Rapid rise of the elderly population and rising chronic diseases are driving global growth.
The global home health care market is projected to reach $298.2 billion by 2026—up from $198.9 billion in 2021, according to a new market research report by MarketsandMarkets™, which provides quantified B2B research.
That represents an increase of 8.4% in the forecast period.
Major factors driving the global growth of this market includes rapid growth in the elderly population, the rising incidence of chronic diseases, a growing need for cost-effective healthcare delivery due to increasing healthcare costs, and technological advancements of home care devices, the report indicates.
In 2020, North America—consisting of the United States and Canada—dominated the global market, followed by Europe.
The large share of North America in the home health care global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, superior healthcare infrastructure, and the increasing overall geriatric population, report says.
In 2019, there were 703 million people aged 65 years and over globally and that number is projected to reach 1.5 billion by 2050. Additionally, the number of people aged 80 and over is projected to triple from 143 million in 2019 to 426 million by 2050, according to the United Nations Department of Economic and Social Affairs.
“The growth of this population segment will boost the demand for healthcare and greatly increase the burden on governments and health systems as the aging population is more prone to chronic diseases,” the report states.
“This will prove favorable to the market for home health care. Home health care reduces unnecessary hospital admissions and readmissions and the time and costs involved in traveling to meet healthcare professionals,” it says.
Based on products, the home healthcare market is segmented into three areas:
- Therapeutic products
- Testing, screening, and monitoring products
- Mobility care products.
In 2020, the therapeutic segment accounted for the largest share of the home health care products market.
The heightened prevalence of chronic ailments, such as kidney failure, respiratory diseases, diabetes, and cancer, has increased the demand for home health care therapeutic equipment, according to the report.
Based on service, the home health care market is categorized into seven areas:
- Skilled nursing services
- Rehabilitation therapy services
- Hospice and palliative care services
- Unskilled care services
- Respiratory therapy services
- Infusion therapy services
- Pregnancy care services
Skilled nursing services, which provide a comforting alternative to stays in a hospital, nursing home, or assisted living facility, accounted for the largest share of the market in 2020, the report says.
The favorable insurance coverage for skilled nursing services is expected to support the growth of this market during the forecast period, according to the report.
“The growth of this population segment will boost the demand for healthcare and greatly increase the burden on governments and health systems as the aging population is more prone to chronic diseases.”
— MarketsandMarkets research report
Carol Davis is the Nursing Editor at HealthLeaders, an HCPro brand.
The global home health care market’s projected growth is 8.4% between 2021 and 2026.
North America dominated the global market, followed by Europe, in 2020.
In 2019, there were 703 million people aged 65+ globally; it is projected to reach 1.5 billion by 2050.