Home Healthcare Market Report: Size, Share and Outlook by 2031

The global home healthcare market is projected to achieve a value of approximately US$ 621,565.89 million by 2028, up from US$ 315,139.27 million in 2020, reflecting a compound annual growth rate (CAGR) of 8.9% during the period from 2020 to 2028.

Several factors contribute to the expansion of this market, including the increasing demand for home healthcare services driven by a growing elderly population, a rise in chronic disease prevalence, and an increase in homecare settings. However, the market faces challenges, particularly due to a shortage of qualified home care workers.

Home healthcare encompasses a broad spectrum of medical services provided in home settings, aimed at treating illnesses and enhancing patient health outcomes. These services are often more convenient and cost-effective, serving as efficient treatment options for chronic conditions, serious illnesses, elderly care, and nutritional therapy.

The growth trajectory of the home healthcare market is significantly influenced by the rising incidence of chronic diseases, an expanding geriatric demographic, and advancements in the medical device sector. According to estimates from the United Nations (UN), the global elderly population is expected to reach 1.8 billion by 2060, representing 17.8% of the total world population. Chronic diseases, including cardiovascular issues, diabetes, autoimmune disorders, various cancers, and neurological conditions, are major contributors to mortality and disability worldwide, adversely affecting patients' quality of life. The World Health Organization (WHO) reports that over 50% of the global population is likely to be affected by at least one chronic disease. In the United States, the Centers for Disease Control and Prevention (CDC) noted that in 2019, 6 in 10 adults had at least one chronic condition.

Cardiovascular diseases (CVDs) remain a leading cause of death globally, largely due to modern lifestyle factors. Diabetes, a critical health issue, can lead to severe complications and increase the risk of premature death. The International Diabetes Federation (IDF) reported that approximately 463 million adults were living with diabetes in 2019, with projections suggesting this number could rise to 700 million by 2045. Countries such as the United States, Japan, South Korea, Canada, the United Kingdom, Spain, and France are witnessing significant growth in their elderly populations. These nations, along with emerging economies like China, India, Saudi Arabia, the UAE, and Brazil, present substantial opportunities for home healthcare providers to introduce innovative medical devices. Furthermore, the increasing adoption of telemedicine and mobile health (mHealth) technologies is propelling the home healthcare market forward.

Product Type Insights

The global home healthcare market is categorized by product type into therapeutic, diagnostic, and mobility assist segments. In 2020, the therapeutic segment commanded the largest market share, while the diagnostic segment is anticipated to experience the fastest growth rate by 2028. Physicians often recommend home health therapy services following surgical procedures, injuries, or illnesses. Home therapy encompasses three primary care types: physical therapy, occupational therapy, and speech therapy, which are expected to drive demand for home healthcare services globally during the forecast period.

Indication Insights

From an indication perspective, the home healthcare market is divided into segments including cancer, respiratory diseases, mobility disorders, cardiovascular disorders, pregnancy, wound care, diabetes, and other conditions. The cancer segment held the largest market share in 2020, while the mobility disorders segment is projected to lead the market by 2028. The high prevalence of cancer worldwide makes home healthcare particularly beneficial for cancer patients, alleviating the burden on family members. Home healthcare professionals visit patients, assess their medical needs, and collaborate with physicians to create tailored care plans.

Service Insights

In terms of services, the home healthcare market is segmented into skilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. The skilled nursing segment was the largest in 2020, but the hospice and palliative care segment is expected to take the lead by 2028. This growth is driven by an increase in job opportunities and services for nurses and caregivers, alongside advancements in medical devices that enhance training for healthcare professionals.

Key sources referenced in the preparation of this report on the global home healthcare market include the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), International Diabetes Federation (IDF), Medicare & Medicaid Services (CMS), and various health organizations and research institutions.