The Home Healthcare Market size is expected to be valued at US$ 3.2 billion in 2023 and to expand to US$ 4.4 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 3.1%.
The growing demand for Home Healthcare, an increase in chronic patients, complex medications, and an ageing population are driving market expansion. Rising disposable money, inability to obtain daily treatment, and advancements in home-care technologies are driving an increase in the use of Home Healthcare. The increasing innovation of in-Home Healthcare services to decrease high costs and emergency visits also helps to drive market prospects.
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Patients’ preference for receiving treatment at home rather than going out and waiting in hospital lines is fueling industry expansion. The number of disabled patients is growing, and government initiatives are expanding the Home Healthcare market prospects. The market share is being driven by the increasing use of telehealth to improve the performance of virtual medical, monitoring, and educational services.
Home Healthcare is becoming more popular as competent nursing, therapeutic items, and rehabilitation treatment services become more available. Other Home Healthcare services, such as hearing difficulties, diabetes, and respiratory illness care, aided market growth.
Growing Healthcare Infrastructure Drive the United States Market
During the forecast period, the United States recorded a CAGR of 3.5%, accounting for a valuation of US$ 1.3 billion. The growing use of advanced healthcare equipment, urbanisation, and an ageing and ailing population drive the Home Healthcare business in the United States. The increased usage of technological technology, wearable monitoring equipment, and private home health services is driving the demand for Home Healthcare. Between 2017 and 2022, the United States achieved a CAGR of 2.9%.
Key Takeaways:
- By 2033, the Home Healthcare market is estimated to be worth $4.4 billion.
- From 2022 to 2033, the global market will grow at a CAGR of 3.1%.
- The Home Healthcare industry in the United States is expected to grow at a 3.5% CAGR through 2033.
- The United Kingdom market is expected to grow significantly during the projected period, with a CAGR of 3.9%.
- Over the forecast period, the China market is expected to grow at a CAGR of 2.9%.
- From 2023 to 2033, the Japan market will grow at a CAGR of 3.4%.
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Competitive Landscape:
The key market players play a significant role in the global market by capturing maximum revenue. These players are developing innovative devices for daily home check-ups by adopting new technology. Healthcare providers are focused on developing easy-to-use medical equipment equipped with artificial intelligence.
The increasing popularity of online distribution channels is driving market expansion. Key marketers are adopting various marketing strategies, including mergers, acquisitions, agreements, collaborations and partnerships.
Other Key Players in the Market are:
- Coloplast A/S
- B. Braun Melsungen AG
- Baxter International Inc.
- Hollister Incorporated
- Becton Dickinson and Co
- ConvaTec Group Plc
- Medtronic plc.
- Amedisys Home Health and Hospice Care
- American Well
- CVS Health
- Humana Inc.
- LHC Group Inc.
- Kindred Healthcare
Recent Developments in the Market are:
- In Mar 2022, Axxess launched its new software named Palliative Care Software. This software is developed with the latest technology and can control at-Home Healthcare services.
- In Feb 2022, CVS Pharmacy launched new healthcare products such as easy-fold travel walks, convertible shower chairs, and comfort grip canes.
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Home Healthcare Market Segmentation by Category
By Product Type:
- Infusion Systems
- Ambulatory Infusion Pumps
- Implantable Infusion Pumps
- Infusion Disposable Sets
- Syringe Pumps
- Volumetric Pumps
- Pressure Relief Devices
- Mattress Overlays
- Mattresses
- Specialty Beds
- Hydrocolloids Dressings
- Hydrofibres Dressings
- Hydrogels Dressings
- Semi-permeable Films Dressings
- Superabsorbents Dressings
- Wound Contact Layers
- Gauze Sponges
- Gauzes
- Sponges
- Ostomy Drainage Bags
By Application:
- Total Parenteral Nutrition
- IV Medication
- Pressure Ulcer
- Stoma Care
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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