Home Healthcare Market Grows At 10% Rate With Increasing Aging Population And Other Drivers

The Business Research Company's Home Healthcare research report expands on key drivers, trends, and growth opportunities in the market.

LONDON, June 22, 2022 /PRNewswire/ -- The home healthcare market consists of sales of home healthcare services by entities (organizations, sole traders, and partnerships) that are used to help individuals to improve health function as it helps to provide initial treatment and avoid hospitalization. Home healthcare refers to a set of activities conducted to keep the home healthcare equipment in working condition. Home healthcare is supportive care provided by any professional caregiver in their respective homes where the patient is staying. It is a cost-effective way to deliver quality care at patients' homes.

The global home healthcare market size is expected to grow from $277.97 billion in 2021 to $306.78 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The global home healthcare market size is expected to reach $427.95 billion in 2026 at a CAGR of 8.7%.

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Home Healthcare Market Segments

The global home healthcare market is segmented –

1. By Equipment: Therapeutic, Diagnostic, Mobility Care
2. By Service: Rehabilitation Services, Respiratory Therapy Services, Infusion Therapy Services, Others
3. By Indication: Cardiovascular Disorders and Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Cancer, Wound Care, Others

Home Healthcare Market Trends

Technological advancements have emerged as a key trend gaining popularity in the home healthcare market. Companies operating in the home healthcare market are adopting new technologies to reinforce their position in the market. For instance, in August 2019, Zorgers, an India-based home healthcare company launched an Android app that aims to help monitor its patients remotely. When needed, the app also gives information on the patients' health and navigation to caretakers. It makes healthcare professionals' lives easier and keeps them connected to the healthcare ecosystem all day. Caregivers can also benefit from the app by using it to keep track of their clients' locations, addresses, and contact information. As a result, when a new Carer joins the team, the app assists him or her in tracking the patient's particular facts while also keeping the contact information secure.

Home Healthcare Market Growth

The rapid increase in the aging population is significantly driving the growth of the home healthcare market going forward. The increase in the aging population will boost the demand for healthcare as the aged people are more prone to chronic diseases, which is a favorable factor to the home healthcare market, and increases the overall reach of various home health services. This will reduce the unnecessary visits time involved in traveling, hospital admission, and others. For instance, in 2019, according to the United Nations Organisations, a US-based intergovernmental organization, 1 out of 11 people in the United States were above the age of 65, which will increase to 1 out of 6 people by 2050. Therefore, the increase in the aging population is driving the growth of the home healthcare market.

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