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Home Healthcare Market

Surge in geriatric population coupled with younger population’s engagement in economic activities to swell the demand for home healthcare: Opportunities ahead

Home Healthcare Market by Specialty (Skilled Nursing Services, Personal Care Assistance, Rehabilitation Therapy Services)

Market Snapshot

The Home Healthcare Market analysis report by Persistence Market Research reveals that global sales in the Home Healthcare Market in 2021 were held at US$ 310.6 Bn. With a CAGR of 16.3% during 2022 - 2032, the market is projected to reach a valuation of US$ 1 Tn by 2032. Rehabilitation Therapy Services is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 11.3% during 2022 – 2032.

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Global Home Healthcare Market (2022)

US$ 344.4 Bn

Global Home Healthcare Market (2032)

US$ 1 Tn

Global Home Healthcare Market CAGE (2022 – 2032)

11.5%

U.S. Home Healthcare Market CAGR (2022 – 2032)

11.6%

Key Companies Profiled

  • Pediatric Home Healthcare
  • Interim Healthcare Inc.
  • ParaMed
  • Aveanna Healthcare
  • MGA Homecare
  • CVS Health
  • Kindred Healthcare Inc.
  • Brookdale Senior Living, Inc.
  • Fresenius Medical Care.
  • Baxter International, Inc.
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Revenue of Home Healthcare Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Home Healthcare Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of Home Healthcare increased at a CAGR of around 10.3%.

Rehabilitation Therapy Services are rapidly affecting the home healthcare industry. The market is increasing as people become more aware of the availability of specialized care treatment services at home. Growing privacy concerns, the need for personal care, and an increase in the promotion of good health, sickness prevention, treatment, and palliative care from professional caretakers are driving the rise of the demand for the home healthcare sector.

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Which Factors are Propelling Home Healthcare Demand?

The fast rise in the senior population throughout the world is a major element driving the demand for home healthcare. Along with this, the rising incidence of chronic diseases such as Alzheimer's, dementia, and orthopedic disorders are further driving the demand for the Home Healthcare industry. Also, rapid growth for value-based healthcare is likely to propel the market's expansion throughout the forecast period.

Furthermore, rising demand for more healthcare services, as well as healthcare personnel and agencies, is expected to boost market expansion. The Home Healthcare industry is expected to expand considerably as demand for home health and personal healthcare assistants rises in both developed and developing nations.

The government's entire or partial in-home service coverage contributes to market growth. Moreover, the government's provision of complete or partial in-home service coverage in several countries helps the market growth. The desire for better clinical outcomes at a cheap cost is expected to drive the growth of the Home Healthcare industry.

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Which Region is projected to Offer the Largest Opportunity for Home Healthcare Market?

In 2021, North America held the largest share of the global market. The market in the country is projected to expand because of the country's aging population, and rising chronic illnesses such as Alzheimer's, dementia, and orthopedic disorders. Besides, technical improvements for multiple home use applications increased awareness, and sufficient insurance coverage is further propelling the market forward.

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Country-wise Analysis

U.S. Home Healthcare Market Analysis

The United States is expected to account for the market of US$ 354 Bn by the end of 2032. The US led the long-term care business because of a growing aging population, rising levels of disposable income, government assistance, and the implementation of a simplified regulatory framework.

U.K. Home Healthcare Market Analysis

The market in the U.K. is projected to reach a valuation of US$ 50 Bn by 2032. Growing at a CAGR of 13.6%, the market in the country is expected to gross an absolute dollar opportunity of US$ 36 Bn during 2022 – 2032.

Japan Home Healthcare Market Analysis

In Japan, the market is expected to reach a valuation of US$ 35.7 Bn by 2032. With a CAGR of 10.4%, the market in the country is expected to garner an absolute dollar opportunity of US$ 22.6 Mn during the forecast period.

South Korea Home Healthcare Market Analysis

The market in South Korea is expected to cross US$ 35 Mn by 2032, at a CAGR of 10.4% during 2022 – 2032. The market in the country is expected to gross an absolute dollar opportunity of US$ 22.6 Bn during the forecast period.

Category-wise Insights

Why are Rehabilitation Therapy Services projected to Witness Fastest Growth in Home Healthcare Market by Speciality?

The rehabilitation Therapy Services segment is forecasted to grow at the highest CAGR of over 15% during 2022-2032.

The rehabilitation treatment services category will have the largest revenue proportion of the market in the forecasted period. The category is likely to grow dramatically during the next several years. There is an increase in the promotion of good health, sickness prevention, treatment, and palliative care, which will increase the demand for rehabilitation therapy services. Furthermore, the chance of premature newborns being diagnosed with chronic and musculoskeletal deficits is projected to rise in the coming years which will lead to an increase in the demand for this type of service.

Which Component of Home Healthcare is expected to Score Highest Growth in the Coming Years?

