HOME HEALTHCARE MARKET ANALYSIS

Home Healthcare Market Size and Trends

Global home healthcare market is estimated to be valued at USD 401.10 Bn in 2024 and is expected to reach USD 702.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.

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The market is expected to witness positive growth over the forecast period due to  increasing preference for home healthcare services owing to benefits such as comfort of home environment, lesser costs involved, and growing geriatric population globally. Moreover, technological advancements pertaining to home care devices and rising incidence of chronic illnesses have boosted diagnostic and point-of-care testing at home. However, data privacy and security concerns can hamper the market growth.

Growing preference for home healthcare & technological advancements in the home healthcare

 Global home healthcare market is witnessing significant growth due to growing preference for home healthcare services among patients and their families. Receiving medical care at home allows patients to recover in the comfort of their home surroundings alongside family support. It avoids the hassles and risks of hospital visits while being more cost-effective. As patients seek alternatives to long hospital stays, home healthcare has emerged as a convenient and affordable option. Technological advancements also boosts adoption of home healthcare services. Various digital health solutions have enabled remote patient monitoring, disease management and administration of complex treatments at home. This has improved health outcomes and quality of life for chronic disease patients. For example, devices connected to the internet allow caregivers to keep track of vital signs like blood pressure, glucose levels, and others from remote locations and ensure timely diagnosis of health deteriorations. Video consultations have also reduced the need for in-person visits. Wearable biosensors embedded with artificial intelligence are aiding non-invasive home care by catching early signs of diseases. For instance, in March 2022, Biofourmis was chosen by Blessing Health System in Quincy, U.S. to collaborate as technology solutions partner for its latest initiative, thus, providing acute hospital care directly to patients at home. In December 2022, Tomorrow Health, a health tech firm, introduced a clinical rules engine that is designed to automate the ordering process for durable medical equipment as part of home healthcare services.

Rising Healthcare Costs

Rising healthcare costs can boost demand for home-based medical services. Treatment and long-term care in hospitals or nursing homes is substantially more expensive as compared to similar services provided at home. Seeking alternatives has become imperative to reduce financial burden on households while continuing requisite treatment. Embracing home healthcare allows cutting down on room charges, expensive facility infrastructure maintenance, and multiple middlemen. It also eliminates costs associated with patient travel and hospital stay like meals and additional medical examinations. Multiple services involved in home treatment like diagnostic tests, nursing, physiotherapy and equipment rentals can be conveniently combined under single roof. This integrated approach streamlines costs and administration as compared to piecemeal availing from different outlets. Significant savings on hospitals have motivated governments and insurance agencies across the world to cover and promote home healthcare packages. With growing preference and expanded coverage, home services have emerged as a cost-effective means of delivering comprehensive long-term and rehabilitative care.