The global home health care market is projected to reach $298.2 billion by 2026—up from $198.9 billion in 2021, according to a new market research report by MarketsandMarkets, which provides quantified B2B research.
 
That represents an increase of 8.4% in the forecast period.
 
Major factors driving the global growth of this market includes rapid growth in the elderly population, the rising incidence of chronic diseases, a growing need for cost-effective healthcare delivery due to increasing healthcare costs, and technological advancements of home care devices, the report indicates.
 
In 2020, North America—consisting of the United States and Canada—dominated the global market, followed by Europe.
 
The large share of North America in the home health care global market is attributed to the rising prevalence of chronic conditions, high healthcare expenditure, high disposable income, superior healthcare infrastructure, and the increasing overall geriatric population, report says.
 
In 2019, there were 703 million people aged 65 years and over globally and that number is projected to reach 1.5 billion by 2050. Additionally, the number of people aged 80 and over is projected to triple from 143 million in 2019 to 426 million by 2050, according to the United Nations Department of Economic and Social Affairs.