Home Healthcare Market size, Insights, Prospects, Growth Trends by 2031

Posted by Akshay Solanki on April 22nd, 2022

Rapid growth in the elderly population and the rising incidence of chronic diseases, as well as the growing need for cost-effective healthcare delivery due to rising medical costs and technological advancements in home care devices, have all contributed to the development of Home Healthcare.

The patient-centered approach of the Home Healthcare Market, as well as additional benefits such as improved patient outcomes, long-term care, cost efficiency, the elimination of unnecessary hospitalization, and the rising tendency to use home health care, are expected to drive market expansion.

Telehealth’s expanding popularity, along with unexplored new markets, present considerable potential opportunities for home healthcare providers. Changing reimbursement policies, limited insurance coverage on and concerns over patient safety can restrict market growth in the forecasted time period.

COVID-19 Impact Analysis:

On the home healthcare market, the COVID-19 pandemic has had a mixed impact. Since the home healthcare market is made up of both items and services, each has its own set of effects. COVID-19 has improved the market for a variety of home healthcare monitoring devices, including blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors.

Many home health businesses and providers have experienced a drop in business. Patient fear of contracting COVID-19, the decline in the amount of non-emergency elective surgeries and family presence at home have contributed to this decline, However, this downturn in the home healthcare industry is expected to end as the world recovers from the pandemic.

Key Trends and Drivers:

• Since the aging population is more prone to chronic diseases, it will increase the demand for healthcare and place a considerable burden on governments and health systems.
• Due to an increase in the prevalence of chronic disorders such as infectious diseases, diabetes, arthritis, cardiopulmonary, and cardiovascular conditions, which require continuous monitoring for efficient treatment, the diagnostic segment is expected to generate the most significant revenue over the forecast period.
• Healthcare expenses are rising all around the world as a result of technological breakthroughs, the complexity of operations, changing government regulations, high insurance rates, and limited coverages. Home healthcare treatment is a cost effective way to treat number of conditions and will keep driving growth in this market. 

Restraints and Challenges:

• It’s difficult to meet the critical care demands of patients at home due to a shortage of technology, especially life-sustaining and support-sustaining medical devices.
• There is an acute shortage of medical workers which is likely to hamper growth of this market. The number of healthcare workers needs to increase dramatically to meet demand in the coming years. A study by consulting firm Mercer projected that the U.S. would face significant healthcare worker shortages in the coming decade. By 2025, the firm forecasts a shortage of more than 400,000 home health aides and 29,400 nurse practitioners in the US.

Segmentation:

By Service:

• Skilled Nursing Services
• Rehabilitation Therapy Services
• Hospice and Palliative Care Services
• Unskilled Care Services
• Respiratory Therapy Services
• Infusion Therapy Services
• Pregnancy Care Services

By Indication:

• Cardiovascular Disorders & Hypertension
• Diabetes
• Respiratory Diseases
• Pregnancy
• Mobility Disorders
• Hearing Disorders
• Cancer
• Wound Care

By Product:

• Respiratory Therapy Equipment
• Insulin Delivery Devices
• Home IV Pumps
• Home Dialysis Equipment
• DiagnosticDiabetic Care Unit
• BP Monitors
• Multi Para Diagnostic Monitors
• Home Pregnancy & Fertility Kits
• Apnea & Sleep Monitors
• Holter Monitors
• Heart Rate Monitors
• MobilityWheelchair
• Home Medical Furniture
• Walking Assist Devices

Key Companies:

• Medline Industries, Inc.
• 3M Healthcare
• ConvaTec Group PLC
• McKesson Medical-Surgical Inc.
• Braun Melsungen AG
• Molnlycke Health Care
• Hollister Inc.
• Fresenius
• Abbott
• Resmed

Read More Interesting fact about this Insights: https://www.globalinsightservices.com/reports/home-healthcare-market-report/