Home Healthcare Market Size is Projected to Reach USD 273 Billion by 2027 at 11.6% CAGR, says Market Research Future (MRFR)

Home Health Care Market Overview

The home healthcare market will expand at a rate of 11.6% between 2020 and 2027 (review period), according to Market Research Future (MRFR). Market Research Future adds that the global market size should reach $273.9 billion by 2027, as mentioned in the research report.

Growth drivers and inhibitors

The worldwide pool of elderly coupled with the increasing cases of target disorders including Alzheimer’s disease and dementia ensures the market grows unabated in the coming years. The rise in orthopedic diseases is also driving market demand. The home healthcare market will also be favored due to the high costs of treatment, which are a major concern among health organizations and governments. As a result, the focus is on lowering healthcare costs, with home healthcare emerging as a cost-effective and more viable alternative to longer hospital stays.

The total number of smartphone owners has crossed five billion by 2019 and continues to rise at a rapid pace. More than four billion individuals worldwide, at any one time, use the Internet and are increasingly recognizing the benefits that digital healthcare has to offer. Doctors and other healthcare professionals are gradually embracing virtual reality tools to either enhance their medical skills or develop plans for a complex surgery.

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Another significant trend in the home healthcare market is the growing popularity of wearable technology. Given the increasing adoption of wearable devices in light of the increasing health awareness among people, companies are proactively developing advanced devices that provide up-to-date tracking of high-risk people to identify the possibility of any major disease or health problem.

Home health care market segmentation

The home healthcare industry has been extensively reviewed in the MRFR Review Report, with product, service, and software listed as the key segments in order to better understand the growth prospects.

The products covered in the report are inspection, monitoring, treatment and testing devices.

Types of software included in the research report include telehealth solutions, hospice care solutions, clinical management systems, as well as agency programs.

The types of services are unskilled care services, skilled nursing services, rehabilitative therapy services, respiratory therapy services, pregnancy care services, and infusion therapy services.

Regional overview of the home health care market

The North American home healthcare market will maintain its lead throughout the given period, mainly due to large-scale healthcare spending combined with the increasing adoption of information technology. The US market is set to do well in the following years, thanks to significant healthcare spending and the growing need to cut back. The burgeoning elderly population and its high susceptibility to chronic disorders increases the demand for home health care devices.

Europe could be the second strongest competitor in the global home healthcare market, due to the mounting pressure to reduce huge healthcare costs coupled with frequent technological advances in home healthcare devices. The players’ efforts to enhance their portfolio of solutions and services are also having a positive impact on the regional market.

The Asia Pacific region could achieve the fastest compound annual growth rate in the coming years, with the rapid development of healthcare infrastructure coupled with the growing number of home healthcare product manufacturers in China and India. Increased funds for research and development activities, increased reforms aimed at improving healthcare infrastructure and financial assistance provided by the government can ensure bright prospects for the home healthcare industry in the region.

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home health care market companies

Apple (US), F. Hoffmann-La Roche AG (Switzerland), A&D Company (Japan), Fresenius SE & Co KGaA (Germany), Koninklijke Philips NV (Netherlands), 3M (US), McKesson Company (US ), B. Braun Melsungen AG (Germany), Abbott (US), Omron Corporation (Japan), GE Healthcare (US), LG Electronics (South Korea), Becton Dickinson Corporation (US), Kinnser Software (US) ), Medtronic PLC (US) are some of the best home health care markets identified in the MRFR review study.

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