Home Healthcare Market By Product Type (Diagnostic (Drug and Alcohol Test Kits, Event and Holter Monitors, Cholesterol Monitoring Devices, Colon Cancer Test Kits, Electrocardiography Devices, Temperature Monitors, Hearing Aids, Blood Pressure Monitors, Blood Glucose Monitors, Heart Rate Monitors, Fetal Monitoring Devices, Ovulation and Pregnancy Test Kits, Home Hemoglobin A1c Test Kits, HIV Test Kits), Therapeutic (Wound Care Products, Dialysis Equipment, Insulin Delivery Devices, External Stimulation Devices, Oxygen Delivery Systems, Automated External Defibrillators, Nebulizers, Sleep Apnea Therapeutic Devices), and Mobility Assist (Crutches, Mobility Scooters, Walkers, Wheelchairs, Canes), By Service (Pregnancy Care, Skilled Nursing, Palliative Care, Rehabilitation, Infusion Therapy, and Respiratory Therapy), By Software (Hospice Solutions, Clinical Management Systems, and Agency Software), and Geography

Home Healthcare Market size was valued at USD 250.2 billion in 2023 and is poised to grow at a CAGR of 8.7% from 2024 to 2030. The increased geriatric population coupled with the prevalence of chronic diseases. Home healthcare includes professional support services that can be given in your home for a person who is aging needs assistance to live independently and is managing chronic health. Depending on a person's needs, professional caregivers include nurses, aides, and therapists who offer short- or long-term care in the home. According to the UN World Population Aging 2019 report, globally there were 703 million older persons aged 65 or over in 2019. Growing older populations are more likely to have chronic diseases, which will raise healthcare demand and place a heavy burden on governments and healthcare institutions, fevering the home healthcare sector. For instance, Apollo Homecare offers long-term plans for several categories, including mother-and-baby care, geriatric care, lung rehab, ortho rehab, heart rehab, and neuro rehab.

Moreover, advances in technology like active home telemonitoring devices able to capture vital signs and symptoms used in home healthcare have provided several opportunities for the expansion of the home healthcare market. For instance, insulin delivery devices, home dialysis equipment, intravenous pumps, and BP monitors are expected to fuel the market. Furthermore, the increased prevalence of Paralysis, Amputation, Arthritis, Friedreich ataxia, Huntington’s disease, Kennedy's disease, Marfan syndrome, and others rendering people immobile along with rising awareness of home care facilities and disposable income is leading to demand for home healthcare services. The COVID-19 pandemic has had a substantial effect on the market expansion owing to the raised demand for patient monitoring as a result of hospital visit restrictions. However, factors like limited insurance coverage and scarcity of homecare workers are hindering the growth of the market. However, with increased capital investments by key players, the growing popularity of home healthcare services, hectic schedules among the population, increased disposable income, and insurance coverage facilities are expected to increase the market in forecasted years.

Home Healthcare Market Key Developments:

• In June 2023, Home health company Amedisys merged with United Health Group over a $3.3 billion deal.
• In April 2023, HCAH, an out-of-hospital healthcare provider acquired Nightingales Home Health Services, a specialty home healthcare service provider.
• In May 2022, UnitedHealth acquired home health provider LHC Group in a $5B deal.