Global Home Healthcare Market Report and Forecast 2024-2032

Global Home Healthcare Market Size

The global home healthcare market attained a value of USD 307 billion in 2023. The market is anticipated to grow at a CAGR of 8.26% during the forecast period of 2024-2032 to attain a value of USD 627.2 billion by 2032. The market growth is driven by the increasing incidence of chronic diseases across the globe.

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Global Home Healthcare Industry Outlook

• The rising geriatric population is contributing to increased adoption of home healthcare services and products to enhance patient outcomes.

• The increasing investments to support medical device companies are amongst major market trends. For instance, Aesyra (a company that develops oral appliance technologies to improve sleep) raised USD 3 million in 2023, to support the development of its AesyBite line of products.

• The market growth is augmented by increasing research activities and escalating government support.

Global Home Healthcare Market Analysis

Home healthcare involves providing healthcare services to vulnerable individuals so that they can be treated in the comfort of their homes. It includes various services provided by skilled and unskilled healthcare professionals such as elder care services, and pregnancy care services, among others. Home healthcare may be short-term or long-term depending upon the needs of the patient and can involve the use of specialised tools and equipment.

The global homecare market requires a variety of equipment, depending upon the specific needs of the patient and the type of care. While certain products are used for monitoring purposes, others are used for treatment, and for the prevention of complications. Long-term usage equipment for the treatment of chronic conditions occupies a significant share of the market, with types of equipment comprising insulin delivery devices, inhalers, nebulisers, and sleep apnea therapeutic devices.

The newer technologies in this market have improved the communication flow between patients and healthcare providers, enabling better, faster, and more effective care. The increase in the prevalence of chronic conditions, growing awareness of lifestyle diseases, and the rise in elderly suffering from long-term health diseases will therefore increase the demand for home healthcare, proving favourable for market growth.

Global Home Healthcare Market Growth Drivers

Increasing Incidence of Research and Development Activities

Asthma is a major noncommunicable disease (NCD), affecting both children and adults, and is the most common chronic disease among children affecting more than 262 million people and causing 455,000 deaths. The increasing prevalence is calling for innovations and a sufficient supply-demand chain so that a maximum number of patients can avail of asthma therapeutics. To fill this crucial gap of unmet needs, researchers are trying to develop more effective and innovative inhalers for asthma patients. This initiative from the FDA and the practice by researchers is expected to propel the home healthcare industry growth. For instance, the US Food and Drug Administration (FDA) awarded a group of Australian researchers USD 687,000 to develop improved testing methods for dry powder inhalers. This project is expected to enable more effective development of inhalers, specifically generic inhaler devices. These developments are being performed to increase access to affordable inhalers for asthma patients in the United States and across the globe.

Investment Activities Expected to Propel Development in the Market

The homecare market is experiencing a significant trend toward developing monitoring equipment and technologies to diagnose and keep track of patient’s health activities with certain medical conditions. Medical disorders such as sleep apnea are among those that require continuous monitoring through specific monitoring devices. Huge amount of fundings are required to perform these developments that support the research and development procedure, further contributing to market growth. For instance, in December 2023, Aesyra, a medical device company developing oral appliance technologies to improve sleep, raised USD 3 million in seed financing to support the development and commercialization of the AesyBite line of products for accurate monitoring and treatment of sleep bruxism and sleep apnea.

Strategic Collaborations to Aid Market Growth During the Forecast Period

The home healthcare industry size is poised to grow significantly during the forecast period driven by strategic collaborations and partnerships between market key players. Such strategic moves by the companies are a major factor expected to bring innovation in the market development and propel the global home healthcare market growth.

Global Home Healthcare Market Trends

The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:

Increasing Geriatric Population

The rising geriatric population worldwide and the increasing prevalence of chronic diseases influence the market. The increasing requirement for chronic disease management programs for the older population is triggering the market.

Technological Advancements to Offer Improved Solutions

The home healthcare industry is witnessing rapid technological advancements contributing to market growth. The integration and adoption of telehealth and increasing usage of wearables and remote monitoring devices are further contributing to market growth.

Preference for Cost Effective Devices

The market is witnessing increased adoption of home healthcare as compared to hospital care, home healthcare is much more cost-effective hence, responsible for increased adoption by both patients and healthcare professionals.

