The global home health hub market is expected to grow at 28.06% (CAGR), thereby growing from US$975.581 million in 2024 to US$3,359.636 million in 2029.
Home health hubs are centers with medical devices and customized solutions that address a person’s health needs. Their services focus on elevating the wellness of people, especially the elderly, by putting their health at the center of care. In comparison to the conventional healthcare system, the home health hub offers greater convenience and effectiveness.
The increased internet penetration and innovation of medical gadgets, followed by the growing demand for customized healthcare services, have provided a major scope for home health hubs in the current period. Moreover, the rising elderly population and prevailing chronic diseases have increased the need for continuous patient monitoring, which has further led to an upward market trajectory.
The ongoing transition to a new technological approach in medical applications, followed by the introduction of e-medical gadgets and e-diagnosis, coupled with government support for home-based medical diagnosis, drives the global home health hub market growth.
Global Home Health Hub Market Drivers:
The home health hub offers personalized services, safety, convenience, and greater independence to elderly people and saves them from frequent hospital visits. In today’s scenario, the elderly population accounts for a certain portion of the overall population, and in the coming, it is expected to show constant growth. For instance, according to the “World Population Aging 2023” report by the United Nations, the elderly population accounts for 20% of the overall population in developed nations, 9% in developing nations, and 3.7% in least developed nations. The same source also stated that the percentage share of people aged 65 years and above in the global population will reach from 10% in 2022 to 16% in 2050.
Older people with less access to hospitals and who are unable to reach medical or healthcare centers due to physical problems will be highly reliant on home health hub systems for diagnosis and other treatment purposes. The constant growth in the geriatric population is anticipated to further drive the demand for personalized healthcare services, positively impacting the demand for home health hubs in the coming years.
To increase the access of medical care to elderly people, various strategic investments and initiatives are being undertaken by government and private players to establish home care centers. For instance, in September 2023, senior care service provider KITES, in collaboration with Ahavaa Eldercare, established a senior care center in Chennai to make expert eldercare services accessible to the elderly in the state.
Likewise, as per the December 2023 White House press release, the investments in home and community-based services (HCBS) reached nearly US$37 billion, which aimed to improve the long-term care system for senior citizens and individuals with disabilities across all 50 states. Such investments in home care services and nursing centers have paved the way for the future market expansion of home health hubs in the coming years.
Global Home Health Hub Market Segment Analysis
Based on end-users, the global home health hubs market is divided into hospitals, nursing homes & assisted living facilities, home care agencies, and healthcare players. The nursing homes & assisted living facilities segment is expected to show significant growth during the given time frame, fuelled by ongoing investments in expanding old-age nursing homes and community centers.
Government-backed campaigns and programs to increase medical access for the elderly and disabled have provided a major boost to the establishment of nursing homes. Likewise, home care agencies and hospitals are poised for positive growth owing to favorable investments in bolstering local healthcare infrastructures and clinics.
North America will hold a significant share of the market.
The global home health hubs market, region-wise, is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region will account for a considerable market share fuelled by the ongoing investments to promote elderly care and increase healthcare service access to it.
Major regional economies, namely the United States, are witnessing the establishment of nursing homes and senior care centers in major states such as New York. Moreover, implementing new home health hub-associated initiatives by major organizations has led to an upward market trajectory.
The Asia-Pacific and European regions are expected to grow constantly during the given timeframe, whereas the Middle East and Africa will account for a minimal market share.
Global Home Health Hub Market Restraints:
Though home health hubs are experiencing various investments and campaign implementation to bolster their preference, such healthcare systems rely mainly on efficient healthcare services and nursing staff. In various nations, especially in developing and underdeveloped nations, the availability of such staff is very minimal, and due to a lack of proper infrastructure, the level of services also deteriorates. According to Oracle’s April 2023 article, the healthcare industry though is growing but is experiencing a shortage of nurse assistants and home health aides.
As per the same article, the hard-working conditions put an emotional and physical burden on old primary care physicians, due to which most of them are planning to stop seeing patients in the near future. Such lack of staff availability and harsh conditions will hamper the overall market expansion.
Global Home Health Hub Key Development:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Home Health Hub Market Size in 2024 | US$975.581 million |
| Home Health Hub Market Size in 2029 | US$3,359.636 million |
| Growth Rate | CAGR of 28.06% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segmentation |
|
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Home Health Hub Market | |
| Customization Scope | Free report customization with purchase |
The Global Home Health Hub market is segmented and analyzed as given below: