Home Healthcare Industry Overview
The global home healthcare market size was valued at USD 320.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2030.
The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to an expensive hospital stay.
Gather more insights about the market drivers, restrains and growth of the Global Home Healthcare Market
For instance, as per a report by The Commonwealth Fund, “hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care. This helps ensure patient comfort and is projected to serve as a high impact rendering driver of the market. Advancements in medicine have led to a shift from communicable to noncommunicable diseases in developing countries. Sedentary lifestyle and high consumption of alcohol are factors responsible for increase in the prevalence of lifestyle diseases. Growing incidence of target diseases requiring long-term care, such as Alzheimer’s disease and dementia, is expected to drive the market during the forecast period.
Furthermore, awareness about home care services and devices for such conditions is increasing. Availability of portable devices such as heart rate monitors, respiratory aids, and blood glucose monitors has improved the efficiency and effectiveness of home care for lifestyle diseases. Value-based healthcare is another major factor contributing to the market. In most of the developed and developing nations, the central government is offering either partial or complete coverage for the in-home services. In the U.S., Medicare reimbursements are highly favorable in providing value-based healthcare for improved patient outcomes at a low cost. Thus, in-home care has become a modality of choice for treatment.
The advent of advanced home healthcare services in the country has enabled the delivery of high-quality healthcare in the comfort of one’s home. Moreover, patients can save 10% to 25% from their overall medical treatment costs by opting for home healthcare services. Modern-age networking has provided physicians with access to patient data from remote locations and the ability to provide immediate consultation.
Browse through Grand View Research’s Medical Devices Industry Research Reports.
- Surgical Equipment Market: The global surgical equipment market size was valued at USD 14.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030.
- Varicose Veins Treatment Devices Market: The global varicose veins treatment devices market size was valued at USD 1.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.21% from 2022 to 2030.
Key Companies profiled:
Some of the prominent players in the home healthcare market include:
- McKesson Medical-Surgical Inc.
- Fresenius Medical Care
- Medline Industries, Inc.
- Medtronic PLC
- 3M Healthcare
- Baxter International Inc.
- Braun Melsungen AG
- Arkray, Inc.
- Hoffmann-La Roche AG
- Service Providers
- Brookdale Senior Living, Inc.
- Home Health Services Ltd.
- Sunrise Carlisle, LP
- Extendicare, Inc.
- Care UK Limited
- Senior Care Centers of America
- Genesis Healthcare Corp.
Order a free sample PDF of the Home Healthcare Market Intelligence Study, published by Grand View Research.