North America Home Healthcare Market, By Type (Devices, Services, and Software), Disease (Heart Diseases, Hypertension, Bone and Joint Diseases, Diabetes, Chronic Obstructive Pulmonary Diseases, Obesity, Dementia/Alzheimer's Diseases, Infective Diseases (HIV/AIDS), Parkinson’s Diseases, Smoking, Asthma, Depression, Cardiovascular Disorders and Hypertension, Respiratory Diseases, Pregnancy, Mobility Disorders, and Cancer), Product (Wound Care, Mattress Overlays, Seating Cushions, Heel Protectors, and Annual Unit Sales by Company), Services (Home Care, Unskilled Home Care, and Durable Medical Equipment), Distribution Channel (Direct Tenders and Retail Sales), Equipment (Therapeutic, Diagnostic, and Mobility Assist) – Industry Trends and Forecast to 2031.
North America Home Healthcare Market Analysis and Size
The home healthcare market is experiencing significant growth, driven by several factors. One of the key drivers is the rising geriatric population worldwide, leading to an increased need for long-term care and chronic disease management. In addition, the preference for in-home care over institutional care is growing, fueled by factors such as cost-effectiveness, convenience, and the desire for independence among elderly and disabled individuals. Technological advancements, such as telehealth and remote monitoring devices, are also driving market growth, enabling healthcare providers to deliver high-quality care remotely.
North America home healthcare market size was valued at USD 181.86 billion in 2023 and is projected to reach USD 367.72 billion by 2031, with a CAGR of during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Devices, Services, and Software), Disease (Heart Diseases, Hypertension, Bone and Joint Diseases, Diabetes, Chronic Obstructive Pulmonary Diseases, Obesity, Dementia/Alzheimer's Diseases, Infective Diseases (HIV/AIDS), Parkinson’s Diseases, Smoking, Asthma, Depression, Cardiovascular Disorders and Hypertension, Respiratory Diseases, Pregnancy, Mobility Disorders, and Cancer), Product (Wound Care, Mattress Overlays, Seating Cushions, Heel Protectors, and Annual Unit Sales by Company), Services (Home Care, Unskilled Home Care, and Durable Medical Equipment), Distribution Channel (Direct Tenders and Retail Sales), Equipment (Therapeutic, Diagnostic, and Mobility Assist)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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Koninklijke Philips N.V. (U.S.), Omron Healthcare, Inc. (Japan), Air Liquide (France), B. Braun SE (Germany), Medtronic (Ireland), Davita Inc. (U.S.), CARDINAL HEALTH (U.S.), Sunrise Medical (U.S.), General Electric (U.S.), A&D Company, Limited (Japan), BAYADA Home Health Care (U.S.), Invacare Corporation (U.S), Philips Healthcare (Netherlands), Fresenius SE & Co KGaA (Germany), GE Healthcare (U.K.), Baxter (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Bupa Home Healthcare, Ltd (U.K.), Healthcare at Home (U.K.), and Linde plc (Germany)
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Market Opportunities
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Market Definition
Home healthcare refers to a wide range of healthcare services that are provided to individuals in their own homes instead of in a hospital or care facility. This form of healthcare is generally more convenient and cost-effective compared to receiving care in a hospital or nursing home. Home healthcare services may include medical care, such as nursing care, physical therapy, and medication management, as well as non-medical care, such as assistance with daily activities like bathing, dressing, and meal preparation.
Home Healthcare Market Dynamics
Drivers
- Technological Advancements in Home Healthcare Services
Technological advancements, including telemedicine, wearable devices, and remote monitoring systems, have revolutionized the future of home health care industry. Telemedicine enables healthcare professionals to consult with patients remotely, providing timely and efficient care without the need for in-person visits. Wearable devices, like smartwatches and fitness trackers, enable the ongoing monitoring of vital signs and physical activity levels. This provides healthcare providers with valuable data to evaluate their patients' health and track their progress. Remote monitoring systems enable real-time tracking of patients' health conditions, alerting healthcare providers to any potential issues that may require immediate attention. These innovations have significantly improved the quality and efficiency of healthcare at home, enhancing patient outcomes and satisfaction and driving market growth.
- Cost-Effectiveness Driving Adoption of Home Healthcare
Home healthcare services are typically less expensive than institutional care, making them a more affordable option for individuals and families. By receiving care at home, patients can avoid costly hospital stays and reduce the financial burden associated with long-term care. Additionally, home healthcare services can help prevent the need for more expensive interventions by providing early detection and management of health issues. Overall, the cost-effectiveness of home healthcare is a significant factor driving its adoption and popularity among patients and healthcare providers alike.
