the growth of the home healthcare market share.

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Component – Segment Analysis

Based on the component, the equipment segment is expected to dominate the global home healthcare market. With the rise in the number of patients suffering from acute or chronic respiratory illness or end-stage renal disease, the therapeutic devices’ demand has increased. For instance, according to the University of California, SF, around 750,000 patients and more than 2 million patients in the U.S. are affected by end-stage renal disease, thus driving the segmental growth. Reduced service charges in-home health care as compared to hospitals is another key factor responsible for the segment’s robust growth.

Services – Segment Analysis

Based on services, traditional home health and home nursing care is expected to dominate the global home healthcare market. This is due to the low expenses of the services as compared to other services like home therapy services and home hospice and the ability to provide better service to the patient, which is surging the growth of the market.

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Regional – Segment Analysis:

Based on the region, the North American region is expected to dominate the global home healthcare market regions. In the U.S., healthcare is the largest industry in which consumer spending is maximum, which is more than 8.5% of the expenditure. This is one of the major key factors responsible of the growth of the market. The U.S. invests more than 80% of its healthcare funds in chronic disease; home healthcare is mostly used to regulate and prevent patients suffering from chronic disease. This is another factor that has taken the home healthcare market on the path of trajectory.

Top Market Players

Various notable players operating in the market include Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, Linde plc, F. Hoffmann-La Roche Ltd, A & D Company, Limited., BAYADA Home Health Care, Invacare Corporation, Abbott, Amedisys, LHC Group, and KONINKLIJKE PHILIPS N.V., among others. 

Key Developments:

• • In 2020, LHC group entered a joint venture with University Health Care System (US). This joint venture agreement was aimed to strengthen home health and hospice services across eight cities in Georgia and South Carolina.
  • In 2019, Fresenius SE & Co. KGaA acquired NxStage Medical, Inc. This acquisition helped the company in expanding the busines line in U.S. and thus expanded the customer base.

Segments covered in the Report:

The global home healthcare market has been segmented based on component, services, and regions. Based on component, the market is segmented into equipment and services. Based on services, the market is segmented into traditional home health and home nursing care, home hospice, home therapy services, home-maker services, and other. 

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Report Coverage	Details
Market Revenues (2022)	USD 230.2 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Component, By Services, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Fresenius SE & Co. KGaA, GENERAL ELECTRIC COMPANY, Linde plc, F. Hoffmann-La Roche Ltd, A & D Company, Limited., BAYADA Home Health Care, Invacare Corporation, Abbott, Amedisys, LHC Group, KONINKLIJKE PHILIPS N.V. among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Home Healthcare Market Segmentation

Global Home Healthcare Market by Component

• • Equipment
  • Services

Global Home Healthcare Market by Services

• • Traditional home health and home nursing care
  • Home hospice
  • Home therapy services
  • Home-maker services
  • Other

Global Home Healthcare Market by Region

• • North America Home Healthcare Market (Option 1: As a part of the free 25% customization)

    • North America Home Healthcare Market by Component
    • North America Home Healthcare Market by Services
    • US Home Healthcare Market All-Up
    • Canada Home Healthcare Market All-Up

  • Europe Home healthcare Market (Option 2: As a part of the free 25% customization)

    • Europe Home Healthcare Market by Component
    • Europe Home Healthcare Market by Services
    • UK Home Healthcare Market All-Up
    • Germany Home Healthcare Market All-Up
    • France Home healthcare Market All-Up
    • Spain Home healthcare Market All-Up
    • Rest of Europe Home Healthcare Market All-Up

  • Asia-Pacific Home Healthcare Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Home Healthcare Market by Component
    • Asia-Pacific Home Healthcare Market by Services
    • China Home Healthcare Market All-Up
    • India Home Healthcare Market All-Up
    • Japan Home Healthcare Market All-Up
    • Rest of APAC Home Healthcare Market All-Up

  • RoW Home Healthcare Market (Option 4: As a part of the free 25% customization)

    • RoW Home Healthcare Market by Component
    • RoW Home Healthcare Market by Services
    • Brazil Home Healthcare Market All-Up
    • South Africa Home Healthcare Market All-Up
    • Saudi Arabia Home Healthcare Market All-Up
    • UAE Home Healthcare Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Home Healthcare Market All-Up

Major Players Operating in the Home Healthcare (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Fresenius SE & Co. KGaA
  • GENERAL ELECTRIC COMPANY
  • Linde
  • Hoffmann-La Roche Ltd.
  • BAYADA Home Health Care
  • Invacare Corporation
  • Abbott
  • Amedisys
  • LHC Group
  • KONINKLIJKE PHILIPS N.V.