Report Overview

The global home healthcare market size is projected to reach USD XX billion by 2028 from USD 181.9 billion in 2019, at a CAGR of 8.6% during the forecast period.

Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices. According to the World Health Organization (WHO), there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion by 2050. The aging population demands more patient-centric healthcare services, which in return increases the demand for healthcare workers and agencies and is anticipated to drive market growth.



Market Drivers, Restraints, Opportunity, Challenges

Driver - The growth of the aging population segment will boost the demand for healthcare and significantly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. This will prove favourable to the market for home healthcare, which can enhance the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.

Restraint - In home care, the nurse-physician association involves lesser face-to-face contact, and the nurse is responsible for making assessments and communicating findings. This factor affects the degree of patient safety and outcomes. Another distinguishing characteristic of home healthcare is that clinicians offer medical care to each patient in a unique setting. However, there may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances.

Opportunity- Home healthcare is an established trend in the developed regions of North America and Europe. Due to favourable regulations and policies in these regions, homecare is rapidly being adopted. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific. As the concept of home healthcare in countries such as India and China are still in the early growth phase, market players can capitalize on a wide range of opportunities in these markets. For instance, in April 2017, Quadria Capital (Singapore) invested USD 40 million (INR 250 crore) in the Dabur family-owned HealthCare at Home (HCAH).

Challenge - Home healthcare is a booming market, with increasing demand for home care providers/workers. According to the employment projections of the US Bureau of Labor Statistics, during 2014-2024, home healthcare occupations such as personal care aides and home health aides ranked among the top 10 in the list. Also, the demand for home health aides and personal care aides is estimated to be 2.9 million between 2016-2026. Hence, home healthcare providers need to find approximately 2.9 million heads to keep with the rising demand (Source: US Bureau of Labor Statistics).