The global Home Healthcare Market is estimated to be valued at US$ 384584.69 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Home healthcare provides medical care and services to patients at home for diseases and injuries that do not require hospitalization. It includes skilled nursing services, rehabilitation therapy services, hospice and palliative care, unskilled care and others.
Market key trends:
Skilled nursing services segment holds the largest market share as it provides complex medical care to patients suffering from chronic diseases, cancer, injuries, etc. which helps in faster recovery of patients at home with comfort. Growing geriatric population suffering from chronic diseases, increase in number of hospitals adopting home healthcare services to avoid medical costs associated with hospital stays, and rising patient preference towards receiving treatment at home are major factors driving growth of the global home healthcare market.
SWOT Analysis
Strength: The home healthcare market offers highly flexible and convenient services for patients requiring long term care at home. This reduces healthcare costs significantly compared to hospital stays.
Weakness: Quality assurance and standardization of home healthcare services remains a challenge. Lack of comprehensive medical training for all home care professionals can compromise patient safety at times.
Opportunity: Aging global population drives the demand for home healthcare. Rise in prevalence of chronic diseases also increases the need for long term care outside hospitals.
Threats: Shortage of trained nurses and caregivers restricts the growth potential of the home healthcare industry. Privacy and security concerns related to digital health solutions also act as barriers.
Key Takeaways
The Global Home Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing preference for curative and rehabilitative care at home settings. This trend is largely driven by the rising healthcare costs which makes hospital stays expensive. Home healthcare provides affordable long term and chronic illness management options.
Regional analysis
North America dominates the global home healthcare market currently. This is attributed to the favorable reimbursement policies and increasing acceptance of home healthcare services over hospitalization in the US and Canada. Asia Pacific is expected to exhibit the fastest growth during the forecast period supported by the rising senior population, growing incidence of lifestyle diseases and improving healthcare infrastructure in countries like China and India.
Key players
Key players operating in the home healthcare market are 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum, Outset Medical, and Regeneron Pharmaceuticals, Inc. Major players are focused on developing innovative digital monitoring devices, therapies and services to strengthen their market position.
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