Rehabilitation Therapy Services commanded the largest revenue and are projected to grow at a CAGR of nearly 12%, during the forecast period. Rehabilitation, including the promotion of good health, illness prevention, treatment, and palliative care, is an integral component of universal health coverage. An approximated 2.4 billion individuals worldwide are now suffering from a health problem that may benefit from rehabilitation services. The global need for rehabilitation therapy is expected to rise due to changes in population health and demographics.

The rising number of patients suffering from chronic disorders, the growing prevalence of the geriatric population, rising disposable income, a significant increase in the number of people with disabilities, and the rising incidence of disabilities are some of the major and critical factors that will likely augment the growth of rehabilitation therapy services in the projected timeframe.

Furthermore, premature newborns have a variety of problems and they require rehabilitation treatment to enhance their motor abilities. According to World Health Organization (WHO), it is estimated that around 15 million infants are delivered prematurely worldwide every year. During the projection period, demand for rehabilitation therapy services is predicted to increase due to the high likelihood of preterm infants having neurological and musculoskeletal deficiencies.

What is the impact of Covid-19 on the Home Healthcare Market?

The coronavirus epidemic has had a massive effect on the home healthcare sector. With social separation becoming the new norm and medical visits becoming not only harmful but also costly, telemedicine solutions have emerged as a viable alternative. As a result, there is a larger need for home healthcare services. The associated cost-benefits, as well as technology improvements in various countries, boosted the market's expansion.

At-home hospital services, medical diagnostic gadgets, and telehealth solutions were among the categories that had significant growth during this time period. Other home healthcare segments, including health diagnostic gadgets, medical supplies, and rehabilitation therapy services, would be severely impacted by the crisis. While the pandemic is driving this market's rapid expansion, it is also facing several challenges. The absence of insurance coverage, as well as its unorganized and fragmented nature, stands as a major impediment for home healthcare professionals.

Competitive Analysis

Major market players are mainly focusing on mergers and takeovers to explore the potential in this field. Some of the key players in the home healthcare market include Pediatric Home Healthcare, Interim Healthcare Inc., ParaMed, Aveanna Healthcare, MGA Homecare, CVS Health, Kindred Healthcare Inc., Brookdale Senior Living, Inc., Fresenius Medical Care, and Baxter International, Inc.

Some of the recent developments of key Home Healthcare service providers are as follows:

  • In December 2021, Interim HealthCare Inc., the United States’ largest franchise network of residential care, elderly care, home health, hospice, and healthcare staffing services, announced the acquisition of Interim HealthCare of Sacramento Hospice in California.
  • In December 2021, Aveanna Healthcare Inc announced that it has effectively completed the takeover of Comfort Care, a renowned elderly home health and hospice firm, for US$ 345 million. Comfort Care is scheduled to be fully integrated into Aveanna by the end of 2022.
  • In September 2021, Baxter International Inc. took over Hillrom for US$ 156 per share in cash or a total equity value of roughly US$ 10.5 billion. The purchase brings together the portfolios of two Medtech giants, enhancing the potential for improvements in linked care to improve clinical insights, improve patient outcomes, and boost operational efficiency.

Similarly, recent developments related to companies in the Home Healthcare market have been tracked by the team at Persistence Market Research, which is available in the full report.

Market Segments Covered in Home Healthcare Market Analysis

By Speciality

  • Skilled Nursing Services
  • Personal Care Assistance
  • Rehabilitation Therapy Services

By Indication

  • Cardiovascular Disorders & Hypertension
  • Diabetes
  • Respiratory Diseases
  • Pregnancy
  • Mobility Disorders
  • Cancer
  • Wound Care
  • Other Indications

By Region

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

- Companies Covered in This Report -

  • Pediatric Home Healthcare
  • Interim Healthcare Inc.
  • ParaMed
  • Aveanna Healthcare
  • MGA Homecare
  • CVS Health
  • Kindred Healthcare Inc.
  • Brookdale Senior Living, Inc.
  • Fresenius Medical Care.
  • Baxter International, Inc.

- Frequently Asked Questions -

At present, the market is valued at around US$ 310.6 billion.

The value of the Home Healthcare Market is projected to increase at a CAGR of around 11.5% during 2022 – 2032.

The value of the Home Healthcare Market increased at a CAGR of around 10.3% during 2017 – 2021.

Due to an increase in the prevalence of chronic disorders the diagnostic segment is expected to generate the most significant revenue over the forecast period. In recent years, different technical innovations have introduced many self-monitoring tools. Therefore, there was a significant demand for diagnostic equipment, which boosted market revenue throughout the projection period.

The Home Healthcare Market in China is projected to expand at a CAGR of around 17% during 2022 – 2032.

While the market in South Korea is expected to grow at nearly 18%, the market in Japan is projected to register a CAGR of nearly 17.3% during 2022 - 2032.

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