Home Healthcare Market Analysis and Forecast to 2031: By Product (Testing. Screening & Monitoring, Therapeutic Products, Mobility Care Products), Service (Skilled Nursing Services, Rehabilitation Therapy Service, Hospice & Palliative Care Services, Unskil

Home Healthcare Market Analysis and Forecast to 2031: By Product (Testing. Screening & Monitoring, Therapeutic Products, Mobility Care Products), Service (Skilled Nursing Services, Rehabilitation Therapy Service, Hospice & Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services), Indication (Cardiovascular Disorders & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Hearing Disorders, Cancer, Wound Care, Other), and Region

The global home healthcare market was valued at USD 195.9 billion in 2021 and it is anticipated to grow further up to USD 441.8 billion by 2031, at a CAGR of 8.5% during the forecast period.

Home healthcare refers to a range of medical treatments that can be offered to people to treat a disease or injury in the convenience of their own home. There are countless options available to patients who want to get home health care. Depending on the situation of each patient, care might range from nursing to specialized medical treatments, such as laboratory workups. The doctor will decide on the course of treatment and any home treatments the patient might need. Depending on the patient's health, the length of home healthcare might range from brief to long.

Market Trends and Drivers

There were 703 million individuals 65 and older in the world in 2019, and the UN Department of Economic and Social Affairs predicts that number will increase to 1.5 billion by the year 2050. In addition, it is anticipated that by 2050, there will be three times as many persons 80 and older than there are today—143 million in 2019.

The aging population is more susceptible to chronic diseases; therefore, the growth of this demographic segment will raise the demand for healthcare and significantly add to the strain on governments and health systems. The home healthcare market will benefit from this. Healthcare provided at home cuts down on needless hospital admissions, readmissions, and the time and money spent commuting to see medical specialists.

Long-lasting chronic sickness is a condition that can be managed but not healed. Chronic disease management and treatment has grown to be a top priority. At least one chronic condition is present in 50% of all patients receiving home healthcare, and this percentage is predicted to rise in the coming years. Chronic illnesses, which disproportionately impact older people, cause disability, lower quality of life, and raise the cost of long-term care, creating a wide range of opportunities for home healthcare providers.

Market Restraints and Challenges

In-home care, there is a less face-to-face interaction between the nurse and doctor, and the nurse is in charge of doing assessments and sharing findings. The level of patient safety and the results are impacted by this issue. Another differentiating feature of home healthcare is that each patient receives medical attention from a clinician in a different location. Situational factors, however, may create dangers to patients that may be challenging to eliminate. Environmental safety departments in hospitals are well-equipped to handle such situations.

Global Home Healthcare Market Segmental Overview

The report analyses the global home healthcare market based on product, services, end user, and region.

Global Home Healthcare Market by Product

Based on the product, the home healthcare market is segmented into testing, screening & monitoring products, therapeutic products, and mobility care products. The testing, screening & monitoring products segment is anticipated to dominate the market during the forecast period. The aging population, increasing rates of target diseases like dementia and Alzheimer's, and orthopedic diseases are all predicted to drive market expansion. Governments and health groups are working to reduce healthcare costs because they are concerned about the rising cost of treatment.

Global Home Healthcare Market by Services

Based on the products, it is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. In 2021, skilled nursing services held the biggest market share for home healthcare services. Living at home with skilled medical care can be more comforting than being in a hospital, nursing home, or assisted living facility. During the projected period, the growth of this market is anticipated to be supported by favorable insurance coverage for skilled nursing services.

Global Home Healthcare Market by Indication

Based on the indication, it is segmented into cardiovascular disorders & hypertension, diabetes, respiratory diseases, pregnancy, mobility disorders, hearing disorders, cancer, wound care, and others. The diabetes segment is expected to witness the highest CAGR during the forecast period. The high rate of growth in this market segment is related to the rise in diabetic patients. Home blood sugar testing assists in managing blood sugar medication, food, and exercise regimens as well as the development of a comprehensive diabetes treatment plan.

Geographical Analysis of the Global Home Healthcare Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America was the largest regional market for home healthcare in 2021. The significant market share of North America is ascribed to the region's superior healthcare infrastructure, high healthcare spending, high disposable income, rising prevalence of chronic illnesses, and high healthcare spending.

Major Players of the Global Home Healthcare Market

COVID-19 Impact

The COVID-19 pandemic's effects on the home healthcare market are conflicting. Both products and services, which make up the home healthcare sector, have unique consequences. Few home healthcare monitoring devices, such as blood glucose, blood pressure, pulse oximeters, and temperature monitors, might benefit from COVID-19.

One could believe that the home healthcare services business would be flourishing as a result of the coronavirus pandemic since home healthcare providers would be able to treat the elderly and fragile population in the comfort of their homes. The situation is different, though. Many home healthcare organizations and companies have noticed a reduction in business. However, it is anticipated that this slowdown in the home healthcare sector will last for a time before picking up quickly as more people begin to recover from COVID-19.

Recent Developments

• August 2021, Invacare introduced the AVIVA STORM Rx, a next-generation rear-wheel drive power wheelchair and next-generation Alber e-motion power assist device.
• June 2021, Bayada Home health care announced partnership with VCU Health System would strengthen in-home health and hospice care in the Richmond metropolitan area of the US.
• April 2021, Abbott’s Binax Now COVID-19 rapid self-test kit requires no specialized instrument and can be used at home with a first of its kind complementary app called NAVICA.
• April 2021, Bayda Home Health Care announced partnership with Autism Society of Hawaii new partnership would offer services throughout Hawaii for individuals with autism and other developmental disabilities at home, school, in the community, and in their centers.

Frequently Asked QuestionsQ1. How big is the Home Healthcare market?Ans. The global Home Healthcare market size was USD 195.9 billion in 2021 and is anticipated to reach USD 441.8 billion in 2031, growing at a rate of 8.5% from 2022 to 2031.Q2. What is the Home Healthcare market growth rate?Ans. The growth rate of the Home Healthcare market is 8.5%.Q3. Which region holds a major market share for the Home Healthcare market?Ans. North America holds a major market share of the Home Healthcare market in 2021.Q4. Which segment accounted for the largest Home Healthcare market share?Ans. By indication, diabetes segment accounted for the largest Home Healthcare market share.Q5. Who are the key players in the Home Healthcare market?Q6. What are the factors driving the Home Healthcare market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Home Healthcare market players?Ans. The key growth strategies of Home Healthcare market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Home Healthcare market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Home Healthcare market during the forecast period.

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