Home Healthcare Market to Hit $666.9 Billion by 2030: Grand View Research, Inc.

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05 Jun, 2023, 06:15 ET

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SAN FRANCISCO, June 5, 2023 /PRNewswire/ -- The global home healthcare market size is expected to reach USD 666.9 billion by 2030, according to a report by Grand View Research, Inc., expanding at a CAGR of 7.96% over the forecast period. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases such as Alzheimer's, dementia, and orthopedic conditions, are expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.

Key Industry Insights & Findings from the report:

Read 252 page market research report, "Home Healthcare Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Indication (Cardiovascular Disorder & Hypertension, Diabetes & Kidney Disorders), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Microscope Market Growth & Trends

The establishment and maintenance of hospitals and other healthcare establishments are capital-intensive efforts. Hence, healthcare solution providers are now entering the rapidly growing market in an attempt to capitalize on the available opportunities and contain costs. Although hospital-at-home models are less prevalent in the U.S. than they are in other countries, several noteworthy initiatives have been undertaken in the past decade. These include programs at Johns Hopkins, Marshfield Clinic Health System, and Mount Sinai, which partnered with PE-backed Contessa in 2016. Moreover, these organizations engage extensively in mergers and acquisitions to expand their regional presence. Hospitals such as Apollo (Apollo Homecare) and Max ([email protected]) have entered the Indian homecare industry. Some have also established joint ventures, including the Burman family (promoters of Dabur) and UK-based Healthcare at Home, as well as India Home Healthcare and Bayada Home Healthcare, based in the U.S.

The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period.

Microscope Market Segmentation

Grand View Research has segmented the global home healthcare market on the basis of component, indication, and region:

Component Outlook (Revenue, USD Million, 2018 - 2030)

Indication Outlook (Revenue, USD Million, 2018 - 2030)

Regional Outlook (Revenue, USD Million, 2018 - 2030)

List of Key Players in the Home Healthcare Market

Check out more market research studies published by Grand View Research:

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

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SOURCE Grand View Research, Inc.