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The home healthcare services market size is forecast to increase by USD 51.53 billion and is estimated to grow at a CAGR of 10.03% between 2023 and 2028. The aging population is a global demographic trend that presents significant opportunities for the market. With an increasing number of elderly individuals preferring to receive care in the comfort of their own homes, the demand for high-quality services is on the rise. This trend is driven by several factors, including the large application areas of these services, such as chronic disease management, post-acute care, and palliative care. Moreover, the improvement in the quality of global services has led to increased patient satisfaction, as patients can receive personalized care and attention in the comfort of their homes. The market is expected to grow at a robust pace in the coming years, offering numerous opportunities for businesses and investors.
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The market is experiencing significant growth due to the increasing prevalence of chronic illnesses and an aging population. This sector is becoming an integral part of healthcare systems as it offers numerous benefits, including patient comfort and convenience. Home healthcare services encompass a range of offerings, including telehealth, virtual medical services, educational services, and remote patient monitoring. Telehealth platforms and smart sensors enable healthcare professionals to monitor patients' health in real-time, providing timely interventions and reducing hospital readmissions. The services segment, which includes skilled nursing care, rehabilitation services, and medical social services, is a significant contributor to the market's growth. Rehabilitation services, such as physical therapy, occupational therapy, and speech therapy, are essential for patients recovering from injuries or illnesses. Personal care support, provided by licensed healthcare providers, ensures patients receive the necessary assistance with daily living activities. Home healthcare agencies play a crucial role in delivering these services, collaborating with health organizations to provide comprehensive care. The market is expected to continue growing as the demand for these services increases, driven by the aging population and the need for cost-effective, convenient healthcare solutions. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising geriatric population is notably driving market growth. The global aging population is experiencing significant growth, with the World Health Organization projecting that the proportion of the world's population aged 60 and above will nearly double from 12% in 2015 to 22% by 2050. This demographic shift is particularly pronounced in Asian countries such as China, India, and Indonesia, as well as North American nations like the US, Canada, and Mexico, where the geriatric population is projected to quadruple by the end of this decade.
Moreover, this trend is driven by the global rise in life expectancy and declining fertility rates. These services have emerged as a crucial solution to cater to the unique needs of the elderly population, particularly those requiring heart rehab, neuro rehab, lung rehab, and care for neurological and mental disorders, including Alzheimer's disease and mobility disorders. Thus, such factors are driving the growth of the market during the forecast period.
Connected healthcare is gaining acceptance among healthcare services is the key trend in the market. These services have witnessed significant advancements with the integration of connected healthcare technologies. These services, which include heart rehab, neuro rehab, lung rehab, elderly care, and patient monitoring, are increasingly becoming patient-centric, enabling continuous care outside hospital facilities.
Moreover, connected healthcare services enable licensed healthcare providers and certified caregivers to monitor patients' medical expenditure, mobility assistance, and therapeutic interventions through patient-monitoring devices and diagnostic tools. Rehabilitation segment services, such as physical therapy, occupational therapy, speech therapy, and medical social services, are crucial in managing neurological and mental disorders, including Alzheimer's disease and mobility disorders. Thus, such trends will shape the growth of the market during the forecast period.
Limited availability of skilled workforce is the major challenge that affects the growth of the market. These services have gained significant importance in the global healthcare landscape, particularly for individuals requiring heart rehab, neuro rehab, lung rehab, elderly care, and patient monitoring. These services offer patient-centric care, allowing individuals to receive skilled and unskilled services at home, including therapeutic services such as physical therapy, occupational therapy, speech therapy, medical social services, and personal care support.
Moreover, reimbursement policies, including Medicare and Medicaid, have facilitated the growth of these services, enabling access to skilled nursing care, licensed healthcare providers, and certified caregivers. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AccentCare Inc: The company offers home healthcare services that includes care management, health alert systems, medical home care, hospice and palliative care, and home health.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The therapeutic services segment is estimated to witness significant growth during the forecast period. Home healthcare services encompass a range of therapeutic and supportive care offered to patients in the comfort of their homes. These services cater to various medical conditions, including heart rehab, neuro rehab, and lung rehab, among others. Elderly care is another significant segment of these services, focusing on mobility assistance and personal care support for the geriatric population.
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The therapeutic services segment was the largest segment and valued at USD 28.79 billion in 2018. Patient monitoring is a crucial aspect of these services, ensuring effective management of medical expenditure and promoting patient-centric care. Reimbursement policies play a vital role in the affordability and accessibility of skilled these services, such as skilled nursing care, physical therapy, occupational therapy, speech therapy, and medical social services. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The home healthcare sector is experiencing significant growth due to the increasing prevalence of chronic illnesses and an aging population. According to health systems, there is a rising demand for home healthcare services, which allow patients to receive medical care and educational services in the comfort of their own homes. Telehealth and virtual medical services are key components of this sector, enabling remote patient monitoring, insurance coverage, and access to specialized therapies. Home healthcare workers provide unskilled care services, mobility care items, rehabilitation therapy services, respiratory therapy services, infusion therapy services, pregnancy care services, and wound care for various conditions such as cancer, respiratory conditions, cardiovascular conditions, hypertension, pregnancy, diabetes, and hearing impairments. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The home healthcare sector is experiencing significant growth due to the increasing prevalence of chronic illnesses and an aging population. According to various health organizations, chronic conditions such as cancer, respiratory conditions, cardiovascular conditions, hypertension, diabetes, hearing impairments, and pregnancy-related issues are driving the demand for home healthcare services. Home healthcare services offer patient comfort and convenience, making them an attractive alternative to traditional hospital care. Telehealth, virtual medical services, and remote patient monitoring are key components of home healthcare, enabling healthcare professionals to provide care and monitor patients from a distance. Insurance coverage is a crucial factor in the growth of the home healthcare market.
Moreover, health systems are recognizing the benefits of home healthcare and are expanding their offerings to include homecare workers, therapeutic products, mobility care items, rehabilitation therapy services, unskilled care services, respiratory therapy services, infusion therapy services, and pregnancy care services. Home healthcare agencies are investing in smart sensors, telehealth platforms, and medical monitoring devices to enhance patient care and improve recovery rates. The market landscape depends on the Virtual and remote care industry, Hospital at home programs, Telemedicine, Remote patient monitoring devices, and Home mobility assist devices segment. Long-term plans for bed-ridden patients and older adults are also being prioritized, with a focus on ortho rehab and patient education services to ensure optimal health outcomes. In summary, the home healthcare sector is witnessing growth due to the increasing burden of chronic illnesses, an aging population, and the convenience and effectiveness of home healthcare services. Telehealth, virtual medical services, and remote patient monitoring are key drivers, and insurance coverage, homecare workers, and therapeutic products are essential components of this growing industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
Market growth 2024-2028 |
USD 51.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.88 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, China, UK, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AccentCare Inc., Addus HomeCare Corp., Advino Healthcare Pvt ltd., Allied Healthcare Products Inc., Amedisys Inc., Apollo Homecare, Bluebird Care network, Brookdale Senior Living Inc., CVS Health Corp., Genesis Healthcare Inc., Grand world Elder Care, Health Vista Private Ltd., Kindred Healthcare LLC, LHC GROUP Inc., Magic Potion Technology Pvt Ltd., Max Healthcare, Philips International BV, ProMedica Health System Inc., Sutter Health, and TriBeCa Care |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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