Authored By: Sarah
24 Jun 2024

 Home Healthcare Market Size to grow by USD 395.7 million between 2024-2028

According to a research report “ Home Healthcare Market” by Type (Products, Services, Solutions) Application (Medical treatment, Preventive healthcare) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 395.7 million, at a CAGR of over 14% during the forecast period. In the home healthcare market, vendors prioritize patient satisfaction to drive adoption. This is achieved by addressing patients' physical, psychological, and healthcare needs, involving skilled professionals, and offering high-quality products and solutions at competitive prices. Key factors influencing patient satisfaction include privacy and dignity, preference consideration, needs assessment, patient safety, preventive measures, medication management, wound care, health record maintenance, risk assessment, complaint management, and effective feedback systems. Vendors meticulously evaluate their offerings against these parameters to ensure superior patient satisfaction.

Browse market data tables, figures, and in-depth TOC on “Home Healthcare Market” by Type (Products, Services, Solutions) Application (Medical treatment, Preventive healthcare) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Type, the Products segment is projected to dominate the market size in 2024

The home healthcare market experiences significant growth due to the prevalence of common health conditions, including circulatory system diseases, nutritional diseases, metabolic diseases, musculoskeletal diseases, and connective tissue diseases. Approximately 55%-60% of home healthcare patients are afflicted by these diseases. Among them, musculoskeletal diseases, such as osteoporosis and rheumatoid arthritis, represent the largest segment, accounting for approximately 15%. Home healthcare solutions, including physiotherapy services utilizing CPM units and magnetic/non-magnetic belts, effectively address the needs of these patients.

By Application, Medical treatment  segment is expected to hold the largest market size for the year 2024

In the home healthcare market, products dominate revenue generation, driven by their extensive usage and accessibility. Key product categories include patient monitoring devices, point-of-care (POC) solutions, assistive devices, and preventive healthcare items. These products empower patients by enabling self-management, reducing reliance on healthcare professionals. Examples of commonly used home healthcare products are thermometers, blood pressure monitors, pulse oximeters, and heart rate monitors. Patients can procure these devices from online platforms or retail outlets for independent health monitoring.

North America is forecasted to hold the largest market size by region in 2024

In the home healthcare sector, businesses are prioritizing patient-centric care and cost-effective solutions. The market is experiencing significant growth due to an aging population, increasing chronic conditions, and advancements in technology. Telehealth and remote monitoring are key trends, enabling healthcare providers to deliver services efficiently while maintaining quality care. Businesses must adapt to these shifts to remain competitive and meet evolving consumer demands.

The Home Healthcare Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • A and D Holon Holdings Co Ltd.
  • Abbott Laboratories
  • Apollo Hospitals Enterprise Ltd
  • ARKRAY Inc.
  • B.Braun SE
  • Baxter International Inc.
  • Becton Dickinson and Co.
  • Cardinal Health Inc.
  • Exergen Corp.
  • F. Hoffmann La Roche Ltd.
  • Fresenius SE and Co. KGaA
  • Home Medical Products Inc.
  • Invacare Corp.
  • Johnson and Johnson Services Inc.
  • Medline Industries LP
  • OMRON Corp.
  • Pulsenmore Ltd.
  • ResMed Inc.
  • Rotech Healthcare Inc.
  • Stryker Corp.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

In the rapidly evolving home healthcare market, wearable technology plays a significant role in delivering high-quality care services for patients with chronic conditions, neurological disorders, and complications from life-threatening diseases. Assistive technology, including mobile apps and wearable sensors, facilitates early detection, preventing infections, and monitoring chronic pain. Home healthcare professionals utilize these tools to ensure patient safety, improve service availability, and enhance patient satisfaction. The home healthcare market caters to elderly care services, addressing risk factors and healthcare costs associated with chronic conditions and lifestyle diseases. Insurance coverage for these services is crucial, and service delivery models continue to evolve, focusing on patient monitoring and reimbursements. Home healthcare providers aim to prevent complications and reduce healthcare costs by implementing advanced technologies and evidence-based treatments. Patients benefit from the convenience, comfort, and personalized care offered through home healthcare services. By focusing on healthcare quality and patient satisfaction, the home healthcare market continues to grow and adapt to the unique needs of its clientele.

Market Research Overview

In the current healthcare landscape, the home healthcare market is experiencing a significant surge due to various factors. These include the increasing prevalence of chronic conditions such as diabetes, hypertension, and mobility issues among the geriatric population. The rise in awareness and demand for personalized care solutions, especially during the endemic COVID-19 pandemic, have led to the adoption of telemedicine, remote patient monitoring, and online platforms for accessing healthcare services. Home healthcare professionals, including caregivers and nursing staff, play a crucial role in delivering service availability for acute care needs, long-term care services, hospice care, and rehabilitation services. Insurance coverage and reimbursements are essential considerations for patients, and fraud prevention is a critical aspect of ensuring healthcare quality. The home healthcare market encompasses a diverse range of services and equipment, from vital signs monitoring using thermometers and pulse oximeters to mobility assistance equipment like canes, wheelchairs, and walkers. Wearable sensors and mobile apps are increasingly being used for preventive care and early detection of life-threatening diseases such as neurodegenerative diseases and atrial fibrillation. ISO 9000 certified healthcare organizations provide cost-effective alternatives to traditional hospital care, offering skilled services for complex medical specialty needs, such as orthopedic surgery and neurodegenerative disease treatments. The healthcare equipment industry is innovating with wearable technology and assistive technology to improve patient safety, prevent infections, and enhance patient satisfaction. In the post-pandemic period, home healthcare is expected to continue its growth trajectory, with rising demand for chronic disorder management, elderly care services, and companionship services. Multinational companies like Optum, Genesis HealthCare, Fresenius Medical Care, Medtronic, and Moog Inc., among others, are leading the way in this evolving market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio
Document