June 13, 2024
Home Healthcare Market

Home Healthcare Market is Estimated to Witness High Growth Owing to Technological Advancements in Remote Patient Monitoring

Home healthcare refers to a wide range of medical equipment and services that can be provided at home for curative or preventive health care. These services include rehabilitation services, respiratory therapy, home infusion therapy, unskilled care services and telehealth. Equipment used in home healthcare includes respiratory equipment, home dialysis machines, infusion pumps, blood pressure monitors, wheelchairs and medical supplies. The growing prevalence of chronic diseases and increase in geriatric population has led to demand for remote patient monitoring devices for effective management of health conditions while allowing patients to stay at home.a

The Global home healthcare market is estimated to be valued at US$ 443.57 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Home Healthcare Market Size are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH.

The growing prevalence of chronic diseases, demand for non-invasive treatment options and rising healthcare costs present significant growth opportunities in the home healthcare market. Technological advancements in remote patient monitoring such as wearable biosensors and AI-enabled smart home healthcare devices are expected to drive demand.

Remote patient monitoring allows continuous monitoring of vital signs such as blood pressure, pulse rate, blood sugar using wireless devices and mobile applications. This helps in early detection of health deteriorations and reduces hospital readmissions thus improving health outcomes.

Market drivers

The demand for home healthcare is expected to rise significantly owing to rapidly growing geriatric population and increasing incidence of chronic diseases worldwide. As per UN estimates, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 962 million in 2017. Chronic diseases require long term care and management which can be more effectively done at home. Another key factor driving the home healthcare market is the preference for receiving treatment at home instead of hospitals or long term care facilities to avoid high costs and stay close to family. This has been further expedited by the COVID-19 pandemic.

Challenges in Home Healthcare Market
The home healthcare market is facing various challenges which include shortage of skilled healthcare professionals, unreliable reimbursement policies, and lack of advanced technologies for remote monitoring. Finding and retaining skilled nurses, therapists and other medical professionals for home care services is becoming increasingly difficult. This creates issues in ensuring quality care at home. Reimbursement policies by public and private payers also vary significantly creating uncertainty for home healthcare providers. Lack of advanced technologies for continuous remote monitoring of patients at home without frequent visits by caregivers also poses challenges. Telehealth adoption is still low in the home care industry.

SWOT Analysis
Strength: Portable and convenient services provided at patients’ homes allow for faster recovery. Home healthcare is more affordable and comfortable for patients compared to facility-based care.
Weakness: Shortage of skilled professionals, unreliable reimbursement policies, lack of advanced remote monitoring technologies. High dependence on public program reimbursements.
Opportunity: Growing geriatric population, increasing preference for in-home care. Rising demand for independent living and non-institutional long term care. Adoption of telehealth and remote patient monitoring solutions.
Threats: Economic slowdowns reducing public program budgets. Stringent regulations around in-home services. Competition from clinics, assisted living facilities and nursing homes.

In terms of value, North America currently dominates the home healthcare market owing to higher healthcare spending and greater preference for convenient in-home services. Asia Pacific region is forecast to be the fastest growing market during the forecast period driven by expanding healthcare infrastructure, rising disposable incomes and increasing focus on independent living among aging populations in countries like China, India and Japan.

The United States accounts for the largest share in the home healthcare market in North America mainly due to higher healthcare costs and availability of Medicaid and Medicare programs that offer coverage for in-home services. The United States market is projected to grow at a CAGR of over 4% during 2024 to 2031.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it