Home Healthcare Market to Value USD 786.85 Billion by 2032 | Precedence Research

OTTAWA, ON, Nov. 23, 2023 /PRNewswire/ -- The global home healthcare market size surpassed USD 302 billion in 2022 and is estimated to value around USD 786.85 billion by 2032, growing at a healthy CAGR of 10.1% during the forecast period 2023 to 2032.

The U.S. home healthcare market size was valued at USD 143.19 billion in 2022 and is projected to reach around USD 278.83 billion by 2032, expanding at a CAGR of 6.89% from 2023 to 2032.

Home healthcare is a wide range of medical and non-medical services offered to patients in their homes. These services are short-term or long term offered by skilled professionals, including registered nurses, licensed practical nurses, occupational therapists, social workers, and home health aides.

The recent advances in smart home solutions such as voice-activated home devices, IoT-connected devices, and movement-tracking gadgets have significantly impacted patient well-being. Smart voice-activated home devices enable hands-free control and communication, vital for people with limited mobility. For instance, a sensor-based AI platform developed by the US-based startup Cherish uses radar-based sensors and AI to monitor in-home safety, well-being, and health. Cherish addresses privacy concerns and encourages proactive care management by identifying risks and emergencies without the need for wearable gadgets. This benefits patients by increasing engagement and independence and providing caregivers and healthcare providers with timely insights and interventions.

The Global Home Healthcare Market Report is Readily Available | Download the Sample Pages@ https://www.precedenceresearch.com/sample/1190

Similarly, Opus Novo, an Austrian startup, contributes to this development with the Elly multifunctional lamp. Elly detects movement, activates lighting, and alerts professionals when a person with dementia approaches the front door by integrating sensors and cameras. This improves safety and simplifies caregiving, saving time and reducing caregiver anxiety.

The Home healthcare market is segmented based on type, device, services, and region. Factors such as the aging population, rising prevalence of chronic diseases, the increasing cost of inpatient care, patient preference, the rise of the digital health era, growing demand for value-based care, and increasing focus on patient engagement drive the home healthcare market. However, factors such as lack of insurance coverage, regulatory issues, limited reimbursement, patient reluctance, and shortage of qualified caregivers are limiting the growth of the market. Furthermore, telehealth & remote patient monitoring, VR & AR in rehabilitation, AI & Robotics, Caregiver recruitment & retention, and preventative care & wellness programs are expected to offer ample opportunities in the home healthcare market.

Types of Home Healthcare Services:

• Personal care & companionship services usually include non-medical care apart from routine medical care such as senior care, assistive care, home health aide services. In such cases, the patient may or may not be suffering from any severe ailment(s).
• Private duty nursing care is usually long-term nursing services for patients suffering from an injury, disability, or chronic illness.
• Apart from these, home healthcare services can be short-term with a designated physician assigned to help a patient recover from an injury or illness.

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1190

Home Healthcare Market Share (%), By Region, 2021, 2022, 2023 and 2024

North America dominated the global home healthcare market in 2022 due to high patient awareness regarding the benefits of home care. Due to the growing aging population, government support, and the installation of a streamlined regulatory framework, North America dominated the long-term care industry in 2020. Medicaid accounts for over 60% of long-term care spending in the United States. One in every five Americans is anticipated to be at least 65 years old by 2050. With the adoption of the Patient Protection and Affordable Care Act, funding is expected to increase. The US accounted for the largest share of the North American market in 2022. The home healthcare business is one of the fastest-growing in the United States, and it is responsible for billions of dollars in savings by relocating treatment from traditional institutional settings to the patient's home. For home health and hospice providers, the aging population provides significant tailwinds for patient volume and continuing growth.

The Asia Pacific region is expected to grow faster during the forecast period due to the aging population, which is expected to reach 1.3 billion by 2050, rising incidence of chronic disease, and increasing demand for home healthcare services in rural areas. Moreover, government initiatives promote home care, and reducing reliance on expensive hospital care is expected to provide opportunities in the market. Technological advances, such as telemedicine and remote monitoring, make providing home healthcare services in the region more accessible. These technologies allow healthcare providers to monitor patients in real-time and provide care remotely, improving patient outcomes and reducing the need for hospitalizations. Additionally, rising hospitalization costs, a rising elderly population, and a need for personalized medical attention have fueled a rapid increase in India's home healthcare services sector.

Personalized your customization here: https://www.precedenceresearch.com/customization/1190

Home Healthcare Market Share (%), By Device, 2022

The diagnostic and monitoring devices segment is expected to grow faster during the forecast period. Healthcare providers and insurers are shifting to at-home devices and monitoring tools to care for patients and use fast-evolving telehealth technology. Healthcare providers are increasing their remote monitoring options to patients spurred by the lower costs for care and more payment flexibility from the U.S. Centers for Medicare and Medicaid Services. Furthermore, Medtech startups are also interested in shifting care away from hospitals in favor of increased at-home care and monitoring, with 70% of diagnostic startups in accelerator MedTech Innovator's 2021 database offering products that allow patients and physicians to get real-time results, according to a study.

