Home Healthcare Market Revenue is expected to reach US$ 3.2 billion in 2023 and US$ 4.4 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 3.1%.
The growing need for home healthcare, as well as an increase in chronic patients, complex medications, and an ageing population, are propelling market expansion. Rising disposable money, inability to get daily therapy, and advancements in home-care technologies are all driving an increase in home healthcare usage. In-home healthcare service innovation to reduce high costs and emergency visits also contributes to market opportunities.
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The preference of patients for receiving treatment at home rather than travelling to a hospital and standing in long lines is pushing business growth. The number of people who are disabled is growing, and government initiatives are expanding the potential for the Home Healthcare business. 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 growing increasingly popular as competent nursing, therapeutic items, and rehabilitation treatment services become more generally available. Hearing aids, diabetes, and respiratory ailment treatment were among the other Home Healthcare services that contributed to market rise.
Growing Healthcare Infrastructure Drive the United States Market:
Over the forecast period, the United States had 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 ill population drive the Home Healthcare business in the United States. The growing use of sophisticated technology, wearable monitoring equipment, and private home health services is driving demand for home healthcare. Between 2017 and 2022, the United States saw a 2.9% CAGR.
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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