Recent Developments in the Market

One of the common devices used regularly in home healthcare settings is a pulse oximeter, a device that oxygen saturation levels without using needles or fetching a blood sample. Innovation in such technologies is anticipated to boost the market demand during the forecast period. For instance, in November 2023, GE HealthCare and Masimo announced a joint agreement to join Masimo Signal Extraction Technology® (SET®) pulse oximetry into GE HealthCare’s Portrait Mobile wireless and wearable patient monitoring solution. Portrait Mobile is an Internet of Medical Things (IoMT) platform, that provides an end-to-end experience for wearable continuous monitoring by using the latest cloud-native technology. By integrating Masimo SET®, clinicians will be able to leverage Masimo’s clinically proven Measure-through Motion and Low Perfusion™ oxygen saturation (SpO2) measurement technology to noninvasively detect and continuously monitor changes in patient status.

In December 2023, Medtronic, a leading healthcare technology company, announced that it was expanding its partnership with Cosmo Intelligent Medical Devices (a subsidiary of Cosmo Pharmaceuticals). This partnership was intended to strengthen Medtronic's position in the field of AI-integrated healthcare solutions and mark significant advancements by incorporating artificial intelligence into endoscopic care. The collaboration focused on innovative and scalable AI platforms like AI Access™, which is designed to host multiple third-party AI applications, allowing for faster innovation and streamlining of the AI development process across medical AI applications. This approach to healthcare represents a new and innovative way of thinking and will enable a broader spectrum of diagnostic tools and treatment options which may further come down to the home healthcare diagnostics.

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Global Home Healthcare Industry Segmentation

Market Breakup by Product

• Therapeutic Products
  • Dialysis Equipment
  • Wound Care Products
  • IV Equipment
  • Sleep Apnea Therapeutic Devices
  • Insulin Delivery Devices
  • Oxygen Delivery Systems
  • Inhalers
  • Ventilators
  • Others

• Diagnostic and Monitoring Products
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • Temperature Monitoring Device
  • Ovulation & Pregnancy Test Kits
  • Pulse Oximeters
  • Drug and Alcohol Test Kits
  • Home Sleep Testing Devices
  • Cholesterol Testing Products
  • ECG Devices
  • Home Hemoglobin A1C Test Kits
  • Others

• Mobility Care Products
  • Wheelchair
  • Mobility Scooters
  • Walkers and Rollators
  • Crutches
  • Others

• Services
  • Skilled Nursing Services
  • Rehabilitation Therapy Services
  • Hospice and Palliative Care Services
  • Unskilled Care Services
  • Respiratory Therapy Services
  • Infusion Therapy Services
  • Pregnancy Care Services
  • Others

Market Breakup by Application

• Cancer

• Respiratory Disease

• Movement Disorders

• CVD & Hypertension

• Pregnancy

• Wound Care

• Diabetes

• Hearing Disorders

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Home Healthcare Market Share

Market Segmentation by Product Type is Expected to Experience Substantial Growth

The market segmentation by product is broadly divided into therapeutic products, diagnostic and monitoring products, mobility care devices and services among others. Therapeutic products such as dialysis equipment, wound care products, IV equipment, sleep apnea therapeutic devices, insulin delivery devices, inhalers, and others are used to treat chronic conditions in patients. The therapeutic product segment holds a significant home healthcare market share. Diagnostic and monitoring products are further segmented into blood glucose monitors, hearing aids, blood pressure monitors, temperature monitoring devices, ovulation and pregnancy test kits, pulse oximeters, drug and alcohol test kits, home sleep testing devices, cholesterol testing products, and home hemoglobin A1C test kits.

Skilled nursing services, rehabilitation therapy services, hospice and palliative care services, unskilled care services, respiratory therapy services, infusion therapy services, pregnancy care services are amongst services included in the home healthcare market. Lastly, the market segmentation by product involves mobility care products such as wheelchairs, mobility scooters, walkers and rollators, crutches, and others. Products such as wheelchairs and mobility scooters play a crucial role for patients with limited to no movements in the body as they enable the patient to move from one place to another with less effort.

Cancer Holds a Significant Share of the Application Segment

Based on the home healthcare market report, the market segment by application includes cancer, respiratory disease, movement disorders, CVD & hypertension, pregnancy, wound care, diabetes, and hearing disorders, among others. Cancer accounts for a considerable market share due to the rising geriatric population and increasing prevalence of cancer. In 2022, approximately 20 million new cancer cases emerged according to the World Health Organization. Nearly 1 in 5 people suffer from cancer at least once in a lifetime. Lung cancer was the most common cancer globally with 2.5 million new cases. Other diseases such as diabetes, hypertension and cardiovascular diseases are expected to account for a substantial market share. This can be attributed to increasing prevalence of the condition due to sedentary lifestyle, and unhealthy dietary habits.