Opportunities
- Collaboration Enhancing Home Healthcare Services
Collaboration between home healthcare providers and traditional healthcare facilities has emerged as a key strategy to improve care coordination and patient outcomes. Through collaboration, these providers can guarantee smooth transitions of care for patients transitioning between various settings, such as hospitals and home care. This collaboration allows for better communication among healthcare teams, leading to more comprehensive and personalized care plans. In addition, collaboration enables healthcare providers to share resources and expertise, enhancing the quality and efficiency of the home health care industry. Collaboration between different healthcare providers is essential for delivering integrated and holistic care to patients, ultimately creating new market opportunities.
- Specialized Services for Chronic Disease Management
The rising prevalence of chronic diseases presents a significant opportunity for home healthcare providers to focus on specialized services for chronic disease management. Chronic diseases, such as diabetes, heart disease, and respiratory disorders, require ongoing management and monitoring to prevent complications and improve quality of life. Home healthcare providers can offer specialized care plans tailored to the unique needs of patients with chronic diseases, including medication management, lifestyle counseling, and regular monitoring of vital signs. By focusing on chronic disease management, home healthcare providers can help reduce hospital admissions, improve patient outcomes, and create new opportunities for growth in the market.
Restraints/Challenges
- Limited Insurance Coverage to Home Healthcare
While some insurance plans may cover certain aspects of home healthcare, such as skilled nursing care or physical therapy, coverage limitations often exist. This can result in out-of-pocket expenses for patients, making home healthcare unaffordable for those without sufficient financial resources. As a result, individuals may be forced to forego necessary care or seek alternative, less effective options, impacting their health outcomes and quality of life. Inadequate insurance coverage for home healthcare services makes it challenging to access home healthcare.
- Regulatory Challenges in the Home Healthcare
Every country, and in some cases, every state or province within a country, may have its unique regulations that govern home healthcare services. This can create a fragmented regulatory landscape, making it difficult for home healthcare providers to navigate and comply with all relevant regulations. In addition, regulatory changes or updates can further complicate matters, requiring providers to adapt their practices to remain compliant constantly. These regulatory challenges can hinder market growth by increasing administrative burdens and costs for providers, potentially limiting the availability and quality of home healthcare services.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In June 2023, Amedisys reached an agreement to merge with Optum, a company focused on offering a variety of health services. Amedisys specializes in delivering personalized home health and hospice care services, conducting more than 11.2 million visits to patient homes each year
- In May 2023, Medtronic revealed its plan to acquire EOFlow Co. Ltd., a company known for producing the EOPatch tubeless, wearable, and completely disposable insulin delivery device
Home Healthcare Market Scope
The market is segmented on the basis of type, disease, product, services, equipment, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Devices
- Services
- Software
Disease
- Heart Diseases
- Hypertension
- Bone and Joint Diseases
- Diabetes
- Chronic Obstructive Pulmonary Diseases
- Obesity
- Dementia/Alzheimer's Diseases
- Infective Diseases (HIV/AIDS)
- Parkinson’s Diseases
- Smoking
- Asthma
- Depression
- Cardiovascular Disorders and Hypertension
- Respiratory Diseases
- Pregnancy
- Mobility Disorders
- Cancer
Product
- Wound Care
- Mattress Overlays
- Seating Cushions
- Heel Protectors
- Annual Unit Sales by Company
Services
- Home Care
- Unskilled Home Care
- Durable Medical Equipment
Distribution Channel
- Direct Tenders
- Retail Sales
Equipment
- Therapeutic
- Home Respiratory Therapy Equipment
- Insulin Delivery Devices
- Home IV Pumps
- Home Dialysis Equipment
- Others
- Diagnostic
- Diabetic Care Unit
- BP Monitors
- Multi Para Diagnostic Monitors
- Home Pregnancy and Fertility Kits
- Apnea and Sleep Monitors
- Holter Monitors
- Heart Rate Monitors
- Others
- Mobility Assist
- Wheel Chair
- Home Medical Furniture
- Walking Assist Devices
Home Healthcare Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, type, disease, product, services, equipment, and distribution channel as referenced above.
The countries covered in the market are U.S., Canada, and Mexico.
The U.S. is expected to dominate the market due to its sizable geriatric population, supported by advanced healthcare infrastructure and relatively affluent individuals. Numerous government initiatives promoting home healthcare to reduce overall healthcare costs are expected to influence the market significantly.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.
Competitive Landscape and Home Healthcare Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- Koninklijke Philips N.V. (U.S.)
- Omron Healthcare, Inc. (Japan)
- Air Liquide (France)
- B. Braun SE (Germany)
- Medtronic (Ireland)
- Davita Inc. (U.S.)
- CARDINAL HEALTH (U.S.)
- Sunrise Medical (U.S.)
- General Electric (U.S.)
- A&D Company, Limited (Japan)
- BAYADA Home Health Care (U.S.)
- Invacare Corporation (U.S.)
- Philips Healthcare (Netherlands)
- Fresenious SE & Co KGaA (Germany)
- GE Healthcare (U.K.)
- Baxter (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Bupa Home Healthcare, Ltd (U.K.)
- Healthcare at Home (U.K.)
- Linde plc (Germany)
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