Home Healthcare Market Size, Share & Forecast 2021-2028

[sara James]

The global Home Healthcare Market size is expected to reach USD 545.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.88% over the forecast period. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases, such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.

The elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Moreover, the maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following a merger and acquisition strategy to enter the market and provide cost-effective services and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stays is another key factor driving the market growth. During the COVID-19 pandemic, the majority of the nursing facilities were significantly impacted, while the in-home services aided the majority of healthcare providers to offer their services in a safe environment.

The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period.

Related Press Release@ Home Healthcare Market Report

Home Healthcare Market Report Highlights

• Services dominated the component segment in 2020. Growing demand for skilled nurses for rehabilitation services, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment
• Mainly, patients with major trauma due to accidents or those suffering from strokes opt for rehabilitation services for improving their way of talking, walking, and feeding themselves all over again
• The demand for home therapeutic equipment is increasing due to the rising prevalence of chronic conditions, such as respiratory diseases, kidney disorders, and diabetes
• Advancement in technology is likely to favor market growth. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms, which help the home health agency
• North America is the most matured regional market. The presence of a large geriatric population, sophisticated healthcare infrastructure, and relatively higher patient disposable income levels are some of the key factors driving the regional market
• Europe held a significant share in 2020. With the ongoing COVID-19 pandemic, the demand for nurses, attendants, physicians, physiotherapists, and caregivers is expected to rise, with home care services being considered a safer alternative to hospital services