Home Healthcare Market Analysis

Home Healthcare Market Overview

Home Healthcare Market was valued at USD 247.2 billion in 2023 and is projected to grow from USD 266.7 billion in 2024 to USD 476.58 billion by 2032, exhibiting a CAGR of 7.90% during the forecast period (2024 - 2032).  

The market trends have been witnessing a rapid degree of growth in the elderly population and the rising incidence of chronic diseases. This is an undeniable fact that is growing the need for cost-effective healthcare delivery due to the increase in healthcare costs, and technological advancements regarding the availability of home care devices.

GE Healthcare, a division of General Electric valued at USD 17.7 billion, is increasing its efforts in home-based care by collaborating with AMC Health to offer remote patient monitoring (RPM). GE Healthcare and RPM have formed a cooperation to offer remote patient monitoring (RPM) as a virtual care option in patients' homes, rather than in a hospital. 

Magellan Health Services has further strengthened its collaboration with DUOS to introduce the Senior Assistance solution, a program aimed at supporting seniors in maintaining their independence and improving social connections. This initiative pairs older adults with personal aides, called "Duos," who assist in navigating healthcare resources and addressing social needs, all while aging in the comfort of their own homes. 

The initiative, which started in 2023, has shown significant success in pilot programs, improving the overall health and wellbeing of participants by targeting social determinants of health​.

In a move to make healthcare more accessible, Simple HealthKit launched its at-home diagnostic kits for various health conditions, including Diabetes (HbA1c), Respiratory Wellness, and Sexual Wellness in 2024. 

The kits, which are available for purchase on Amazon, now include exclusive options for testing Influenza A, Influenza B, and Respiratory Syncytial Virus (RSV). This innovation aims to empower consumers to manage their health from home while ensuring accuracy and convenience​.

In 2024, Amedisys, a leader in home health and hospice services, extended its partnership with Optum to improve patient care. The collaboration focuses on providing personalized home health services, including hospice care, and emphasizes the importance of frequent home visits. 

With over 11 million home visits annually, Amedisys plays a pivotal role in ensuring patients receive consistent and personalized care in the comfort of their own homes​.

Koninklijke Philips N.V. launched its Virtual Care Management solutions in 2024, marking a significant advancement in telehealth. These solutions are designed to improve patient engagement and health outcomes, particularly for individuals with chronic conditions. 

Through virtual consultations and remote monitoring, Philips aims to empower patients and healthcare providers to manage care effectively from home, enhancing the overall patient experience and reducing hospital readmissions​.

Home Healthcare Market Trends

• The rising aging population & nuclear homes will boost the market growth

The Home Healthcare market is expected to grow significantly, driven by the rising aging population and the trend toward nuclear homes. The aging population is increasingly choosing to age in place, rather than moving into assisted living facilities or nursing homes. This is largely due to the high cost of long-term care, as well as the desire to maintain independence and autonomy. Nuclear homes, or homes where all adults are employed and there are no children, are also on the rise. 

These families often have less time to care for elderly or disabled family members, so they are more likely to seek out professional home healthcare services.

Home Healthcare Market Segment Insights

Home Healthcare Product Insights

The market segmentation, based on Product, includes Testing, Screening and Monitoring Products, Blood Glucose Monitors, Blood Pressure Monitors, Pulse Oximeters, Peak Flow Meters, Heart Rate Monitors, Fetal Monitoring Devices, HIV Test Kits, Home Sleep Testing Devices, Others. The Blood Pressure Monitors segment held the majority share in the Home Healthcare revenue. This can be attributed to the growing awareness among consumers about the importance of monitoring their blood pressure at home. 

Additionally, the availability of advanced and technologically advanced blood pressure monitors at affordable prices has also contributed to the segment's growth.

Home Healthcare Service Insights

Based on Service, the market segmentation includes Skilled Nursing Services, Rehabilitation Therapy Services, Hospice, and Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, and Others. The Skilled Nursing Services segment is projected to be the faster-growing segment during the forecast period, 2024-2032. 

The growth of this segment is driven by the increasing demand for skilled nursing services due to the aging population and the rising prevalence of chronic diseases.

Home Healthcare Indication Insights

Based on the Indication, the market segmentation includes Cardiovascular Disorders and Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care, Other. The Cardiovascular Disorders and Hypertension segment dominated the market in 2021. 

The segment's growth is driven by the increasing prevalence of cardiovascular diseases and the growing awareness of the benefits of home healthcare.

Figure 2: Home Healthcare Market, by Indication, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Home Healthcare Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is predicted to hold the first position in the market for home healthcare owing to the rising demand for home healthcare and an increase in the number of clinics and hospitals that are providing treatment for home healthcare. 

