Home Healthcare Services Market Growth Analysis | 2023-2028

Market Insights

The home healthcare services market is likely to witness an impressive CAGR of 8% during the forecast period of 2023-2028.

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What are home healthcare services?

The services provided by home healthcare providers are more beneficial than the services provided in nursing care facilities, hospitals, and other living facilities. The benefits offered by them are - customized and specialized care services, assistance to seniors in using connected healthcare services, and reduction in the cost of care by reducing hospital stays. Such benefits along with tremendous growth in the connected healthcare service market are creating a high demand and growth in the global home healthcare services market.

Market Dynamics

Some of the factors bolstering the growth of the home healthcare services market are-

• Growing global geriatric population along with rising interest of older people to live independently in their own homes.
• Increasing cases of chronic diseases and reducing mobility among seniors which is increasing the need for specialized care services for them, etc.

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Segment Analysis

By Service Type

Based on the service type, the home healthcare service market is broadly classified as medical care, non-medical care, and both medical and non-medical care in combination. Medical care services can be defined as the services related to the health and medical condition of the patient or client, majorly including skilled nursing services, physical therapy, speech therapy, infusion therapy, psychiatric care, medication management, and assistance in rehabilitation. Whereas, non-medical services majorly include preparing meals, housekeeping, and assisting clients in doing other daily activities. The client who requires both medical care and non-medical care services are included under the third segment which is the combination of both.

By Application Type

By identifying the type of services required by the clients, the home healthcare services market is segmented on the basis of the nature of the application of services such as therapeutic services, diagnostic & monitoring services, and others. The therapeutic segment led the market in 2022.

Regional Insights

In terms of regions, North America remained dominant in the home healthcare services market in 2022. The USA is the largest market for home healthcare services. The country’s position in the market is attributed to the high growth of the geriatric population owing to the highest proportion of citizens belonging to the baby boomer generation along with rising demand among seniors to live at their homes. Changing healthcare policies in the USA such as the inclusion of non-skilled in-home care in the Medicare Advantage program from 2019 is rejuvenating the market for home healthcare services in the USA. The significant advantages of the home healthcare service such as reduction in the cost of hospital bills, are driving high growth in the market in the European region as well.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The home healthcare services market is segmented into the following categories.

By Service Type

• Medical Care
• Non-Medical Care
• Combination

By Application Type

• Therapeutic
• Diagnostic & Monitoring
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Australia, New Zealand, China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the market are-

• Amedisys, Inc.
• American Homepatient
• ATC Healthcare Inc.
• Chemed Corporation
• CVS Health Corporation
• LHC Group, Inc.
• Kindred Healthcare
• Koninklijke Philips N.V
• The Blackstone Group L.P.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s home healthcare services market realities and future possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed and comprehensive manner to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors to identify low-hanging fruits available as well as formulate growth strategies.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We usually conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the category types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.