April 17, 2024
Home Healthcare Market

Home Healthcare Market is in trends by increasing demand for affordable healthcare options

The home healthcare market comprises medical devices, home healthcare services, and software and telehealth solutions that enable remote patient monitoring and improve access to healthcare from home. Home healthcare solutions help cure or manage various acute and chronic medical conditions from the comfort of home, reducing costs for patients and improving convenience.

The Global Home Healthcare Market is estimated to be valued at US$ 443.57 Billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Home Healthcare Market Size are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. Key players operating in the home healthcare market offer advanced home healthcare devices, diagnostics, and services to meet the growing demand from patients and healthcare providers.

The increasing prevalence of chronic diseases along with the growing geriatric population susceptible to such conditions is fueling the demand for home-based healthcare services. Home healthcare allows for continuous monitoring and management of health conditions without disrupting daily lives. Further, it provides convenience and reduces the costs associated with facility-based care.

Major players are expanding their geographical presence through acquisitions and partnerships with regional players. In addition, they are focusing on developing smart and miniature home healthcare devices integrated with advanced connectivity capabilities for remote patient monitoring. This helps manage chronic care from home and supports virtual doctor visits and access to health records remotely.

Market Key Trends
One of the key trends in the home healthcare market is the increasing adoption of telehealth technologies. Telehealth refers to the use of digital information and communication technologies such as online video consultations and remote patient monitoring solutions. It allows patients to connect with healthcare providers and access medical advice and care without physically visiting facilities. Telehealth has gained immense popularity during the COVID-19 pandemic as it enables virtual consultations while avoiding risks of infection. This trend is expected to further increase reliance on home-based remote care.

Porter’s Analysis
Threat of new entrants: Home healthcare market requires large investment and regulatory approvals to enter making the threat relatively low.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of substitutes and dependence on insurance approvals.
Bargaining power of suppliers: Key suppliers dealing with specialized medical devices have moderate to high bargaining power.
Threat of new substitutes: Substitutes present in hospitals and nursing homes pose moderate threat to home healthcare market.
Competitive rivalry: Industry dominated by large players leading to high competitive rivalry.

Geographical Regions
North America accounts for the largest share of the Global Home Healthcare Market in terms of value. This is attributed to favorable reimbursement policies, presence of major players and rising geriatric population in the US and Canada.

Asia Pacific region is expected to witness fastest growth during the forecast period owing to increasing healthcare expenditure, rapid urbanization and rising prevalence of chronic diseases in countries like China and India. Growing medical tourism is also positively impacting the market in Asia Pacific.

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