Home Healthcare Market Size to Reach USD 405.11 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan. 10, 2023 /PRNewswire/ -- The home healthcare market size reached USD 198.78 Billion in 2021 and is expected to register a CAGR of 8.3% during the forecast period, according to latest analysis by Emergen Research. Rapidly increasing aging global population, rising prevalence of chronic diseases, and increasing number of new companies and start-ups offering products and services at competitive pricing are some of the key factors driving market revenue growth.

Population is ageing at a faster pace globally and therefore government of various countries is ensuring robust health and social systems through policy measures in order to provide proper healthcare facilities to the geriatric population. According to World Health Organization (WHO) by 2050, the world population of people aged 60 years and above will double and by 2050, two-thirds of the world's population above 60 years will live in countries with low- and middle-income. This is expected to increase the demand for home healthcare services and thereby drive the revenue growth of the market.

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Drivers:

Rising prevalence of chronic diseases globally is another factor expected to increase the demand for home healthcare services. According to United Nations between 2020 and 2030, about 500 million people would acquire heart disease, obesity, diabetes, or other noncommunicable diseases (NCDs) linked to physical inactivity while governments of countries are working on developing systems for monitoring adult health and providing them incentives for home healthcare services, and currently, only 75 per cent of countries monitor adolescent activity. Home healthcare can help patients for the management of chronic diseases and help patients to save significant costs. This is expected to increase the demand for home healthcare and therefore drive the revenue growth of the market.

Restraints:

In recent times, there has been a surge in numerous products and services that can facilitate home healthcare. However, lack of public awareness and higher cost of products in developing countries have significantly hampered the revenue growth of the market. Additionally, poor network connectivity in developing countries has slower adoption of telehealth services. These factors are restraining the revenue growth of the market over the forecast period.

Growth Projections:

The home healthcare market is expected to register a CAGR of 8.3% over the forecast period and revenue is projected to increase from USD 198.78 Billion in 2021 to USD 405.11 Billion in 2030. Rapidly increasing aging global population, rising prevalence of chronic diseases, and increasing number of new companies and start-ups offering products and services at competitive pricing are expected to drive revenue growth of the market.

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Current Trends and Innovations:

Growing popularity of wearable diagnostic devices to track health vitals is currently trending in recent times and has significantly gained popularity. These devices have embedded sensors that can track biochemical and physiological parameters continuously. Additionally, it can track vitals such as heart rate, blood oxygen concentration, temperature, and others. Similarly, smartphones can be used to collect information and store it on remote servers for analysis. Such devices can further improve communication between patients and medical professionals. Wearable devices can significantly improve diagnosis and can help to establish a robust home healthcare system. This is expected to drive the revenue growth of the market.

Strategic Initiatives:

Major companies included in the market report are McKesson Medical-Surgical, Inc., Fresenius Medical Care AG, and Co., Medline Industries, Inc., AccentCare Inc., Kindred Healthcare, LLC. (LifePoint Health, Inc.), Amedisys Inc., LHC Group Inc., The 3M Company, Arkray, Inc., Baxter International Inc.

• On August 24, 2022, Fresenius Medical Care, has closed a three-way merger that include Fresenius Health Partners. The new business, which is operating under the name of InterWell Health brand, combines the value-based contracting and performance experience of Fresenius Health Partners with InterWell Health's clinical care models and its substantial network of 1,700 nephrologists.

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Scope of Research

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Emergen Research has segmented home healthcare market on the basis of product, service, ailments, and region:

• Product Outlook (Revenue, USD Billion, 2019–2030)
• Diagnostic Devices
• Vital Sign Monitoring Devices
• Weight Monitoring Devices
• Glucose Monitoring Devices
• Health Maintenance Device
• Geriatric Assistance Devices
• Nutrition Management Devices
• Air Quality Devices
• Locomotive Assistance Devices
• Automated Wheelchair
• Walking Assist Devices
• Home pregnancy & Fertility Kits
• Drug Delivery Devices
• Pumps
• Syringes
• Dialysis Products
• Continuous
• Automated
• Respiratory Equipment
• Ventilators
• Nebulizers
• Oxygen Therapy Equipment
• Service Outlook (Revenue, USD Billion, 2019–2030)
• Rehabilitation Services
• Infusion Therapy Services
• Unskilled Care Services
• Respiratory Therapy Services
• Pregnancy Care Services
• Skilled Nursing Services
• Hospice & Palliative Care Services
• Ailments Outlook (Revenue, USD Billion, 2019–2030)
• Chronic Obstructive Pulmonary Disorder
• Diabetes
• Hypertension
• Asthma
• Depression
• Cardiovascular Diseases
• Dementia
• Parkinson's Disease
• Bone & Joint Disease
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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