Home Healthcare Market Analysis

Home Healthcare Market Analysis

By component, the home healthcare market is classified into product and services. The services segment accounted for 78.3% of the business share in 2022 and is projected to witness robust growth over the analysis timeframe. As the demand for home-based healthcare services continues to rise, there is a growing necessity for a wide range of specialized services to cater to diverse patient needs. Home healthcare providers are expanding their service offerings to include a comprehensive range of medical, therapeutic, and support services. These may include skilled nursing care, physical therapy, occupational therapy, speech therapy, wound care, medication management, palliative care, and chronic disease management, among others. By offering an extensive portfolio of services, home healthcare providers can effectively address the complex healthcare requirement of patients, providing holistic and personalized care at homes.
 

Based on indication, the home healthcare market is segmented into cardiovascular disorder, hypertension, diabetes, respiratory disease, cancer, maternal disorders, trauma, renal disorders, neurovascular disorders, mobility disorders, and other indications. The diabetes segment is expected to register around USD 131 billion by 2032. With the escalating prevalence of diabetes globally, there is an increasing demand for specialized home-based healthcare diabetes care devices tailored to effectively manage this chronic condition.
 

For instance, as per International Diabetes Federation report, in 2021, approximately 537 million adults (20-79 years) were living with diabetes. Hence, home healthcare providers are diversifying their range of services and products to offer comprehensive solutions for diabetes management. These solutions include remote glucose monitoring, administering insulin with insulin delivery devices, managing medications, providing nutritional guidance, and offering lifestyle counselling. Therefore, with the help of these solutions’ healthcare providers can remotely monitor blood sugar levels, offer real-time guidance, and provide personalized support to individuals with diabetes, thereby boosting the market size.
 

North America home healthcare market accounted for 48% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Some of the main factors driving this market include the sizeable ageing population coupled with advanced healthcare system and relatively high disposable incomes. Also, the rising prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, will further drive the need for specialized care in the comfort of patients home.
 

For instance, according to the American Heart Association report, cardiovascular disease (CVD) remain as the leading cause of death in the U.S., accounted for 928,741 deaths in the year 2020. Thus, increasing use of home healthcare products and services in the treatment of chronic diseases will escalate the market growth. Moreover, advancements in technology have gained significant traction in North America enabling healthcare professionals to deliver high-quality care remotely.