Growth Opportunities and Trends in the Home Health Care And Residential Nursing Care Services Market: Key Insights for 2025-2034
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How Will the CAGR of the Home Health Care And Residential Nursing Care Services Market Influence Its Overall Growth by 2034?
The size of the home healthcare market has significantly expanded in the past few years. Its valuation is set to rise from $385.96 billion in 2024 to $422.62 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.5%. Factors such as an aging population, the increase in chronic diseases, affordable alternative options, a preference for in-home care by patients, initiatives by the government, and a well-trained healthcare labor force have all contributed to this growth during the historical period.
Expectations for rapid expansion in the home healthcare market size are high for the coming years. The market is projected to balloon to $646.13 billion by 2029, boasting a compound annual growth rate (CAGR) of 11.2%. This anticipated growth in the forecast period is largely due to worldwide health events, the surge in telehealth, models of homebound patient care, value-anchored care, and custom-tailored medicine. Key trends set to reign over the forecast period encompass technological advancements, the broadening of remote monitoring, harmonization of IoT and wearable devices, emphasis on chronic disease supervision, the growing home health tech environment, and alliances and partnerships within the healthcare continuum.
What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the Market?
The escalating number of elderly people is playing a substantial role in propelling the advancement of the home healthcare market. The rise in aged individuals will elevate the demand for healthcare, as the elderly are more susceptible to chronic illnesses. This makes home healthcare an appealing option, expanding the overall accessibility of various home healthcare services and reducing unnecessary travel time, hospital admittance, and other factors. For instance, the United States-based intergovernmental organization, the United Nations, recorded 761 million people globally aged 65 years or older in 2021, forecasting that this number will escalate to 1.6 billion by 2050, as indicated in January 2023. Hence, the substantial surge in the senior citizen population is a crucial aspect contributing to the growth of the home healthcare market.
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Who Are the Leading Companies Pioneering Change in the Home Health Care And Residential Nursing Care Services Market?
Major companies operating in the home healthcare market include:
• CVS Health Corporation_x000D_
• McKesson Corporation_x000D_
• MediCar Home Health Services Inc._x000D_
• Humana Inc._x000D_
• Fresenius SE & Co. KGaA_x000D_
What Are the Most Significant Trends Transforming the Home Health Care And Residential Nursing Care Services Market Today?
Leading firms in the home healthcare services market are developing innovative products such as remote care systems, which aim to boost their profitability. Remote care systems in home healthcare are technologically advanced platforms that permit healthcare providers to offer medical services, monitor patients, and engage in distant communication. For example, CommScope Holding Company Inc., a network infrastructure provider based in the U.S, launched the HomeSight System in October 2022. This system, a connected care platform, uses the television as a medium, enabling real-time remote care services like patient monitoring, video consultations, and social interaction. The HomeSight system, which is user-friendly and comes with easily installable devices, is designed to improve remote care, minimize isolation, and promote independent living. It finds suitability in primary healthcare, residential care, and other varied settings.
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Which Key Segments of the Home Health Care And Residential Nursing Care Services Market Are Poised for Growth and Innovation?
The home healthcare market covered in this report is segmented –
1) By Equipment: Therapeutic, Diagnostic, Mobility Care
2) By Services: Rehabilitation Services, Respiratory Therapy Services, Infusion Therapy Services, Other Services
3) By Indication: Cardiovascular Disorders And Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Cancer, Wound Care, Other Indications
Subsegments:
1) By Therapeutic: Oxygen Therapy Equipment (Concentrators, Tanks), Infusion Pumps, Nebulizers, CPAP Machines, Home Dialysis Machines
2) By Diagnostic: Blood Glucose Monitors, Blood Pressure Monitors, Thermometers, Pulse Oximeters, Home Cholesterol Test Kits
3) By Mobility Care: Wheelchairs (Manual And Electric), Walkers And Rollators, Crutches, Mobility Scooters, Lift Chairs
Which Regions Are Leading the Charge in Home Health Care And Residential Nursing Care Services Market Development?
North America was the largest region in the home healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Scope and Reach of the Home Health Care And Residential Nursing Care Services Market Defined?
Home healthcare refers to a set of activities conducted to keep the home healthcare equipment in working condition. Home healthcare is supportive care provided by any professional caregiver in their respective homes where the patient is staying. It is a cost-effective way to deliver quality care at patients’ homes. Home healthcare is used to assist individuals in improving their health function by providing initial treatment and avoiding hospitalization.
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