Home Healthcare Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s home healthcare market report forecasts the home healthcare market size to grow to $479.99 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.
Learn More On The Home Healthcare Market Report 2023 – https://www.thebusinessresearchcompany.com/report/home-healthcare-global-market-report
Home Healthcare Market Size Forecast
The global home healthcare market is expected to grow from $308 billion in 2022 to $337.18 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The home healthcare market size is expected to grow to $479.99 billion in 2027 at a CAGR of 9.2%.
North America held the largest home healthcare market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Home Healthcare Market Driver – Increase In The Aging Population
According to the United Nations Organizations, a US-based intergovernmental organisation, there were 727 million people over the age of 65 in 2020, which will increase to 1.5 billion people by 2050. As a result, the growing ageing population is propelling the home healthcare market forward.
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Key Home Healthcare Market Trend – Technological Advancement
Companies in the home healthcare market are implementing new technologies to strengthen their market position. For example, American Homecare Health Services (AHHS), a home health provider based in the United States, will launch a telehealth and remote patient monitoring programme in August 2020. The programme is being launched in collaboration with health recovery solutions. The new service would be used to identify COVID-19 patients based on their symptoms and vital signs.
Home Healthcare Market Segment
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 & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Cancer, Wound Care, Other Indications
Home Healthcare Market Major Players and Strategies
Major players in the home healthcare market are Fresenius SE & Co. KGaA, F. Hoffmann-La Roche AG, Resmed Inc., American Well, Apple Inc., CVS Health, Humana Inc., LHC Group Inc., Kindred Healthcare, Honor Home Care, Zorgers, Grand World Elder Care, and MediCar.
Addus Homecare, a US-based provider of home healthcare services, acquired Armada hospice for $29 million in November 2021. This acquisition assists Addus Homecare in developing new markets for various levels of home care services. Armada Hospice is a hospital and health care provider based in the United States.
The Home Healthcare Global Market Report 2023 covers regional data on home healthcare market size, home healthcare market trends and drivers, opportunities, strategies, and home healthcare market competitor analysis. The countries covered in the home healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Home healthcare is a collection of activities performed to keep home healthcare equipment operational. Home healthcare is defined as supportive care provided in the patient’s home by any professional carer. It is a low-cost method of providing high-quality care to patients in their own homes. Home healthcare assists people in improving their health by providing initial treatment and avoiding hospitalisation.
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