Report ID: 10352449 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Home Healthcare Services Market Scope Report
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~9% |
Global Home Healthcare Services Market Highlights Over 2023 - 2033
The global home healthcare services market is estimated to garner a significant revenue by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a notable revenue in the year 2022. The market growth is primarily driven by need for personal care for elderly people. The growth of geriatric population in the world is to elevate the market growth. According to the World Health Organization, by 2030, every 1 in 6 person worldwide is to reach the age of 60 years or above.
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Government’s efforts in the investment of public health insurance is to propel the growth of global home healthcare services market. In 2019, Norway expenditure on healthcare was around 9% of the its GDP. Moreover, in 2020, the European Commission, spent around USD 1000 billion on public health, that is about 8% of their GDP. Furthermore, rising number of patient of diabetes, heart and kidney disorder, Alzheimer’s, and others is to propel the market growth.
Global Home Healthcare Services Market: Growth Drivers and Challenges
Growth Drivers
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Rising Population of Elderly
Elderly people require extra care for their health, there are many geriatrics who are unable to visit to hospitals or have no one nearby to take them, therefore they are helped by home healthcare services. Therefore, rising population of geriatrics is to create the demand for home healthcare services. According to the United Nations, in 2019, the global population of people aged 65 and above was 703 million, it is expected to rise to 1.5 billion in 2050.
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Patients with Alzheimer and Dementia
Alzheimer and dementia patients find difficult to remember even basic things of life; they need a constant help for carrying out their everyday routines. In 2020, there were over 55 million of dementia patient worldwide and in every 3 second, a new person develops dementia.
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Higher Cases of Lifestyle Diseases
Owing to lethargic and obese lifestyle, people are at high risk of developing lifestyle based diseases such as, diabetes, heart problems, kidney failures, high cholesterol, blood pressure and others. According to the World Health Organization, 422 million people are living with diabetes worldwide. Additionally, cardiovascular diseases are the primary death cause in the world, around 17.9 million people are dying of it every year.
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Investment by Government in Public Health Insurance
Government has been proactive in the healthcare sector, after pandemic, the investment in healthcare services has increased to provide improved medical facilities, medicines, reimbursement to the public. According to The World Bank, in 2019, the global health expenditure was 9.83% of GDP of the world.
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Higher Cost of Hospital Stay using Hospital Bed
With the rising healthcare costs, the patient’s stay at the hospital has also become expensive. In the United States, the average healthcare spending was around USD 4 trillion, out of which nearly 30% was spent on hospital care. Furthermore, in India, the cost of hospitalization in private hospitals is six times higher than government hospitals, the fee for government hospital is around USD 50 and for the cost for private hospital is USD 400 approximately.
Challenges
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Risk of Fraud and Abuse by People of Home Healthcare Services
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Unawareness of Hospital Care at Home Services Among the Population
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Limited Insurance Coverage of Home Healthcare Services
The type of fraud varies, such as, setting up some fake company and robbing the patient’s home, abusive nature of nurses with the patient alone, and the most common type of fraud is unnecessary charges for the services demanded by the providers, the rising vulnerability to fraud and abuse is likely to hamper the market growth.
The home healthcare services market is segmented and analyzed for demand and supply by product into peak flow meters, IV equipment, coagulation monitors, and dialysis equipment. The dialysis equipment segment is to grow at a significant CAGR over the forecast period. Rise in number of people suffering from kidney problems and failures is to propel the growth of the segment. In 2018, there nearly 37 million people and every 1 in 7 person is suffering from kidney disease and every 1 in 3 adults is at high risk in the United States. All over the world, approximately 2 million people are affected by kidney diseases.
Global Home Healthcare Services Market Regional Synopsis
Regionally, the global home healthcare services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The rising population of elderly in the region is to propel the market in North America. According to the U.S. Census Bureau, as of July 2019, there were 54.1 million residents 65 years and older. Increased prevalence of Alzheimer’s disease is to boost the demand for home care services. In 2022, over 5 million America were suffering by Alzheimer’s.
Our in-depth analysis of the global home healthcare services market includes the following segments:
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By Product |
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By Type |
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By Payer |
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Key Companies Dominating the Global Home Healthcare Services Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global home healthcare services market that are included in our report are Amedisys, Inc., LHC Group Inc., Brookdale Senior Living Inc., Trinity Health, AccentCare, Inc., BAYADA Home Health Care, Kindred at Home, Home Instead, Inc., Sompo Care Inc., Extendicare, Inc., and others.
Global Home Healthcare Services Market: Latest Developments
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February, 2022: Extendicare, Inc. announced to have come in agreement with Sienna-Sabra LP for sell its 1,048 retirement living suites in Ontario and Saskatchewan, at the worth of USD 307.2 million.
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June, 2021: Amedisys Inc., announced the strategic acquisition of Contessa Health to add, tech-enabled, higher acuity home hospitals with skilled nursing facilities to Amedy’s home-based hospital services.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by product, type, payer, and by region.
The dialysis equipment segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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Report ID: 10352449 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
