The global home healthcare market is projected to grow steadily, reaching a valuation of USD 3.2 billion in 2023 and expected to expand to USD 4.4 billion by 2033, with a compound annual growth rate (CAGR) of 3.1% during the forecast period. This growth is driven by a variety of factors, including the rising aging population, an increasing prevalence of chronic diseases, and advancements in home-care technologies.
The demand for home healthcare is being accelerated by the growing number of elderly individuals and patients with chronic conditions who require ongoing care but are unable to access regular hospital treatments. The need for home healthcare is further amplified by the rising complexity of medications and patients’ inability to travel, making home-based care a more convenient and effective solution.
Additionally, there is a notable increase in the adoption of advanced home-care technology, which enhances treatment options and patient monitoring. Innovations in remote patient monitoring devices are playing a crucial role in enabling healthcare providers to remotely track and transmit patient health data, reducing the need for emergency visits and lowering healthcare costs. The ease of access to home healthcare services without the hassle of hospital queues is also contributing to the growing market demand.
As the home healthcare market evolves, the focus is shifting towards reducing hospital readmissions and emergency visits while providing high-quality, cost-effective care. With these innovations and rising demand, home healthcare services are set to play a pivotal role in modernizing healthcare delivery and improving patient outcomes across the globe.
Key Growth Drivers
- Increasing Aged Population and Chronic Patients: The rising number of elderly individuals and patients with chronic conditions is significantly accelerating the demand for home healthcare services. As the geriatric population grows, the need for personalized care in home settings becomes more pronounced.
- Complex Medications and Treatment Needs: Patients who require complex medication regimens and those unable to receive regular treatment in hospitals due to mobility issues are increasingly turning to home healthcare solutions.
- Advancements in Home-Care Technology: The growing demand for advanced home-care technologies, such as telehealth services and remote monitoring devices, is enhancing the effectiveness and accessibility of home healthcare.
- Convenience of Home Healthcare Services: The availability of home healthcare services allows patients to avoid long hospital queues, making it a more convenient option for many individuals seeking care.
- Reduction of Emergency Visits: Innovations in in-home healthcare services aim to reduce emergency visits and the associated high costs of nursing, further driving the adoption of home healthcare solutions.
- Remote Patient Monitoring Devices: The increasing adoption of remote patient monitoring devices enables healthcare providers to transmit patients’ health information efficiently, thus enhancing the demand for home healthcare services.
Competitive Landscape
The prominent players are fragments of the global market by occupying a significant revenue. The market players are developing innovative devices and medical equipment to maintain daily check-ups at home. These devices are advanced and equipped with artificial intelligence, and new technology is flourishing the market expansion.
Healthcare providers prefer these devices to check patients’ daily healthcare routine at the hospital, home, or any place. These players focus on developing easy-to-use equipment and adopting several marketing strategies to increase home healthcare sales. The rising popularity of online distribution channel is easy to reach relevant consumers and acquire huge market revenue.
Key Players operating 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 Aug 2020, Fresenius Medical Care acquired United States-based InterWell Health for expertise in kidney care and enhanced its performance.
- In Aug 2022, the United States-based Contessa partnered with Mount Sinai Health System to offer home-care facilities such as rehabilitation at home and hospital at home with skilled nursing services.
- In July 2022, the United States-based Invacare Corporation introduced a new generation healthcare device, e-fix eco power assist in transferring wheelchairs.
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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
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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