by The Home Healthcare Market is estimated to be valued at US$ 384584.69 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The home healthcare market consists of services and equipment utilized for diagnostic, therapeutic and assistance purposes in home care settings. Home healthcare services help patients receive medical care in a more comfortable environment and enable early discharges from hospitals. They include nursing care, rehabilitation services, hospice and palliative care among others. The equipment involved are wheelchairs, walkers, hospital beds, oxygen delivery systems and others that help improving quality of life.
Market key trends:
Growing geriatric population, advancements in telehealth and remote patient monitoring technologies and cost effectiveness of home healthcare over hospital stays are major factors fueling the home healthcare market growth. According to UN data, the population aged 65 years and above is projected to reach 1.5 billion globally by 2050. Moreover, the COVID-19 pandemic has accelerated the adoption of telehealth services as hospitals shifted focus on urgent cases and home emerged as a safe setting for receiving care. Various players are offering remote patient monitoring devices integrated with AI and IoT that help monitoring health parameters 24/7 without physical contact. This is expected to revolutionize home healthcare delivery model over the forecast period.
Porter’s Analysis
Threat of new entrants: The home healthcare market requires high capital investment and stringent government regulations which pose significant entry barriers for new players.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of resources and information asymmetry. However, large insurance companies can negotiate prices with home healthcare providers.
Bargaining power of suppliers: Major suppliers like medical devices and equipment manufacturers have moderate bargaining power due to established brand names and necessity of their products.
Threat of new substitutes: There are limited substitutes for home-based healthcare services. Hospitalization is not always a viable alternative due to high costs and risks of infections.
Competitive rivalry: The home healthcare market is highly fragmented with the presence of numerous local and international players. Intense competition prevails in terms of service quality, innovation, and pricing.
SWOT Analysis
Strength: Established brands, diverse service portfolio, wide geographic reach.
Weakness: High dependence on skilled labor, vulnerability to regulatory changes.
Opportunity: Rapid population aging, shift towards value-based care, growing demand for independent living.
Threats: Economic downturns, reimbursement issues, data security concerns.
Key Takeaways
The Global Home Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing preference for cost-effective care and rising geriatric population. North America currently dominates the global market due to favourable reimbursement policies and advanced healthcare infrastructure in the US and Canada.
Regional analysis: Asia Pacific is slated to be the fastest growing region in the home healthcare market owing to rapidly expanding medical tourism sector and improving access to services in major economies like China, India and Japan. Governments across Asia Pacific are initiating programs to shift the burden of healthcare from hospitals to homes, bolstering market growth.
Key players operating in the home healthcare market include 3M, Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson Services, Inc., The Linde Group, Medtronic, Inc., Omron Healthcare, Inc., AdaptHealth, Current Health, Baxter International Inc., Optum, Outset Medical, and Regeneron Pharmaceuticals, Inc. Major players are focusing on new product development and acquisitions to expand their product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
