According to the Market Statsville Group (MSG), the global home healthcare market size is expected to grow from USD 231.6 billion in 2022 to USD 545.7 billion by 2032, at a CAGR of 8.1% from 2023 to 2033.
Professional and non-professional caregivers also provide home healthcare services, and cost-effective medical assistance during illness or injury. Home healthcare is a type of healthcare provided to people with serious illnesses or disabilities who cannot leave their homes. Home healthcare can include various services, such as nurses and physical therapists coming to the home to provide care, medical social services, and occupational therapy, or it can involve providing equipment and supplies that the person needs to stay at home. The different types of home care products can mainly be categorized into those for mobility, safety, monitoring, and personal care. The personal care segment includes items such as a commode or diabetic stockings. Monitoring care products are devices such as a scale and thermometer as well as a blood pressure monitor. Grab bars and bathtub mats are instances of home safety care items, while wheelchairs and walkers are two types of popular mobility products.
The coronavirus severely impacted the home healthcare market as social distancing was compulsory, and hospital entry was allowed only in emergencies or severe health conditions. However, telemedicine was a great alternative to this problem. The accompanying cost-benefits along with technological advancements, are driving the growth of this market. With full occupancies in hospitals and struggling to accommodate even COVID-19 patients, those needing care for other ailments had no choice but to be treated remotely at home. The surging popularity of home healthcare products and equipment, including blood pressure monitors, blood glucose monitors, pulse oximeters, and temperature monitors, positively influenced the market's growth.
With the help of home healthcare, geriatric can be treated at home instead of unnecessary hospital visits. Home healthcare helps by providing regular monitoring and easy-to-use controls. Home healthcare devices make the treatment more effective and also build trust between the patient and caregiver. Hospitals are busy places with lots of disturbances and equipment, which can cause long-term sleep deprivation, slowing the recovery process; therefore, patients recover faster at home. Being at home allows geriatrics to stick to their routines in a familiar environment and maintain a sense of normalcy in their lives. For instance, as per the United Nations Organization, in 2019, 703 million persons aged 65 years or over were in the global population. This number is projected to double to 1.5 billion in 2050. Thus, with the growing geriatric population worldwide, the home healthcare market is expected to witness tremendous growth in the forthcoming period.
A home care services agency has both professionals and under-skilled workers. However, highly trained medical caregivers are fewer in number as compared to under-skilled ones. On the contrary, licensed practical nurses, therapists, or home health aides have high appointment charges, which are unbearable. Unawareness among patients regarding various medical and health equipment may lead to problematic situations for patients. It may further lead to infectious diseases or an emergency that may further risk life. Moreover, for practitioners, caring for patients at home consumes longer visits with fewer patient checkups in a day. Home-based care clinicians see, on average, just five to seven patients a day; in hospitals, the patient count rises to four times. The aforementioned factors are responsible for restraining the market’s growth.
Technology has become a beneficial alternative to connect and monitor otherwise isolated patients. It has also ensured ‘at-risk’ patients didn’t postpone important checkups and evaluations. Virtual home healthcare technology like telehealth or telemedicine, allows consumers to get in touch with medical caregivers with the help of technology. By using mobile apps or video conferencing, doctors give people access to expert opinions without needing to travel. As per a Pew Research Center study, approximately 72% of caregivers collect health information online, and 52% participate in an online social activity related to health. Just under half go online to learn a diagnosis.
Many devices can also be used to measure blood pressure, glucose, heart rate monitoring, and other measurements. Remote Patient Monitoring (RPM) allows caregivers, doctors, patients, and their families to track their healthcare needs and eliminate risks and regular doctor visits.
The study categorizes the Home Healthcare market based on equipment, service and indication at the regional and global levels.
Diabetes segment accounts for a larger revenue share in 2022 due to the rise in the number of diabetes-suffering people across the world. For instance, as per International Diabetic Federation, around 537 million adults had diabetes in 2021. Globally, the study is expected to witness a rise of around 643 million diabetes patients by 2030. A glucometer is a small, portable device that allows patients to monitor their blood sugar levels (glucose levels) at home. A glucometer can provide valuable information regardless of the type of diabetes they have. The kit contains a battery-operated digital meter, a lancet device that adjusts the depth of the fingerstick depending on skin thickness, lancets, glucometer strips, and tracking software. Modern glucometers have highly sensitive strips. Finally, a glucometer is a one-time investment. This helps to save money on laboratory tests.
North America accounted for the largest revenue share in 2022. Key factors driving the growth of North America home healthcare market include the growing geriatric population, recent advancements in technology, and the cost-effectivities of home healthcare services. For instance, as per the Administration for Community Living, around 39.6 million population aged 65 were witnessed in 2009, which increased to 54.1 million in 2019 (a 36% increase) and is expected to reach 94.7 million in 2060.
Major key players in the global home healthcare market are:
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