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Global Home Healthcare Market Analysis by Region

The market report offers an insight into various demographical regions, including North America, Europe, Asia-Pacific, Latin America as well as Middle East and Africa. The regional development and penetration of the home healthcare market depend heavily upon market maturity, awareness of the public, support from healthcare providers, and level of expense. North America heavily invests in the home healthcare sector and is a major leading region in the market for home healthcare. The large geriatric population, high volume of chronic diseases, and expensive hospital stays encourage spending on home healthcare. Due to the increased chronic conditions, regular monitoring of health is advised by healthcare professionals. Hence, the U.S. home healthcare market size is expected to expand in the forecast period.

Europe closely follows with countries like Germany, France, and the United Kingdom leading due to robust healthcare infrastructure and supportive government policies. The home healthcare market in Europe is poised to expand due to the increasing innovation and integration of advanced technologies in the home healthcare domain. For instance, in April 2024, Health Tech Solutions Group (HTS), a legendary healthcare provider decided to expand and improve access to healthcare services in the United Kingdom. HTS provides healthcare solutions including mobile health services. HTS’s further plans involve raising GBP 3 million in investment to expand to more locations in the UK and Ireland by 2025 .

In the Middle East, the home healthcare market UAE is emerging due to the heightened awareness about the benefits of home healthcare. With strategic investments in healthcare infrastructure, coupled with government initiatives to promote advanced healthcare services, the region is positioned as a key player in the region. The regional market growth can be attributed to the increasing adoption of telemedicine and remote monitoring solutions. With a surge in financial support from investors, the market is expected to experience an upward trajectory.

Global Home Healthcare Market Competitive Landscape

The key features of the market report include patent analysis, and strategic initiatives by the leading key players. The major companies in the market are as follows:

Fresenius Medical Care

It was founded in 1996 and is headquartered in Bad Homburg, Germany. It specialises in products and services for people with chronic kidney failure. The company's portfolio includes dialysis machines, dialysers, and related disposable products, as well as comprehensive dialysis care services through a global network of clinics. In February 2024, the company announced the U.S. Food and Drug Administration (FDA) 510(k) clearance for the 5008X Hemodialysis System, augmenting the improved home healthcare services market.

Medtronic Plc

Medtronic Plc, founded in 1949, is headquartered in Dublin, Ireland. It is a global leader in medical technology, offering a broad range of products. Key portfolio items include cardiac devices, insulin pumps, spinal and neurosurgery products, and advanced surgical tools, aimed at treating chronic diseases and improving patient outcomes. In August 2022, Medtronic strategically partnered with BioIntelliSense, a continuous health monitoring and clinical intelligence company. This partnership aims to set a new level of surveillance and workflow efficiencies in hospitals and remote hospital settings including home healthcare.

3M Company

3M Company is a division of 3M which was established in 1902 and is headquartered in St. Paul, Minnesota. The company offers innovative medical solutions across various categories. The main products include wound care, infection prevention, dental products, and health information systems, supporting healthcare providers in delivering quality patient care.

Other key players in the market include Becton, Dickinson and Company, Abbott, B Braun Melsungen AG, Arkray, Inc., F Hoffmann La Roche AG, ConvaTech Group PLC, GE Healthcare, Koninklijke Philips N.V., and RedMed, Inc.

Key Highlights of the Report

Key Questions Answered in the Global Home Healthcare Market Report

• What is the current size of the home healthcare market? 
• What was the global home healthcare market value in 2023?
• What factors are driving the growth of the home healthcare market? 
• How is the home healthcare market segmented? 
• Which segment holds the largest market share? 
• What are the latest trends in the home healthcare market? 
• How is technology impacting the home healthcare market? 
• What are the major challenges facing the home healthcare market? 
• How are regulatory changes affecting the market? 
• Who are the leading players in the home healthcare market? 
• What are the key strategies adopted by market leaders? 
• Which regions are experiencing the fastest growth in the home healthcare market? 
• How does the home healthcare market vary across different regions? 
• What is the future outlook for the home healthcare market? 
• What opportunities exist for new entrants in the market?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on the type of home healthcare?
• What is the market breakup based on application?
• What are the major factors aiding the global home healthcare market demand? 
• How does the prevalence and incidence of noncommunicable disease (NCD) affect the market landscape?
• Which type of home healthcare will dominate the market share? 
• Which application is expected to have a high market value in the coming years?
• Who are the key players involved in the home healthcare market?
• What is the patent landscape of the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?

Home Healthcare Market Report Snapshots

Home Healthcare Market Size

Home Healthcare Market Analysis

Home Healthcare Market Growth

Home Healthcare Market Trends

Home Healthcare Market Share

Home Healthcare Market Regional Analysis

Home Healthcare Companies