Home Healthcare Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 309.07 Billion |
| Market Size (2029) | USD 500.39 Billion |
| CAGR (2024 - 2029) | 8.46 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Home Healthcare Market Analysis
The Global Home Healthcare Market size is estimated at USD 309.07 billion in 2024, and is expected to reach USD 500.39 billion by 2029, growing at a CAGR of 8.46% during the forecast period (2024-2029).
The major drivers for the home healthcare market include rising disposable income, increasing surgical procedures, and rapid technological advancements in home healthcare. For instance, according to the OCED data release in 2023, The United States spends USD12,555 per capita on health, more than the OECD average of USD 4,986 (USD PPP). This is equal to 16.6% of GDP, compared to 9.2% on average in the OECD. The same source also stated that the private business share of health spending accounted for 16.7% of total healthcare spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%. Thus, such an increasing disposable income is expected to propel the demand for home healthcare, which may surge the market growth.
The increasing number of surgical procedures across the globe is also expected to create demand for home healthcare services. For instance, according to an article published in the Journal of Orthopaedic Science, in June 2022, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030. Patients undergoing surgery require rigorous post-surgical care and constant health monitoring; thus, most people opt for home healthcare services. Thus, increasing cases of surgeries is expected to propel the market growth.
Furthermore, technological advances in the home healthcare space and increasing home healthcare services are also expected to boost market growth. In March 2022, Biofourmis announced that it had been selected by Blessing Health System in Quincy, Illinois, as a technology solutions partner for its newest program that delivers acute hospital care in patient's homes. Similarly, in December 2022, Tomorrow Health, a health tech company, launched a clinical rules engine that automates orders of durable medical equipment as a part of homecare. Thus, owing to such factors, the market is expected to grow considerably over the forecast period.
However, a lack of awareness among developing and underdeveloped countries will likely restrain market growth over the forecast period.
Home Healthcare Market Trends
Diagnostic Equipment Segment is Expected to Hold the Largest Market Share Over the Forecast Period
The diagnostic segment is expected to account for the most significant revenue over the forecast period due to a rise in chronic disorders, such as infectious diseases, diabetes, arthritis, cardiopulmonary, and cardiovascular conditions, which require continuous monitoring for efficient treatment. The rise in technological advancements in recent years led to the launch of new products for self-monitoring, like multi-parameter diagnostic monitors, home pregnancy, and fertility kits. For instance, according to the survey conducted by the WHO for the period from 24 January 2022 to 06 February 2022, approximately 12,368 people tested positive for influenza viruses. Of these, 8,423 (68.1%) people were infected with influenza A and 3,945 (31.9%) with influenza B. Furthermore, 171 (6.4%) were influenza A(H1N1), and 2,483 (93.6%) were influenza A (H3N2). Thus, increasing cases of infectious diseases are expected to propel the segment's growth.
The strategic activities by the market players such as product launches, mergers, and acquisitions are expected to contribute to the segment growth over the forecast period. For instance, in April 2024, Simple HealthKit announced its at-home diagnostics and follow-up care kits for Diabetes (HbA1c), Respiratory Wellness, and Sexual Wellness. The company’s at-home Respiratory Wellness tests are the only such kits in Amazon’s United States. store that cover Influenza A, Influenza B and Respiratory Syncytial Virus (RSV). This resulted in high demand for this diagnostic equipment, driving the segment growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
Factors such as the high adoption of sophisticated technology, chronic and lifestyle diseases, rising healthcare spending, physician shortages, and increasing demand for better healthcare services all contribute to the market growth in the North American region. For instance, as per the Canadian Cancer Statistics 2023 report, about 239.2 thousand new cancer cases were reported in 2023 in Canada, compared to 233.9 thousand in 2022. In addition, increasing cases of chronic diseases in the region are also expected to propel market growth. For instance, according to the International Diabetes Federation's Diabetes Atlas, Tenth Edition, in 2022, around 32.2 million people in the United States had diabetes, projected to grow to 36.3 million by 2045. Thus, such factors are expected to propel the market growth in the North American region.
Key product launches, high concentration of market players or manufacturer's presence, partnerships among major players, and increasing cases of diseases in the United States are some of the factors driving the growth of the home healthcare market in the country. For instance, In February 2022, CVS Pharmacy launched six home healthcare products as an extension of the company's CVS Health product line. The new products include convertible shower chairs, easy-fold travel walkers, and canes with comfort grips. Similarly, in September 2022, Innovative Health Diagnostics launched Diagnostics as a Service (DaaS) platform, allowing brands to provide their patients access to at-home healthcare anytime and anywhere.
Thus, owing to product launches, the market is expected to grow in the United States over the forecast period.
Home Healthcare Industry Overview
The home healthcare market is moderately competitive and consists of several major players. Some companies are expanding their market position by adopting various strategies, such as mergers and acquisitions and research collaborations with other companies to launch innovative products and consolidate their market positions worldwide. Some companies currently dominating the market are Amwell, ResMed Inc., Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, and Apple Inc., among others.
