Home Healthcare Market Growth & Trends
The global home healthcare market size is expected to reach USD 666.9 billion by 2030, according to a report by Grand View Research, Inc., expanding at a CAGR of 7.96% over the forecast period. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.
The establishment and maintenance of hospitals and other healthcare establishments are capital-intensive efforts. Hence, healthcare solution providers are now entering the rapidly growing market in an attempt to capitalize on the available opportunities and contain costs. Although hospital-at-home models are less prevalent in the U.S. than they are in other countries, several noteworthy initiatives have been undertaken in the past decade. These include programs at Johns Hopkins, Marshfield Clinic Health System, and Mount Sinai, which partnered with PE-backed Contessa in 2016. Moreover, these organizations engage extensively in mergers and acquisitions to expand their regional presence. Hospitals such as Apollo (Apollo Homecare) and Max (Max@Home) have entered the Indian homecare industry. Some have also established joint ventures, including the Burman family (promoters of Dabur) and UK-based Healthcare at Home, as well as India Home Healthcare and Bayada Home Healthcare, based in the U.S.
The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period.
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Microscope Market Report Highlights
Services dominated the component segment in 2022 attributed to the growing demand for skilled nurse in-home care for services like physical and occupational therapy
Growing demand for skilled nurses for rehabilitation service, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment. Mainly, patients suffering major trauma due to accidents or those suffering from strokes opt for rehabilitation services to improve their way of talking, walking, and feeding themselves all over again
The demand for home therapeutic equipment is increasing due to the rising prevalence of chronic conditions such as respiratory diseases, kidney disorders, and diabetes. The segment is expected to grow with the highest CAGR during the forecast period
Advancement in technology is likely to favor the growth of the home healthcare equipment market. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms which helps the home health agency
Neurological & mental disorder accounted for the largest revenue share in 2022 owing to increasing disease prevalence
North America is the most mature region of the market. The presence of a large geriatric population in this region coupled with sophisticated healthcare infrastructure and relatively higher patient disposable income levels are some of the key factors
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