Home Healthcare Market is Anticipated to Witness Growth Owing to Rapidly Aging Population

 

Home Healthcare Market

The home healthcare market comprises products and services for home healthcare needs, including durable medical equipment such as wheelchairs, walkers, hospital beds, and home respiratory therapy devices. It also includes supplies like bandages and other disposable medical supplies that are typically used by patients at home. Home healthcare offers convenience to patients and lowers health costs by reducing hospital admissions and length of stay. It allows patients to receive medical care, monitoring, advice and rehabilitation at home while being surrounded by their loved ones in a familiar environment. The global aging population, advancement in home healthcare medical devices and growing preference for home healthcare over hospitals are driving the demand for home healthcare products and services.

The Global home healthcare market is estimated to be valued at US$ 443.57 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Home Healthcare Market Size are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. These key players are focusing on partnerships, new product launches and geographical expansions to consolidate their presence.

Key opportunities in the market include growth in telehealth and telemedicine, increasing healthcare expenditure, and rise in incidence of chronic diseases. Adoption of digital technologies is enabling remote monitoring of patients at home. Post-pandemic period is also expected to boost demand as patients increasingly prefer receiving care and recovering at home.

Global expansion is witnessed in the home healthcare market with players exploring opportunities across North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is among the high growth regions owing to rising geriatric population, improving healthcare infrastructure and increasing healthcare spending.

Market drivers
One of the major drivers for the home healthcare market is the rapidly aging global population which is more prone to chronic diseases and disabilities. According to the UN, the population aged 60 years and older is projected to double from 12% to 22% between 2015 and 2050. This expanding geriatric population pool drives the demand for home healthcare services and devices.

Market restraints
High cost of technologically advanced home healthcare devices and lack of trained professionals especially in developing nations can restrain the market growth. Reimbursement issues relating to home healthcare services also act as a challenge. Lack of awareness about benefits of home healthcare poses another restraint.

Segment Analysis

The home healthcare market is dominated by the diagnostic and monitoring equipment sub-segment. This sub-segment held nearly 38.5% share of the overall market in 2024 and is expected to continue its dominance over the forecast period. This is attributed to the growing geriatric population and increasing prevalence of chronic diseases. The elderly population is more prone to various illnesses like diabetes, respiratory diseases, cardiovascular diseases etc. thus driving demand for diagnostic and monitoring equipment to regularly check their health parameters at home.

Global Analysis

North America dominated the global home healthcare market with a share of around 38.5% in 2024 owing to rising incidence of chronic diseases and presence of advanced healthcare infrastructure. Rising inclination towards home healthcare services over traditional hospital settings further supplements market growth. Asia Pacific is projected to witness fastest growth during the forecast period attributed to improving access to healthcare facilities across emerging nations like China and India. Additionally, increasing healthcare expenditure and rising medical tourism are favouring regional market expansion.

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