Home Healthcare Market is predicted to record a 3.1% CAGR through 2033
The home healthcare market is projected to secure a valuation of US$ 3.2 billion in 2023 and is estimated to grow at US$ 4.4 billion by 2033. The market is predicted to record a CAGR of 3.1% during the forecast period.
The increasing demand for home healthcare, surging chronic patients, complex medication, and old aged population are driving the market growth. Rising disposable income, unable to receive daily treatment, and increasing home-care technology are increasing the adoption of home healthcare. The growing innovation of in-home healthcare services to reduce high costs and emergency visits also contribute towards driving market opportunities.
Preference of patients to receive treatment at home without any hassle of going out and standing in hospital queue is bolstering the market growth. The increasing disabled patients and government initiative plans are surging the home healthcare market opportunities. The rising adoption of telehealth to enhance the performance of virtual medical, monitoring, and educational services is driving the market share.
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Increasing skilled nursing, therapeutic products, and rehabilitation therapy services is increasing the adoption of home healthcare. Other home healthcare services such as hearing disorders, diabetes, and respiratory disease services bolstered the market expansion.
Growing Healthcare Infrastructure Drive the United States Market
The United States registered a CAGR of 3.5%, accounting for a valuation of US$ 1.3 billion during the foreseen time. The increasing advanced healthcare equipment, urbanization, and aged and chronic population drive the United States home healthcare market. The growing demand for home healthcare is due to the increased adoption of advanced devices, wearable monitoring equipment, and private home health services. The United States secured a CAGR of 2.9% between 2017 and 2022.
- The home healthcare market is expected to have a valuation of US$ 4.4 billion by 2033.
- With a CAGR of 3.1%, the global market increasing from 2022 to 2033.
- The United States home healthcare market is anticipated to record a CAGR of 3.5% through 2033.
- With a CAGR of 3.9%, the United Kingdom market is likely to uplift significantly during the forecast period.
- China market is expected to capture a CAGR of 2.9% over the forecast period.
- Japan market capturing a CAGR of 3.4% from 2023 to 2033.
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The key market players play a significant role in the global market by capturing maximum revenue. These players are developing innovative devices for daily home check-ups by adopting new technology. Healthcare providers are focused on developing easy-to-use medical equipment equipped with artificial intelligence.
The increasing popularity of online distribution channels is driving market expansion. Key marketers are adopting various marketing strategies, including mergers, acquisitions, agreements, collaborations and partnerships.
Other Key Players in the Market are:
- Coloplast A/S
- B. Braun Melsungen AG
- Baxter International Inc.
- Hollister Incorporated
- Becton Dickinson and Co
- ConvaTec Group Plc
- Medtronic plc.
- Amedisys Home Health and Hospice Care
- American Well
- CVS Health
- Humana Inc.
- LHC Group Inc.
- Kindred Healthcare
Recent Developments in the Market are:
- In Mar 2022, Axxess launched its new software named Palliative Care Software. This software is developed with the latest technology and can control at-home healthcare services.
- In Feb 2022, CVS Pharmacy launched new healthcare products such as easy-fold travel walks, convertible shower chairs, and comfort grip canes.
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Home Healthcare Market Segmentation by Category
By Product Type:
- Infusion Systems
- Ambulatory Infusion Pumps
- Implantable Infusion Pumps
- Infusion Disposable Sets
- Syringe Pumps
- Volumetric Pumps
- Pressure Relief Devices
- Mattress Overlays
- Specialty Beds
- Hydrocolloids Dressings
- Hydrofibres Dressings
- Hydrogels Dressings
- Semi-permeable Films Dressings
- Superabsorbents Dressings
- Wound Contact Layers
- Gauze Sponges
- Ostomy Drainage Bags
- Total Parenteral Nutrition
- IV Medication
- Pressure Ulcer
- Stoma Care
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