Home Healthcare Market to grow further up to USD 441.8 billion by 2031, at a CAGR of 8.5% during the forecast period

New York, 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.

Global Home Healthcare Market report from Global Insight Services is the single authoritative source of intelligence on Home Healthcare Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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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.

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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.

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Global Home Healthcare Market Segmental Overview
The report analyses the global home healthcare market based on product, services, end user, and region.

Global Home Healthcare Market by Product

Based on the product, the home healthcare market is segmented into testing, screening & monitoring products, therapeutic products, and mobility care products. The testing, screening & monitoring products segment is anticipated to dominate the market during the forecast period. The aging population, increasing rates of target diseases like dementia and Alzheimer's, and orthopedic diseases are all predicted to drive market expansion. Governments and health groups are working to reduce healthcare costs because they are concerned about the rising cost of treatment.

Global Home Healthcare Market by Services

Based on the products, it is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. In 2021, skilled nursing services held the biggest market share for home healthcare services. Living at home with skilled medical care can be more comforting than being in a hospital, nursing home, or assisted living facility. During the projected period, the growth of this market is anticipated to be supported by favorable insurance coverage for skilled nursing services.

Global Home Healthcare Market by Indication

Based on the indication, it is segmented into cardiovascular disorders & hypertension, diabetes, respiratory diseases, pregnancy, mobility disorders, hearing disorders, cancer, wound care, and others. The diabetes segment is expected to witness the highest CAGR during the forecast period. The high rate of growth in this market segment is related to the rise in diabetic patients. Home blood sugar testing assists in managing blood sugar medication, food, and exercise regimens as well as the development of a comprehensive diabetes treatment plan.

Geographical Analysis of the Global Home Healthcare Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America was the largest regional market for home healthcare in 2021. The significant market share of North America is ascribed to the region's superior healthcare infrastructure, high healthcare spending, high disposable income, rising prevalence of chronic illnesses, and high healthcare spending.

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.

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