Home Healthcare Market size is set to grow by USD 312.33 million from 2023-2027, Quality of home healthcare increasing patient satisfaction boost the market, Technavio

NEW YORK, May 27, 2024 /PRNewswire/ -- The global home healthcare market  size is estimated to grow by USD 312.33 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 12.64%  during the forecast period. 

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Market Driver

The home healthcare market encompasses various solutions and services catering to individuals with chronic disorders, such as stroke, heart disease, diabetes, and respiratory conditions. This sector includes essential tools like pulse oximeters, temperature monitors, and home dialysis machines, as well as mobility aids like walkers, crutches, and wheelchairs. Rehabilitation services, post-op recovery, and wound care are also integral parts of this market.

With an aging population and rising demand for cost-effective alternatives to traditional healthcare services, telemedicine and remote patient monitoring have gained prominence. Health organizations prioritize patient comfort and outcomes, integrating advanced technologies and nursing staff to address chronic illnesses and mobility issues. Insurance companies play a crucial role in facilitating access to these services. 

Market Challenges

• The home healthcare market is projected to grow at a CAGR of 9.37% during the forecast period, yet there's a significant supply-demand imbalance due to insufficient trained home healthcare professionals (HCPs) and inadequate facilities. By 2030, the global HCP workforce is projected to reach 80 million, encompassing doctors, nurses, and other caregivers. Factors contributing to the shortage include an increasing patient pool, lack of medical colleges, aging HCPs, and a scarcity of skilled mid-level and community health workers.
• With a basic threshold of 35 skilled HCPs per 7,000 people, chronic illnesses, an aging population, and mobility issues necessitate innovative solutions such as telemedicine, remote patient monitoring, and skilled services for geriatric patients. Key areas of focus include respiratory conditions, hypertension, diabetes, wound care, neurological mental disorders, and mobility disorders. The post-pandemic period is expected to bring about long-term plans for patient monitoring and care, with a rising demand for cost-effective alternatives and personal care services.

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Segment Overview 

1. Type 
• 1.1 Products
• 1.2 Services
• 1.3 Solutions
2. Application 
• 2.1 Medical treatment
• 2.2 Preventive healthcare
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Products-  The home healthcare market is segmented by type, with a significant portion of revenue generated from the sales of various products. Factors driving this trend include disposable incomes, the prevalence of chronic and lifestyle diseases, and the increasing number of geriatric patients with chronic disorders. Multinational companies dominate the market, offering a wide range of products such as nursing equipment, laboratory workups, and treatment plan facilitators.

Personal care items, companionship services, senior care, and injury or disability-related products also contribute to the market's growth. Products like pulse oximeters, temperature monitors, and blood pressure monitors enable patients to monitor their health at home, reducing dependency on healthcare professionals.

Additionally, advanced technologies like artificial intelligence and telehealth are transforming home healthcare, with offerings such as home dialysis machines, mobility aids, and rehabilitation services becoming increasingly popular. Healthcare costs and insurance companies play a crucial role in the market, with nursing staff and chronic condition management being key areas of focus.

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Research Analysis

The Home Healthcare Market is experiencing a significant surge due to the rising prevalence of chronic illnesses in the aging population. Telehealth and remote patient monitoring have become cost-effective alternatives for health organizations to provide personalized care for patients with respiratory conditions, mobility issues, hypertension, and wound care.

The demand for home healthcare services is on the rise as patients seek comfort and convenience in their own homes for injury recovery, disability management, and senior care. Laboratory workups and treatment plans can be easily accessed and monitored through telemedicine, ensuring optimal patient outcomes. Home healthcare agencies are at the forefront of this trend, offering a wide range of services from personal care to remote monitoring, making a positive impact on the lives of millions.

Market Research Overview

The Home Healthcare Market encompasses a range of products and services that enable individuals to receive medical care and support in the comfort of their own homes. This sector caters to diverse populations, including the elderly, chronically ill, and disabled. Home healthcare services include nursing care, therapy services, medical equipment supply, and personal care.

The market is driven by factors such as an aging population, increasing prevalence of chronic diseases, and a growing preference for home-based care. Technological advancements have also played a significant role in the growth of this market, with telehealth and remote monitoring solutions enabling more efficient and effective care delivery. The home healthcare industry is expected to continue expanding, offering numerous opportunities for stakeholders in this space.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Products
• Services
• Solutions
• Application
• Medical Treatment
• Preventive Healthcare
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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