July 13, 2024
Home Healthcare Market

Home Healthcare Market Is Estimated To Witness High Growth Owing To Increasing Demand For In-Home Healthcare Services

The home healthcare market is estimated to be valued at US$ 384584.69 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Home healthcare provides health services to patients at their residence. It involves medical care along with social services for elderly population and people with disabilities. Home healthcare services include skilled nursing care, physical therapy, occupational therapy, speech therapy, personal care assistance, and more. It helps in reducing healthcare costs and is more convenient for patients as compared to hospitalization.

Market Dynamics:
The home healthcare market is witnessing high growth owing to increasing demand for in-home healthcare services. With rising preference for home treatment over hospitals and nursing homes, especially during the ongoing COVID-19 pandemic, the adoption of remote patient monitoring and telehealth services has increased significantly. Also, growing geriatric population, rising incidence of chronic diseases, increasing healthcare costs, and advancement in home care technologies are some of the major factors propelling the market growth. However, lack of skilled professionals and reimbursement issues in some countries may hinder the market growth.

SWOT Analysis
Strength: The Global Home Healthcare Market Size provides convenience and comfort to patients as they can receive medical care and assistance within the comfort of their own homes. It reduces healthcare costs by decreasing hospital stays and readmissions. Being at home improves the speed of recovery and quality of life for patients.

Weakness: There is a lack of skilled medical professionals and caregivers available for home healthcare. High attrition rates in this sector lead to shortage of trained staff. Adherence to regulations and certification protocols are often difficult to implement and monitor in home healthcare.

Opportunity: Rapid growth of the geriatric population globally increases the demand for home-based healthcare and elder care services. Technological advancements enable remote patient monitoring and online virtual consultation, expanding the reach and access to home healthcare.

Threats: Data privacy and security concerns over breach of sensitive personal health information stored online and sharing of records between healthcare providers pose risks. New regulations and certification standards can drive up compliance costs for home healthcare organizations.

Key Takeaways
The global home healthcare market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of chronic diseases and rapid growth of the geriatric population globally. Home healthcare offers significant advantages over facility-based care by reducing healthcare costs and improving quality of life for patients.

Regional analysis: North America dominates the global home healthcare market, with the largest share in 2023. However, Asia Pacific region is expected to grow at the fastest rate due to increasing healthcare spending and availability of affordable home healthcare services. Countries with high proportion of elderly population such as Japan, China and India will drive the demand for home-based care in the coming years.

Key players: Major players in the global home healthcare market are 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum, Outset Medical, and Regeneron Pharmaceuticals, Inc. These leading players are focusing on new product innovations and geographical expansions to obtain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it