Home Healthcare Market to be Worth $634.9 Billion by 2030: Grand View Research, Inc.

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Jul 07, 2022, 09:00 ET

SAN FRANCISCO, July 7, 2022 /PRNewswire/ -- The global home healthcare market size is expected to reach USD 634.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2022 to 2030. 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.

Key Industry Insights & Findings from the report:

The services segment dominated the market in 2021 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 services, wound dressings, tube feedings, and maintaining stable patient health is driving the growth of the segment. Mainly, patients suffering major trauma due to accidents or those suffering from strokes opt for rehabilitation services for improving 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 witness the highest CAGR during the forecast period.
Advancement in technology is likely to favor the growth of the market. For instance, active home tele-monitoring devices can help in capturing vital signs and symptoms which helps the home health agency.
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.
Europe held a significant share of the market in 2021. With the ongoing COVID-19 pandemic, the demand for nurses, attendants, physicians, physiotherapists, and caregivers is expected to rise, with home care services being considered a safer alternative to hospital services.

Read 252-page market research report for more Industry Insights, "Home Healthcare Market Size, Share & Trends Analysis Report By Equipment (Therapeutic, Diagnostic), By Services (Skilled Home Healthcare Services, Unskilled Home Healthcare Services), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Home Healthcare Market Growth & Trends

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 elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Besides, the maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following merger and acquisition strategy to enter the market, in order to provide cost-effective service and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stays is another key factor driving the market growth.

During the COVID-19 pandemic, the majority of the nursing facilities were significantly impacted, while the in-home services aided the majority of healthcare providers to offer their services in a safe environment. 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.

Home Healthcare Market Segmentation

Grand View Research has segmented the global home healthcare market on the basis of component and region:

Home Healthcare Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

Equipment

Therapeutic

Home respiratory therapy equipment
Insulin delivery devices
Home IV pumps
Home dialysis equipment
Others

Diagnostic

Diabetic care unit
BP monitors
Multi para diagnostic monitors
Home pregnancy and fertility kits
Apnea and sleep monitors
Holter monitors
Heart rate monitors
Others

Mobility Assist

Wheel chair
Home medical furniture
Walking assist devices

Services

Skilled Home Healthcare Services

Physician primary care
Nursing care
Physical/occupational/speech therapy
Nutritional support
Hospice & palliative care
Others

Unskilled Home Healthcare Services

Home Healthcare Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Russia
Netherlands

Asia Pacific

China
India
Japan
Australia
Singapore
Malaysia
Thailand
Philippines
South Korea

Latin America

Brazil
Mexico
Argentina

Middle East & Africa (MEA)

South Africa
Saudi Arabia
Oman
UAE
Egypt

List of Key Players in Home Healthcare Market

Manufacturers

McKesson Medical-Surgical Inc.
Fresenius Medical Care
Medline Industries, Inc.
Medtronic PLC
3M Healthcare
Baxter International Inc.
B. Braun Melsungen AG
Arkray, Inc.
F. Hoffmann-La Roche AG
Becton, Dickinson And Company
Acelity L.P.
Hollister Inc.
ConvaTec Group PLC
Molnlycke Health Care

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.
Sompo Holdings, Inc.
Kindred Healthcare, Inc.
Home Instead Senior Care, Inc.

Check out more related studies published by Grand View Research:

U.S. Home Healthcare Services Market - The U.S. home healthcare services market size is expected to reach USD 175.7 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. Factors such as high demand for cost-effective healthcare services, increasing medical expenditure, and high prevalence of chronic diseases are expected to boost the growth of the market during the forecast period.
Pediatric Home Healthcare Market - The global pediatric home healthcare market size is expected to reach USD 68.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2021 to 2028. The growing population of Children with Medical Complexities (CMC) requiring in-home care is expected to drive the market during the forecast period.
India Home Healthcare Market - The India home healthcare market size is expected to reach USD 36.1 billion by 2030, expanding at a CAGR of 19.27% from 2022 to 2030, based on a new report by Grand View Research, Inc. The market is being driven by increasing demand for improved healthcare care services, expanding geriatric population, a shift in trend from communicable to chronic diseases, rapid technological improvements, rising disposable income, and demand for cost-effective care services.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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