Home healthcare market size to grow by USD 312.33M from 2022-27

The home healthcare market size is expected to grow by USD 312.33 million during 2022-2027, progressing at a CAGR of 12.64% as per the latest Technavio market research report. North America is estimated to account for 44% of the market’s overall growth. The growth of the regional market can be attributed to the growth of the aging population, rising adoption of long-term healthcare services, and increasing awareness about healthcare. Furthermore, owing to favorable reimbursements provided by Medicare and Medicaid, patient engagement has improved in North America. Hence, such factors drive the growth of the regional market during the forecast period.

Quality of home healthcare and increasing patient satisfaction drive the growth of the home healthcare market. Caregivers and HCPs address the patient’s physical, psychological, and healthcare requirements to improve the satisfaction of patients.

Furthermore, market vendors also apply quality controls and analyze their product offerings on a number of parameters such as privacy and dignity during service, consideration of patient preference during the selection of service, assessment of patient and caregiver needs before finalizing service, design, and plan of service delivery based on patient needs, etc. Hence, such factors drive the growth of the home healthcare market during the forecast period.

Home healthcare market: Increased incidences of life-threatening diseases
Increased incidences of life-threatening diseases are an emerging home healthcare market trend. Major lifestyle diseases include stroke, heart attack, obesity, diabetes, hypertension, and liver cirrhosis. Furthermore, in 2020, chronic diseases such as stroke, heart disease, diabetes, and chronic respiratory diseases were the major causes of death.

Additionally, in order to address the high demand for healthcare facilities, manufacturers and suppliers introduce advanced products and expand market penetration through efficient distribution networks. Hence, such trends fuel the growth of the home healthcare market during the forecast period.

Some of the key home healthcare market players:
The home healthcare market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

A and D Holon Holdings Co Ltd., Abbott Laboratories, Apollo Hospitals Enterprise Ltd., ARKRAY Inc., B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Cardinal Health Inc., Exergen Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, Home Medical Products Inc., Invacare Corp., Johnson and Johnson Services Inc., Medline Industries LP, OMRON Corp., Pulsenmore Ltd., ResMed Inc., Rotech Healthcare Inc., and Stryker Corp. Technavio