The global Home healthcare market accounted for USD 370.7 Bn in 2020 and is expected to reach USD 839.0 Billion by 2028, CAGR of 10.1% between 2021 and 2028.
Home Healthcare Market
The global Home healthcare Market accounted for USD 370.7 Billion in 2020 and is expected to reach USD 839.0 Billion by 2028, growing at a CAGR of around 10.1% between 2021 and 2028.
Home health care is a diversified industry that includes home nursing care, infusion services, companion care, and others. Home healthcare is particularly referred to as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one’s medication routine.
The global Home healthcare market has witnessed significant growth during the pandemic. This is mainly attributed to the fact that the COVID-19 pandemic situation has led to the shortage of hospital beds, oxygen, medicines, and medical equipment, following the exponential rise in covid-19 cases. Hence, a rising number of private sector hospital chains are rapidly starting to provide home healthcare facilities, especially for covid-19 patients.
The market would remain bullish in the upcoming year. The significant increase in the global Home healthcare market size in 2020 is estimated on the basis of the COVID-19 outbreak. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
Home healthcare Market: Growth Factors
The global home healthcare market is mainly driven by the increasing geriatric population, rising healthcare costs, and technological advancements in healthcare devices. With increasing health awareness among people, and an increase in the number of people diagnosed with chronic diseases such as diabetes cardiac disorders, and respiratory diseases, the demand for the home healthcare market is expected to grow in the near future. The population of geriatric people is growing rapidly across the world. The geriatric population is more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of the home healthcare market. However, changing reimbursement policies and limited insurance coverage may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is expected open alluring avenues for market growth over the next few years.
|Report Attributes||Report Details|
|Report Name||Home healthcare Market|
|Market Size in 2020||USD 370.7 Billion|
|Market Forecast in 2028||USD 839.0 Billion|
|Compound Annual Growth Rate||CAGR of 10.1%|
|Number of Pages||123|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc. among others.|
|Segments Covered||By Product Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2018 to 2020|
|Forecast Year||2021 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Based on product segments, the home healthcare market has been segmented into diagnostics and monitoring home devices, therapeutics home healthcare devices, medical supplies, and home mobility assists devices. Diagnostic and monitoring devices include blood pressure monitors, pregnancy test kits, heart rate monitors, temperature monitors, and others. In 2020, diagnostic and monitoring devices were the major segment of the global home healthcare market in terms of revenue and are expected to continue their dominance in the global market over the forecast period. The medical supplies product segment was the second largest segment of home healthcare and constituted a 27.89% share of the global demand in 2020. Further, it is expected to grow at the fastest pace in the forecast period. Conversely, the home mobility assistive devices product segment held a smaller share of the global home healthcare market in 2020.
Rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, and unskilled home healthcare services are the key services of the home healthcare market. The rehabilitation services segment dominated the home healthcare market with the largest share in terms of total revenue generated in 2020. This was mainly due to increased demand from the geriatric or aging population.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are key regional markets for the home healthcare market. North America acquired the majority of share home healthcare market in 2020 and accounted for 41.05% of the overall market. North America is followed by Europe and Asia-Pacific in terms of demand for home healthcare. In terms of revenue, Asia Pacific was predicted to be the fastest-growing region in the forecast period. Increasing investments in the healthcare sector by the European government supports the growth of the home healthcare market in this region.
Some of the major players in the global home healthcare market include 3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc. among others.
The global Home healthcare Market was valued at USD 370.7 Billion in 2020.
The global Home healthcare Market is expected to reach USD 839.0 Billion by 2028, growing at a CAGR of 10.1% between 2021 to 2028.
Some of the key factors driving the global Home healthcare Market growth are increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices.
North America is expected to remain the dominant region over the forecast period. North America followed by Europe and Asia-Pacific in terms of demand for home healthcare.
Some of the major players of global Home healthcare market 3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc. among others.
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