HOME HEALTHCARE MARKET ANALYSIS

Lack of proper reimbursement policies can hamper the global home healthcare market growth. Home healthcare enables patients to receive medical care, and other services in their home for treatment of diseases, injuries and permanent disabilities. However, absence of predefined and uniform reimbursement guidelines across regions makes home healthcare financially inaccessible for many people. Reimbursement rates for home healthcare services by public and private payers are usually lower than institutional care settings. This makes home healthcare an expensive choice for users despite its many clinical and social advantages over facility-based care. Various services covered under home healthcare like skilled nursing, therapy services, personal care, medical equipment and supplies have different and complex reimbursement procedures, depending on the payer. For instance, in 2021, according to the World Health Organization, in the U.S., only about 13% of average spending on long-term care was covered through public programs for home and community-based services, while over 50% was covered for institutional care. Such inconsistent and inadequate coverage policies fail to incentivize use of home-based solutions.

Market Opportunities: Growing adoption of mHealth applications and services

Growing adoption of mobile health (mHealth) applications and services can offer opportunity for global home healthcare market growth. As more people integrate smart devices and wireless technologies into their daily lives, there has been increase in use of mHealth to remotely monitor health status, manage medical records, provide telehealth consultations, and administer care at home. mHealth solutions allow healthcare providers to better connect with patients outside of traditional clinical settings. It empowers patients to take a more proactive role in their health and wellness. Real-time data collected through digital means can help providers intervene quicker if signs of health issues arise. Remote patient monitoring also alleviates the burden on overwhelmed healthcare systems by reducing unnecessary visits and hospital readmissions for many chronic conditions. According to a report published by World Health Organization in 2021, over 25 countries worldwide have implemented some form of remote patient monitoring programs with average cost savings of around 20%.