According to our new market research study on “Home Healthcare Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Indication, and Service,” the market is expected to reach US$ 621,565.89 million by 2028 from US$ 315,139.27 million in 2020; it is estimated to grow at a CAGR of 8.9% from 2020 to 2028. The report highlights the trends prevailing in the market along with the market drivers and deterrents. The factors such as growing demand for home healthcare due to rising aging population and increasing prevalence of chronic diseases and growing homecare settings drive the market growth. However, the shortage of home care workers hinders the market growth.

Home healthcare market includes a wide range of healthcare services for illness in homecare settings. The goal of home healthcare is to treat injury and improve health outcomes for the patient. These services are more convenient and less expensive and are efficient for chronic diseases, elderly population, nutrition therapy and serious illness of the patient.       

Market leaders are involved in extensive research for the development of new home healthcare with better efficiency and treatment outcomes. For instance, in April 2021, Humana has announced an agreement to fully acquire Kindred at Home. Humana will acquire the remaining 60% of Kindred at Home. Humana purchased 40% ownership stake in 2018 and since then has collaborated closely with Kindred at Home. 

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The growth of the home healthcare market is attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, and growing development in the medical device industry. As per the United Nations (UN) estimation, by 2060, the geriatric population will reach 1.8 billion, which will account for 17.8% of the world's total population.

Based on product type, the global home healthcare market is segmented into therapeutic, diagnostic, and mobility assist. In 2020, the therapeutic segment held the largest share in the market. Moreover, the market for the diagnostic segment is expected to grow at the highest rate by 2028. A physician may recommend the benefits of home health therapy services following surgery, injury, or illness. Home therapy provides three different forms of care treatment—physical therapy, occupational therapy, and speech therapy. This factor is likely to boost the demand for home healthcare across the world during the forecast period.

A few prominent players operating in the home healthcare market are Fresenius SE & Co. KGaA, General Electric Company, LINDE, F. HOFFMANN-LA ROCHE LTD., A&D Company, Limited, LHC Group, Inc., BAYADA Home Health Care, Invacare Corporation, Abbott Care, Amedisys, and Kindred Healthcare, LLC.

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