Moreover, integrating telehealth services with diagnostic devices improves remote healthcare capabilities. Patients can have virtual consultations with healthcare professionals, sharing data collected by these devices for more accurate assessments. Government support and increased insurance coverage for such devices drive the adoption of diagnostic and monitoring tools.

You can place an order or ask any questions, please feel free to contact at [email protected] | +1 650 460 3308

Home Healthcare Market Revenue, By Services, 2021, 2022,2023 and 2024 (USD Billion)

The unskilled Homecare segment is expected to grow faster during the forecast period. Personal care assistance for activities such as bathing and dressing, companionship to combat isolation and develop emotional well-being, and meal preparation to ensure proper nutrition are all part of this essential field. Caregivers in this segment help with light housekeeping, medication reminders, and transportation to and from medical appointments and tasks. The growing importance of unskilled homecare is particularly visible in an aging population seeking to age in place, emphasizing the importance of independence. The adaptability of unskilled homecare services allows for the development of personalized care plans adapted to each client's specific needs and preferences, contributing to a holistic and compassionate approach to home-based care.

Browse More Research Studies:

• Smart Healthcare Products Market: The global market size is expected to be worth around USD 427.43 billion by 2032 from USD 142 billion in 2022 with a CAGR of 11.7% over the forecast period 2023 to 2032.
• Digital Health Market: The global market size was valued at USD 262.63 billion in 2022 and it is anticipated to surpass around USD 939.54 billion by 2032 with a CAGR of 13.1% from 2023 to 2032. 
• eHealth Market: The global market size was valued at US$ 128.99 billion in 2022 and is expected to hit US$ 707.23 billion by 2032, poised to grow at a CAGR of 18.6% from 2023 to 2032.
• mHealth Market: The global market was valued at USD 80.61 billion in 2022 and is expected to reach over USD 269.31 billion by 2032 with a registered CAGR of 12.3% from 2023 to 2032.
• Healthcare IT Market: The global market was estimated at USD 200 billion in 2022 and is expected to hit around USD 1069.13 billion by 2032, poised to grow at a CAGR of 18.30% from 2023 to 2032.
• Telehealth Market: The global market size was accounted for USD 102.7 billion in 2022 and it is expected to increase at USD 893.7 billion by 2032 and poised to grow at a CAGR of 24.13% from 2023 to 2032.
• mHealth Apps Market: The global mHealth Apps market size was estimated at USD 40.2 billion in 2021 and it is predicted to reach USD 340.5 billion by 2030 and is anticipated to expand at a CAGR of 26.79% from 2022 to 2030.
• Electronic Health Records Market: The global electronic health records market was estimated at USD 25 billion in 2022 and is expected to hit around USD 39.38 billion by 2032, poised to grow at a CAGR of 4.70% from 2023 to 2032.
•  Telemedicine Market: The global market size was valued at USD 60.8 billion in 2022 and it is expected to reach USD 225 billion by 2030, growing with a compound annual growth rate (CAGR) of 17.16% during the forecast period 2022 to 2030.

Market Dynamics

Drivers: Assistive Robotics

Increasing adoption of healthcare assistive robots, such as nursing robots, robotic companions, and sanitation robots, which provide companionship and assistance to patients and the elderly, is driving the growth of the home healthcare market. These robots can assist with tasks like medication reminders, mobility support, and infection control and provide social, cognitive, and physical stimulation to patients living alone and at risk of falling into frailty. For instance, US-based startup NaviGAIT is developing an AI-powered robot platform to improve patient recovery experiences. The platform uses autonomous robotics and personal data models to provide evidence-based insights, creating guided rehabilitation plans based on psycho-social readiness scores. This helps hospitals and patients manage care more effectively, reduce readmissions, and increase recovery success. Moreover, using a robotic habilitation system, Tohoku Medical Systems, a startup based in Japan, is leading the way in stroke rehabilitation. It replaces manual rehabilitation with mirror-effect palm stimulation, which minimizes the strain on medical staff and enhances stroke patients' recovery results.

AI-powered Personalized Care

The growing demand for personalized AI solutions in home care, driven by the burden of routine tasks on support workers, has resulted in the incorporation of innovative technologies. AI health assistants and chatbots provide real-time assistance and accessibility, while predictive analytics and NLP models detect early health deterioration and extract valuable insights. Sensor Guided Living, an Australian startup, uses AI-powered computer vision to automate at-home movement therapy, accelerating recovery and lowering healthcare costs. Moreover, A US-based startup Perry, is transforming the hiring of caregivers with an AI-driven platform that makes use of social media data, optimizes schedules, and uses gamified rewards to increase loyalty and avoid off burnout. These AI solutions lower healthcare costs and increase caregiver retention in addition to increasing operational efficiency.

