The global home healthcare market is expected to grow at a remarkable CAGR 14.2% over the forecast period 2021 to 2027, according to new study by Precedence Research.
The global home healthcare market is expected to grow at a remarkable CAGR 14.2% over the forecast period 2021 to 2027, according to new study by Precedence Research.
The global home healthcare market size is projected reach over USD 662.67 billion by 2027 from valued at USD 264.87 billion in 2020.
Growth Factors
The global home healthcare market is primarily driven by the surging prevalence of target diseases such as Alzheimer’s, dementia, and orthopedic disorders among the population. Furthermore, the rapidly growing geriatric population across the globe is significantly boosting the demand for the home healthcare. According to the United Nations, the global geriatric population is expected to reach 2 billion by the year 2050. The healthcare costs are rising and the home healthcare is a cost effective alternative to the costly hospital stays. The rising awareness regarding the hospital acquired infections is another major factor that has fueled the adoption of the home healthcare across the globe. The sedentary lifestyle, bad eating habits, rising obesity, physical inactivity, and rising consumption of tobacco are some of the important factors behind the surging prevalence of lifestyle diseases, which is expected to foster the growth of the global home healthcare market.
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Future of Home Healthcare Market
The burgeoning demand for the home healthcare devices is expected to drive the market growth. The proliferation of digital technologies and the rising advancements in the healthcare therapeutic devices is significantly fueling the market growth. Furthermore, with the growing number of internet users across the globe, the demand for the telehealth is growing rapidly. This will further boost the home healthcare market in the upcoming future.
| Region | 2020 (%) |
| North America | 51.16% |
| Europe | 20.01% |
| Asia Pacific | 19.47% |
| Latin America | 4.92% |
| MEA | 4.44% |
Report Highlights:
- By type, the devices were the dominating segment in 2020, which accounted for 83.3% of the market share. This growth is attributed to the increased adoption of various home healthcare devices such as blood glucose monitoring devices, thermometers, and dialysis machines. The growing geriatric population has driven the growth of this segment as the elderly people require continuous monitoring and diagnosis. Therefore, the increased adoption of these devices has significantly fueled the growth of this segment.
- By device, the home mobility assist device has garnered 43.10% market share in 2020. The high demand for the mobility devices such as walkers, wheel-chairs, canes, and crutches owing to the various disorders that prevent the patients from moving on their own. The increasing incidents of trauma, road accidents, musculoskeletal, and orthopedic disorders has fueled the growth of this segment.
- By service, telehealth is estimated to be the fastest-growing segment with a CAGR of 40.06% during the forecast period 2021 to 2027. The increasing adoption of the telehealth owing to the 24/7 availability of the physicians, easy payment options, favorable reimbursement policies, and rising adoption of the smartphones are the major factors that are expected to boost the grow of the telehealth segment in the forthcoming years.
- North America was the leading home healthcare market in 2020 with 40% of market share. The high disposable income, increased healthcare expenditure, easy availability of home healthcare services, increased prevalence of chronic diseases, and high geriatric population are the major growth drivers of the North America home healthcare market. The improved access to the advanced equipment and the increased awareness regarding the hospital acquired infections has fueled the growth of the market.
- Asia Pacific is expected to witness the fastest growth rate. The rapidly growing geriatric population and increasing prevalence of diseases is expected to spur the demand for the home healthcare. According to the World Health Organization, about 80% of the old age population will be living in the low and middle income nations. Furthermore, about 93% of the road accidents occur in the low and middle income countries. The rising cases of road accidents are fueling the growth of the home healthcare market in the region.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic has increased the number of hospital admission across the globe owing to the rapid spread of the COVID-19 infection. This has rapidly spiked the demand for the home healthcare services.
- The fear of getting infected with the COVID-19 has boosted the adoption of the home healthcare. Furthermore, the adoption of the telehealth increased at a rapid rate and this trend is expected to continue over the forecast period.
- The regulatory changes in the reimbursement policies regarding the telehealth services have favored the growth of the telehealth especially in the developed markets like North America and Europe.
Key Developments in the Marketplace:
- In 2021, Invacare launched its AVIVA STORM RX, a rear wheel powered wheel chair and Alber, an e-motion power device for the home mobility assist device.
- In 2021, BAYADA Home Health Care entered into a partnership with VCU Health System to strengthen its position in the home healthcare market.
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