Market Size of Global Home Healthcare Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 309.07 Billion |
| Market Size (2029) | USD 500.39 Billion |
| CAGR (2024 - 2029) | 8.46 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Home Healthcare Market Analysis
The Global Home Healthcare Market size is estimated at USD 309.07 billion in 2024, and is expected to reach USD 500.39 billion by 2029, growing at a CAGR of 8.46% during the forecast period (2024-2029).
The major drivers for the home healthcare market include rising disposable income, increasing surgical procedures, and rapid technological advancements in home healthcare. For instance, according to the OCED data release in 2023, The United States spends USD12,555 per capita on health, more than the OECD average of USD 4,986 (USD PPP). This is equal to 16.6% of GDP, compared to 9.2% on average in the OECD. The same source also stated that the private business share of health spending accounted for 16.7% of total healthcare spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%. Thus, such an increasing disposable income is expected to propel the demand for home healthcare, which may surge the market growth.
The increasing number of surgical procedures across the globe is also expected to create demand for home healthcare services. For instance, according to an article published in the Journal of Orthopaedic Science, in June 2022, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030. Patients undergoing surgery require rigorous post-surgical care and constant health monitoring; thus, most people opt for home healthcare services. Thus, increasing cases of surgeries is expected to propel the market growth.
Furthermore, technological advances in the home healthcare space and increasing home healthcare services are also expected to boost market growth. In March 2022, Biofourmis announced that it had been selected by Blessing Health System in Quincy, Illinois, as a technology solutions partner for its newest program that delivers acute hospital care in patient's homes. Similarly, in December 2022, Tomorrow Health, a health tech company, launched a clinical rules engine that automates orders of durable medical equipment as a part of homecare. Thus, owing to such factors, the market is expected to grow considerably over the forecast period.
However, a lack of awareness among developing and underdeveloped countries will likely restrain market growth over the forecast period.
Home Healthcare Industry Segmentation
As per the report's scope, home health care (HHC) is intended to deliver various health services and equipment to patients at home. The HHC services are helpful when an individual requires a prolonged stay in healthcare facilities. These HHC services include various equipment, therapies, diagnosis, and software to help physicians plan efficient treatment procedures in home-care settings.
The home healthcare market is segmented by product and services, and geography. By product and services, the market is segmented as equipment, software, and services. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
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Global Home Healthcare Market Size Summary
The home healthcare market is poised for significant growth, driven by factors such as increasing disposable income, a rise in surgical procedures, and rapid technological advancements. The demand for home healthcare services is expected to surge as more individuals opt for post-surgical care and health monitoring at home. Technological innovations, such as those by Biofourmis and Tomorrow Health, are enhancing the delivery of acute care and automating homecare processes, respectively. These advancements, coupled with the growing preference for home-based care, are anticipated to propel the market forward. However, the lack of awareness in developing regions may pose challenges to market expansion.
The diagnostic segment is projected to generate substantial revenue, fueled by the prevalence of chronic disorders requiring continuous monitoring. The introduction of self-monitoring products and the increasing incidence of infectious diseases are expected to drive this segment's growth. Strategic activities by market players, including product launches and partnerships, are further contributing to market dynamics. In North America, factors such as the high adoption of advanced technology, rising healthcare spending, and an increase in chronic diseases are key drivers of market growth. The competitive landscape is characterized by major players like Amwell, ResMed Inc., and Apple Inc., who are actively engaging in mergers, acquisitions, and collaborations to strengthen their market positions.
Global Home Healthcare Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Disposable Income and Increasing Cases of Surgical Procedures
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1.2.2 Rapid Technological Advancements in Home Healthcare
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1.3 Market Restraints
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1.3.1 Lack of Awareness among the Developing and Underdeveloped Countries
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product and Services
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2.1.1 Equipment
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2.1.1.1 Therapeutic
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2.1.1.2 Diagnostic
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2.1.1.3 Mobility Care
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2.1.2 Software
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2.1.3 Services
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2.1.3.1 Rehabilitation Services
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2.1.3.2 Respiratory Therapy Services
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2.1.3.3 Infusion Therapy Services
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2.1.3.4 Other Services
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United states
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle-East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle-East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Global Home Healthcare Market Size FAQs
How big is the Global Home Healthcare Market?
The Global Home Healthcare Market size is expected to reach USD 309.07 billion in 2024 and grow at a CAGR of 8.46% to reach USD 500.39 billion by 2029.
What is the current Global Home Healthcare Market size?
In 2024, the Global Home Healthcare Market size is expected to reach USD 309.07 billion.