Restraint: Patient Preference

It is critical to consider patient preferences regarding receiving care at home compared to conventional in-person healthcare settings as the acceptance and popularity of home-based care grows. When the preferred treatment sites for acute illnesses were evaluated among older adults, it was found that 54% of the participants preferred hospital treatment over at-home care. For several reasons, patients often prefer healthcare facilities other than their homes. Some people determine that getting care at home is an ongoing indicator of their illness, which is an unwanted invasion of their privacy. Adverse prior interactions with caregivers or providers of elder abuse and neglect influence patient's opinions of home-based care. Some patients find the social aspect of receiving care outside the home, where they are able to communicate with others, to be appealing. Furthermore, living situations trigger embarrassment, which may influence one's preferences.

Opportunity: Technology Advancements

The recent development of Remote Patient Monitoring (RPM) technologies are transforming the home care industry, providing ample opportunities to the home healthcare market. RPM plays a crucial role in overcoming challenges such as limited access to care geographical barriers and reducing hospital readmissions. The most recent advancements in RPM, such as smart sensors, telehealth platforms, and medical device monitoring systems, improve home care by promoting patient participation, allowing for the early identification of health problems, supporting individualized care plans, and permitting quick responses.

For instance, Empo Health, a US startup developed an automated foot inspection system for patients with diabetic foot ulcers (DFUs) that can be used at home. DFUs, with severe complications, necessitate daily monitoring, which Empo Health meets by incorporating high-resolution foot imaging and body weight capture into a bathroom scale. Rapid image analysis is enabled by cloud processing and computer vision, with the digital health platform sending alerts to podiatrists for quick response, remote triage, and non-invasive interventions. This new strategy promotes efficient data exchange with healthcare providers, improving patient outcomes and resource utilization.

Recent Developments:

• In June 2022, Memorial Hermann Health System announced partnership with the nation's leading high-acuity home care provider Contessa, an Amedisys company, to deliver home-based medical, rehabilitation and palliative care to its patients.
• In May 2022, LHC Group, Inc. announced that it has finalized a joint venture (JV) partnership for in-home healthcare services with Archbold Medical Center in Thomasville, Ga.
• In April 2022, Home Instead Parent Company launched Honor Expert to Help Older Adults and Families Navigate Aging and Health Issues.
• In May 2022, Trinity Health at Home announced it had signed a definitive agreement to acquire Above & Beyond Home Health Care and Hospice based in Monticello, IA.
• In Jan 2022, Universal Health Services, Inc., owner of subsidiary The Valley Health System, which offers an integrated system of care for more than two million people in Southern Nevada, and BAYADA Home Health Care, a leading not-for-profit home health care provider, recently launched Valley Health at Home by BAYADA, a joint venture partnership that will further expand integrated care delivery network capabilities into patient homes.

Market Key Players:

Manufacturers: -

• McKesson Medical-Surgical Inc.
• Fresenius Medical Care
• Becton, Dickinson And Company
• Arkray, Inc.
• Medline Industries, Inc.
• 3M Healthcare
• Baxter International Inc.
• Medtronic PLC
• Braun Melsungen AG
• ConvaTec Group PLC
• Molnlycke Health Care
• Acelity L.P.
• Hollister Inc.
• Others

 Service Providers: -

• Sunrise Carlisle, LP
• Extendicare, Inc.
• Brookdale Senior Living, Inc.
• Home Health Services Ltd.
• Care UK Limited
• Kindred Healthcare, Inc.
• Genesis Healthcare Corp.
• Sompo Holdings, Inc.
• Home Instead Senior Care, Inc.
• Others

Market Segmentation:

By Type

• Device
• Services

By Device

• Diagnostic & Monitoring Devices
• Therapeutic Devices
• Home Mobility Assist Devices

By Services

• Rehabilitation
• Telehealth
• Respiratory Therapy
• Infusion Therapy
• Unskilled Homecare

By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1190

You can place an order or ask any questions, please feel free to contact at [email protected] | +1 650 460 3308

Unlocking Market Insights through Data Excellence 

The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world. 

Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com

About Us

Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Web: https://www.precedenceresearch.com

Our Blogs:

https://www.towardshealthcare.com

https://www.towardspackaging.com

For Latest Update Follow Us:

Linkedin | Facebook | Twitter

Logo: https://mma.prnewswire.com/media/2264617/Precedence_Research_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/home-healthcare-market-to-value-usd-786-85-billion-by-2032--precedence-research-301996702.html