According to the latest report by TechSci Research, titled “Global Home Healthcare Market – Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global home healthcare market is projected to experience significant growth from 2024 to 2028. This growth can be attributed to the increasing demand for personal healthcare and the rising cases of chronic diseases worldwide. The home healthcare industry is witnessing significant development, with the emergence of remote mobile patient monitoring devices and the growing demand for telehealth services, which are expected to foster market growth in the forecast period. Furthermore, the sudden outbreak and spread of the COVID-19 pandemic have further amplified the demand for home healthcare services. As the pandemic strained healthcare facilities, leading to shortages of hospital beds, ventilators, and oxygen concentrators, patients had to seek healthcare services in the comfort of their own homes, creating a substantial opportunity for the growth of the global home healthcare market. However, the shortage of skilled professionals in performing various home healthcare techniques is expected to hinder market growth in the forecast period.
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Market Segmentation
The global home healthcare market can be segmented based on product type, services, and region.
1. Product Type:
The global home healthcare market can be divided into various product types, including continence care, wound care, ostomy care, clinical nutrition, respiratory care, equipment and housekeeping supplies, and others. Among these, the equipment and housekeeping segment currently dominates the home healthcare services market and is expected to maintain its dominance in the forecast period. This can be attributed to the growing prevalence of chronic diseases and the increasing geriatric population, which drives the demand for medical assistance devices such as mobility aids, dialysis machines, and oxygen concentrators. Additionally, the rising number of cases of respiratory disorders like asthma and Chronic Obstructive Pulmonary Disease (COPD) is expected to drive the demand for home healthcare services. According to the British Lung Foundation, approximately 1.2 million individuals in the United Kingdom have been diagnosed with COPD. This increasing prevalence is likely to boost the adoption of inhalers and associated devices, thereby driving the global home healthcare market.
2. Services:
The global home healthcare market can be segmented based on services into rehabilitation services, pregnancy home care services, nursing services, and others. Currently, the rehabilitation services segment dominates the market and is expected to foster market growth in the future. The increasing prevalence of chronic diseases, surgeries, and disabilities among the population worldwide has led to a high demand for home rehabilitation services. Additionally, government support in the form of in-home services and subsidies further contributes to the growth of the global home healthcare market.
Regional Analysis
In terms of region, North America currently dominates the global home healthcare market and is expected to maintain its dominance during the forecast period. This can be attributed to the increasing adoption of home healthcare services in the region, along with the growing use of home care devices. The rising number of cases of diseases such as Alzheimer’s disease in countries like the United States also supports the market’s growth in the future.
The global home healthcare market is poised for impressive growth during the forecast period, driven by the increasing demand for personal healthcare and the rising cases of chronic diseases. The COVID-19 pandemic has further accelerated the adoption of home healthcare services. However, the shortage of skilled professionals poses a challenge to market growth. The equipment and housekeeping segment, as well as the rehabilitation services segment, are expected to play a significant role in driving the market’s growth. North America is the leading region in the global home healthcare market, supported by the region’s high adoption rate of home healthcare services and the prevalence of diseases like Alzheimer’s.
Major companies operating in Global Home Healthcare Market are:
- 3M Company
- Bayer AG
- Abbott Laboratories
- Cardinal Health, Inc.
- GE Healthcare
- Johnson & Johnson Services, Inc.
- Gentiva Health Services, Inc.
- Invacare Corporation
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers AG
Companies operating in the market are following strategies such as mergers & acquisitions, new product launches, collaborations, etc. in order to stay competitive and have an edge over other players operating in the industry. For instance, In February 2019, a company Tandem Diabetes Care, received the U.S Food and Drug Administration (FDA) approval for their product t: Slim X2 insulin pump to be used in children and adults suffering type 1 diabetes.
“Asia- Pacific region is expected to register the highest growth in the Global Home healthcare Market during the forecast period on account of the increasing chronic disease prevalence and growing healthcare awareness among the emerging countries such as China, India, etc. Besides, increasing healthcare expenditure and flourishing healthcare industry in the region is further expected to aid the market growth in the region” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Home Healthcare Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Continence Care, Wound Care, Ostomy Care, Clinical Nutrition, Respiratory Care, Equipment & Housekeeping Supplies, Others), By Services Type (Rehabilitation Services, Pregnancy Home Care Services, Nursing Services, Others), By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of Global Home Healthcare Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Home Healthcare Market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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