The global home healthcare market was valued at USD 195.9 billion in 2021 and it is anticipated to grow further up to USD 441.8 billion by 2031, at a CAGR of 8.5% during the forecast period.
Home healthcare refers to a range of medical treatments that can be offered to people to treat a disease or injury in the convenience of their own home. There are countless options available to patients who want to get home health care. Depending on the situation of each patient, care might range from nursing to specialized medical treatments, such as laboratory workups. The doctor will decide on the course of treatment and any home treatments the patient might need. Depending on the patient’s health, the length of home healthcare might range from brief to long.
Market trends and drivers
There were 703 million individuals 65 and older in the world in 2019, and the UN Department of Economic and Social Affairs predicts that number will increase to 1.5 billion by the year 2050. In addition, it is anticipated that by 2050, there will be three times as many persons 80 and older than there are today-143 million in 2019.
The aging population is more susceptible to chronic diseases; therefore, the growth of this demographic segment will raise the demand for healthcare and significantly add to the strain on governments and health systems. The home healthcare market will benefit from this. Healthcare provided at home cuts down on needless hospital admissions, readmissions, and the time and money spent commuting to see medical specialists.
Major players of the global home healthcare market
The key players studied in the global home healthcare market are Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Linde plc (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), BAYADA Home Health Care (US), Invacare Corporation (US), Abbott (US), Amedisys (US), ResMed (US), LHC Group, Inc. (US), OMRON Corporation (Japan), and Koninklijke Philips N.V. (Netherlands) among others. Global Insight Services