Home Healthcare Market Leaders
Fresenius SE & Co KGaA
F. Hoffmann-La Roche AG
Apple Inc
Resmed Inc
Amwell
*Disclaimer: Major Players sorted in no particular order
Home Healthcare Market News
- March 2023: Cue Health launched a suite of diagnostic test kits, providing access to accurate, reliable testing from their homes and making it easier for people to take control of their health.
- March 2022: Axxess launched a fully independent palliative care software solution. Axxess Palliative Care is the latest innovation in Axxess' complete suite of solutions developed for organizations that provide care in the home.
Home Healthcare Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Disposable Income and Increasing Cases of Surgical Procedures
4.2.2 Rapid Technological Advancements in Home Healthcare
4.3 Market Restraints
4.3.1 Lack of Awareness among the Developing and Underdeveloped Countries
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product and Services
5.1.1 Equipment
5.1.1.1 Therapeutic
5.1.1.2 Diagnostic
5.1.1.3 Mobility Care
5.1.2 Software
5.1.3 Services
5.1.3.1 Rehabilitation Services
5.1.3.2 Respiratory Therapy Services
5.1.3.3 Infusion Therapy Services
5.1.3.4 Other Services
5.2 Geography
5.2.1 North America
5.2.1.1 United states
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 3M Healthcare
6.1.2 Amedisys Home Health and Hospice Care
6.1.3 Amwell
6.1.4 Apple Inc.
6.1.5 Arkray, Inc.
6.1.6 B. Braun Melsungen AG
6.1.7 Becton, Dickinson And Company
6.1.8 F. Hoffmann-La Roche AG
6.1.9 Fresenius SE & Co KGaA
6.1.10 Hollister Inc.
6.1.11 McKesson Medical-Surgical Inc.
6.1.12 Medline Industries, Inc.
6.1.13 Medtronic PLC
6.1.14 Molnlycke Health Care
6.1.15 Resmed Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Home Healthcare Industry Segmentation
As per the report's scope, home health care (HHC) is intended to deliver various health services and equipment to patients at home. The HHC services are helpful when an individual requires a prolonged stay in healthcare facilities. These HHC services include various equipment, therapies, diagnosis, and software to help physicians plan efficient treatment procedures in home-care settings.
The home healthcare market is segmented by product and services, and geography. By product and services, the market is segmented as equipment, software, and services. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
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Home Healthcare Market Research FAQs
How big is the Global Home Healthcare Market?
The Global Home Healthcare Market size is expected to reach USD 309.07 billion in 2024 and grow at a CAGR of 8.46% to reach USD 500.39 billion by 2029.
What is the current Global Home Healthcare Market size?
In 2024, the Global Home Healthcare Market size is expected to reach USD 309.07 billion.
Who are the key players in Global Home Healthcare Market?
Fresenius SE & Co KGaA, F. Hoffmann-La Roche AG, Apple Inc, Resmed Inc and Amwell are the major companies operating in the Global Home Healthcare Market.
Which is the fastest growing region in Global Home Healthcare Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Home Healthcare Market?
In 2024, the North America accounts for the largest market share in Global Home Healthcare Market.
What years does this Global Home Healthcare Market cover, and what was the market size in 2023?
In 2023, the Global Home Healthcare Market size was estimated at USD 282.92 billion. The report covers the Global Home Healthcare Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Home Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major factors driving the Home Healthcare Industry?
The major factors driving the Home Healthcare Industry are a) Increasing preference for aging-in-place and recovering at home fuels demand for home healthcare as an alternative to hospitals b) Home healthcare can be a more cost-efficient option compared to extended hospital stays
What are the major factors driving the Home Healthcare Industry?
The major factors driving the Home Healthcare Industry are a) Increasing preference for aging-in-place and recovering at home fuels demand for home healthcare as an alternative to hospitals b) Home healthcare can be a more cost-efficient option compared to extended hospital stays
Home Healthcare Industry Report
The home healthcare industry is witnessing significant growth, fueled by the increasing prevalence of chronic illnesses, an aging population, and advancements in telehealth technologies. Products like dialysis equipment and services such as skilled nursing are in high demand, with therapeutic products leading due to the surge in home-based care needs. North America dominates the market, while the Asia Pacific region is set for rapid expansion. Challenges like limited insurance coverage and a workforce shortage are countered by market consolidation and technological innovations in remote monitoring. The home health care growth is further driven by rising awareness and disposable income, emphasizing its cost-effectiveness and convenience. Despite potential hurdles in developing regions, the industry is poised for substantial opportunities, underscored by data from Mordor Intelligence™ Industry Reports. Global Home Healthcare analysis projects a promising outlook for market participants eager to capitalize on the increasing demand for home healthcare services, pointing towards a robust expansion trajectory. Get a sample of this industry analysis as a free report PDF download.
