DUBLIN, March 28, 2023 /PRNewswire/ — The “Home Healthcare Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type, By Services Type, By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
Global Home Healthcare Market is anticipated to witness impressive growth during the forecast period, 2024-2028. This can be ascribed to the rising prevalence of various chronic diseases among populations across the globe.
The rising demand for personal care especially among the geriatric population is a major factor driving the market growth significantly.
Home Healthcare provides a wide range of services available to users in their familiar surroundings. Home Healthcare is emerging as a significant option for providing health and care for multiple conditions especially associated with disability, rehabilitation after surgeries or injuries, and helping the elderly suffering from various age-related problems, among others.
People with chronic conditions along with those having difficulty in mobility, dependent children with severe health problems, and patients with mental disorders also require home healthcare. All these factors are expected to increase the demand for the home healthcare market in the coming years.
Rising Geriatric Population
The rising geriatric population across the globe supports market expansion. According to the World Health Organization (WHO) by 2030, one in every 6 people in the world will be aged 60 years or above. In 2022, the aged people population increased to 1.4 billion which was 1 billion in 2020.
By 2050, the world’s population of people aged 60 years or above will double. i.e., it will reach 2.1 billion and out of which 80 % of them will be living in developing countries. The common condition arising due to increasing old age include cataracts and eye problems, hearing loss, back and neck pain, osteoarthritis chronic pulmonary diseases, diabetes, stroke, cancer dementia, and Alzheimer’s disease.
Through home healthcare, the elderly are provided with a range of medical treatments, nursing care, and personal care by licensed healthcare professionals.
Home healthcare includes services such as Supervision for the patient with dementia or Alzheimer’s disease, caregiving for diseases such as Spinal Cord Injury (SCI), Traumatic Brain Injury (TBI), Ventilator care, monitoring vital signs, administering medications, Ostomy/gastrostomy care, feeding tube care, Catheter care, etc. hence, creating a huge market coverage and thus driving the Global Home healthcare market during the forecast period.
Rise in Global burden of Non-Communicable Diseases
According to the World Health Organization (WHO), approximately 41 million people (equivalent to 74% of all deaths globally) die each year suffering from Noncommunicable diseases (NCDs). Among the Non- Communicable Diseases, Cardiovascular Diseases account for approximately 17.9 million deaths annually, followed by 9.3 million deaths caused due to Cancer.
Chronic Respiratory Illness causes 4.1 million deaths and Diabetes causes 2 million deaths across the globe annually. Increased unhealthy eating habits and lack of physical activities are major driving forces giving rise to non-communicable diseases. Investing in home healthcare settings for the management of NCDs plays a very significant role in the management of NCDs, as these diseases generally take a longer period for getting cured.
Thus, the growing prevalence of NCDs, among the population around the globe makes patients more dependent on home healthcare now and then and thereby boosting the Global Home healthcare market growth.
Increased Focus on User-Centered Services
Home healthcare is experiencing a larger coverage as nursing and physiotherapy services for patients recovering from medical health conditions are being made available to people at their homes.
Along with the homecare medical facilities trained healthcare personnel, nurses, caregivers, and physiotherapists are available to the patients at their homes. With the growing urban-centric life, more nuclear families are being established rather than joint families therefore the aged people usually are left with no one around to take care of them.
Thus, in case of any injury or chronic illness, the aged population is left with the option of home healthcare service providers playing a significant role in helping them. Home healthcare is more in demand in the urban population preferably providing much assistance to the aged population among the nuclear families thereby creating a huge demand for the home healthcare market and thus driving the market growth in the future.
Availability of New Support Technologies
Remote patient monitoring technologies like telemedicine through which patient reports and diagnosis can be done are mostly being utilized in chronic illness so that caregivers can remotely keep an eye on their patients. Multiple hospitals and companies provide deliverable medical equipment for home healthcare settings.
Equipment such as Bilevel Positive airway pressure (BiPAP), ECG Monitor, O2 and Air gas cylinder, Oxygen concentrator, Patient automated beds, ventilator, wheelchair, etc. are made available at the home to monitor remotely a patient’s vital signs in the real time thereby ensuring the patient’s health safety and driving the home healthcare market growth.
The growing demand and adoption of mhealth i.e., Mobile health is a major factor supporting the telehealth segment and thereby supporting the Global Home Healthcare market. In telehealth, mhealth is a subsegment that aids the patient via mobile or the internet, the telehealth is accessed through certain home healthcare apps designed to regulate the patient’s disease monitoring and thus lowering the uneasiness to visit hospitals again and again during a chronic illness.
Meanwhile using the telehealth services diseases such as hypertension, diabetes, etc. can be mapped and regulated at the patient’s home through the apps provided in the devices, and the reports be assisted by a physician or doctor over the phone or internet through the home healthcare services.
F. Hoffmann-La Roche Ltd., Siemens Healthineers AG,3M, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, are some of the leading companies operating in the market.
In this report, Global Home Healthcare Market, the market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Home Healthcare Market, By Product Type:
- Continence Care
- Wound Care
- Ostomy Care
- Clinical Nutrition
- Respiratory Care
- Equipment & Housekeeping Supplies
Home Healthcare Market, By Services Type:
- Rehabilitation Services
- Pregnancy Home Care Services
- Nursing Services
Home Healthcare Market, By Region:
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/9ifveo
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