In America, the North American market is the largest market owing to the presence of the key market players in the market that provide both products and instruments for home healthcare.

Figure 3: HOME HEALTHCARE MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region accounts for the second-largest Home Healthcare market share. This is because European counties normally have a high population with an increasingly aging population. This is influencing the demand for Home Healthcare products and services in the industry.

Asia-Pacific is estimated to rise at the fastest CAGR of the market due to the increasing number of incidences of chronic diseases, increasing demand for effective healthcare remedies, technological advancement in the healthcare industry, and geographical expansion of the Home Healthcare market.

Home Healthcare Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Home Healthcare industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Home Healthcare industry to benefit customers and expand the market sector. The market has recently given medicine some of the most important advantages. Major hair care product market players, including Abbott, GE Healthcare, Axxess, CVS Pharmacy, and Becton Dickinson Company, are attempting to increase Home Healthcare market demand by funding R&D initiatives.

Abbott Laboratories is a medical device firm that develops, produces, and distributes medical devices. The firm sells diagnostics, medical equipment, nutritional supplements, and branded generic pharmaceuticals. It provides gastroenterology, women's health, cardiovascular and metabolic, pain and central nervous system products, respiratory drugs and vaccines, core laboratory systems, molecular diagnostics polymerase chain reaction (PCR) instrument systems, rapid diagnostics lateral flow testing products, point of care systems, and informatics and automation solutions, various forms of infant formula and follow-on formula, adult and other pediatric nutritional products, and informatics and automation solutions.

Also, GE Healthcare, which was formed in 1892, is a provider of medical technology and digital solutions. It provides goods and services such as anesthetic administration, contrast media, computed tomography, bone, and metabolic health, interoperability, molecular imaging, patient monitoring, surgical imaging, invasive cardiology, and others. Interventional image-guided systems, fluoroscopy equipment, accessories and supplies, ventilators, digital solutions, and clinical network solutions are also available from the firm.

Key Companies in the Home Healthcare market include

• Koninklijke Philips N.V.


• F. Hoffmann-La Roche AG


• A&D Company


• Fresenius SE & Co KGaA


• Abbott


• GE Healthcare


• Axxess


• CVS Pharmacy


• Becton Dickinson Company


• Omron Corporation


• Medtronic PLC


• LG Electronics


• Kinnser Software


• Apple


• 3M

Home Healthcare Industry Developments

Roche continues to enhance its focus on digital transformation in healthcare through the use of artificial intelligence (AI), big data, and cloud computing.

In 2024, Roche has been actively collaborating with healthtech companies to advance AI-driven diagnostic tools, particularly in oncology. These innovations aim to improve patient outcomes and streamline healthcare services, reinforcing Roche’s commitment to digital health and better patient care management across all settings, including home healthcare​.

In 2024, GE Healthcare has made significant advancements in remote patient monitoring and diagnostic technologies, especially aimed at home healthcare. Their latest solutions focus on providing home-based diagnostic tools that allow healthcare providers to track patient health remotely. This approach facilitates personalized care management, especially for chronic conditions, without the need for frequent hospital visits​.

3M is expanding its influence in home healthcare, particularly in the areas of wound care and infection prevention.

In 2024, their innovative technologies for remote patient monitoring are providing patients with critical care solutions at home. These advancements allow healthcare providers to offer more efficient and cost-effective care, improving overall patient outcomes without the need for hospitalization​.

Apple continues to innovate in the healthcare sector in 2024, focusing on empowering individuals to manage their health from home. The latest updates to the Apple Watch and iPhone enhance features for monitoring vital signs, activity levels, and heart health.

Home Healthcare Market Segmentation

Home Healthcare Product Outlook

• Testing, Screening and Monitoring Products


• Blood Glucose Monitors


• Blood Pressure Monitors


• Pulse Oximeters


• Peak Flow Meters


• Heart Rate Monitors


• Fetal Monitoring Devices


• HIV Test Kits


• Home Sleep Testing Devices


• Others

Home Healthcare Service Outlook

• Skilled Nursing Services


• Rehabilitation Therapy Services


• Hospice and Palliative Care Services


• Unskilled Care Services


• Respiratory Therapy Services


• Infusion Therapy Services


• Others

Home Healthcare Indication Outlook

• Cardiovascular Disorders and Hypertension


• Diabetes


• Respiratory Diseases


• Pregnancy


• Mobility Disorders


• Hearing Disorders


• Cancer


• Wound Care


• Other

Home Healthcare Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America