Global Home Healthcare Market Size

Home Healthcare Market Analysis

The Global Home Healthcare Market size is estimated at USD 309.07 billion in 2024, and is expected to reach USD 500.39 billion by 2029, growing at a CAGR of 8.46% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the home healthcare market. Home health hub technology made it possible for patients to stay safe in their homes during the pandemic while putting less strain on hospitals, emergency rooms, and front-line healthcare workers, which positively affected the market. For instance, according to a research study published in the Lancet Regional Health in August 2021, home-based care has been in high demand ever since the COVID-19 pandemic began to relieve hospital overcrowding and enable patients with chronic illnesses or non-severe COVID-19 to receive treatment and monitoring at home. Thus, the pandemic positively impacted the home healthcare market and is expected to continue the upward trend over the forecast period.

The major drivers for the home healthcare market include rising disposable income, increasing surgical procedures, and rapid technological advancements in home healthcare. For instance, according to the PETERSON-KFF Health System Tracker data published in February 2022, healthcare spending in the United States increased by 9.7% to reach USD 4.1 trillion in 2020, an increase of around 4.3% compared to the previous year. The acceleration was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The same source also stated that the private business share of health spending accounted for 16.7% of total healthcare spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%. Thus, such an increasing disposable income is expected to propel the demand for home healthcare, which may surge the market growth.

The increasing number of surgical procedures across the globe is also expected to create demand for home healthcare services. For instance, according to the report published by the Department of Health & Family Welfare and Ministry of Health & Family Welfare in 2021-2022, till September 2021, about 8.29 lakh people visited OPDs, and around 33,830 surgeries were performed in Safdarjung Hospital, India. The same source also reported that around 25,101 minor surgeries were performed, and around 9,327 major surgeries were performed in India for 2020-21. Furthermore, from April 2021 to September 2021, around 7,223 minor surgeries and 17,004 surgeries were performed in India. Patients undergoing surgery require rigorous post-surgical care and constant health monitoring; thus, most people opt for home healthcare services. Thus, increasing cases of surgeries is expected to propel the market growth.

Furthermore, technological advances in the home healthcare space and increasing home healthcare services are also expected to boost market growth. In March 2022, Biofourmis announced that it had been selected by Blessing Health System in Quincy, Illinois, as a technology solutions partner for its newest program that delivers acute hospital care in patient's homes. Similarly, in December 2022, Tomorrow Health, a health tech company, launched a clinical rules engine that automates orders of durable medical equipment as a part of homecare. Thus, owing to such factors, the market is expected to grow considerably over the forecast period.

However, a lack of awareness among developing and underdeveloped countries will likely restrain market growth over the forecast period.