Global home healthcare market is expected to witness growth due to increasing geriatric population and rising healthcare costs
Global Home Healthcare Market is estimated to be valued at USD 401.10 Bn in 2024, exhibiting a CAGR of 8.3% over the forecast period 2024-2031. Furthermore, increasing geriatric population who are prone to chronic diseases can boost demand for home based healthcare services.
Market Dynamics:
Global home healthcare market growth is driven by factors like rising geriatric population and increasing healthcare costs. Ageing population increases the prevalence of chronic diseases such as diabetes, heart disease, respiratory diseases, and others. Caring for elderly patients with complex health conditions at home is preferable and more cost-effective than hospitalization or care in a nursing home. Home healthcare allows treatments and services to be delivered at lower costs as compared to facilities such as hospitals and clinics. This is appealing to both patients and governments. Home healthcare helps in reducing dependence on over-burdened hospitals while being more convenient and affordable for patients.
Growing Geriatric Population with Need for Home Care
Geriatric population aged 65 years and above is more susceptible to chronic diseases, disabilities and loss of independence, and this boosts demand for home-based healthcare services. Home healthcare allows the elderly people to receive medical care, rehabilitation or assistance with daily living activities while living independently in the comfort of their own homes. This reduces both the costs and heavy influx into hospitals and nursing homes.
Preference for In-Home Care Over Institutional Facilities
Many patients prefer to receive long-term care at home instead of moving to nursing homes or other institutional facilities. Home healthcare offers continuity of care in a familiar environment that can speed up recovery and improve health outcomes. It also ensures family support systems can remain intact. Rising out-of-pocket medical costs have also pushed people to opt for lower-cost home healthcare solutions. Growing popularity of home-based palliative and hospice care is can drive the home healthcare market.
Shortage of Qualified Healthcare Professionals
Growing shortage of qualified nurses, personal care aides, therapists and other medical professionals trained to provide in-home care services can hamper the market growth. This shortage limits the ability to scale up operations and meet rising demand from patients seeking home-based services. High patient load and stressful work conditions contribute to regular turnover in home healthcare staff.
Reimbursement Issues with Public and Private Insurers
Complex regulations and reimbursement policies regarding home healthcare services vary greatly between countries, regions, and public and private insurance providers. Large parts of the costs associated with medical equipment, medications, physician visits and long-term care are often not covered under insurance policies. This high out-of-pocket burden prevents many patients from opting for cost-effective home healthcare solutions. Persistent lobbying is required to streamline regulations and improve coverage.
Advancements in Remote Patient Monitoring Technologies
Technological developments in telehealth, wireless monitoring devices, mobile apps and cloud-based services have allowed for remote patient monitoring and management without daily in-home visits. Constant digital connectivity allows caregivers to track vital signs, symptoms and medication adherence from any location, which is a huge advantage over traditional home healthcare models.
Growing Demand in Developing Nations
Though developed nations currently dominate the home healthcare market, rapidly aging population and inability of many families in developing countries to afford institutional care create a major untapped market potential. Governments and healthcare providers in emerging economies are recognizing the socioeconomic benefits of home-based systems. Partnerships to develop culturally appropriate and low-cost service delivery models could unlock new revenue streams globally.
Link - https://www.coherentmarketinsights.com/market-insight/home-healthcare-market-840
Key Developments
- In June 2023, Amedisys, a provider of home healthcare services, merged with Optum, a diversified health services company. Amedisys offers personalized home health and hospice care, conducting over 11.2 million home visits annually.
- In May 2023, Medtronic, a medical device company, announced its acquisition of EOFlow Co. Ltd., the manufacturer of EOPatch, a tubeless, wearable, fully disposable insulin delivery device
- In May 2023, Home Instead, Inc., a comprehensive home care provider for elderly people, partnered with Meals on Wheels America to raise awareness, funds, and recruit volunteers to assist elderly community members and tackle health-related challenges
- In April 2023, Health Care At Home Private Limited (HCAH), a home healthcare service provider, acquired Nightingales Home Health Services, a company specializing in tailored home healthcare solutions
- In March 2023, Koninklijke Philips N.V., a technology company, launched the Philips Virtual Care Management solutions and services portfolio, aimed at improving patient engagement and health outcomes through extensive telehealth capabilities
- In February 2023, OMRON Healthcare, a medical equipment company, introduced new educational features in its OMRON Connect mobile application, including summaries of studies, information on AFib detection, and guidance on behavioral and lifestyle changes to reduce the risk of heart attack and stroke
Key Players: Kindred Healthcare, LHC Group, Amedisys, Encompass Health, AccentCare, Brookdale Senior Living, BAYADA Home Health Care, Almost Family Inc., Addus HomeCare, Elara Caring, Interim HealthCare Inc., Trinity Health At Home, Right at Home LLC, Home Instead Senior Care, Compassus, Aveanna Healthcare, Maxim Healthcare Services, VITAS Healthcare
