Home Healthcare Market Size Is Poised To Reach 6.91 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on March 18th, 2024 San Francisco, 18 March 2024: The ReportHome Healthcare Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Indication (Cardiovascular Disorder & Hypertension, Diabetes & Kidney Disorders), By Region, And Segment Forecasts, 2024 - 2030 The global home healthcare market size is expected to reach USD 666.91 billion by 2030, according to a report by Grand View Research, Inc., expanding at a CAGR of 7.96% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth. As per the Population Reference Bureau data updated in June 2024, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030. The establishment and maintenance of hospitals and other healthcare establishments are capital-intensive efforts. Hence, healthcare solution providers are now entering the rapidly growing market in an attempt to capitalize on the available opportunities and contain costs. Although hospital-at-home models are less prevalent in the U.S. than they are in other countries, several noteworthy initiatives have been undertaken in the past decade. These include programs at Johns Hopkins, Marshfield Clinic Health System, and Mount Sinai, which partnered with PE-backed Contessa in 2016. Moreover, these organizations engage extensively in mergers and acquisitions to expand their regional presence. Hospitals such as Apollo (Apollo Homecare) and Max (Max@Home) have entered the Indian homecare industry. Some have also established joint ventures, including the Burman family (promoters of Dabur) and UK-based Healthcare at Home, as well as India Home Healthcare and Bayada Home Healthcare, based in the U.S. The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period. This can be attributed to rising demand for cost-effective alternatives to curb rising healthcare costs and growing penetration of virtual and remote care industry. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Home healthcare is a cost-efficient alternative to an expensive hospital stay. For instance, as per a report by The Commonwealth Fund, “hospital at home,” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in cost of care. This helps ensure patient comfort and is projected to serve as a high impact rendering driver of the market. Request sample report of Home Healthcare Market@https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry/request/rs1 Advancement in technology is expected to favor the home healthcare market growth. The use of technology, such as telemedicine and remote patient monitoring, is also driving innovation in the market. These technologies enable home healthcare agencies to monitor patients remotely and provide timely interventions, which can improve patient outcomes and reduce healthcare costs. The integration of remote patient monitoring devices such as smart sensors, telehealth platforms, medical monitoring devices, and many others is expected to boost the demand for these services globally. Home Healthcare Market Report Highlights
Rising awareness of home care facilities and disposable income is leading to demand of for home healthcare services. The bed-ridden and old patients opt for home healthcare services and products, as it reduces readmission to hospital and recovery rate is higher in comparison to in-hospital. Companies are also focusing more on untapped countries such as India and China. For instance, Apollo Homecare offers long term plans for various categories such as ortho rehab, heart rehab, neuro rehab, lung rehab, mother & baby care, and elderly care. These programs include medical supervision and personalized healthcare services. The COVID-19 pandemic had a substantial impact on market expansion. COVID-19 has raised the demand for patient monitoring in region such as Asia and MEA as a result of hospital visit restrictions. Government agencies provided various services to help monitor condition of COVID-19-infected individuals. For instance, in April 2020, the Ministry of Health of Saudi Arabia released an app designed to track the health of individuals suspected of having COVID-19. During the pandemic, the government made attempts to monitor the health of patients, contributing to the expansion of the market. Moreover, during the post-pandemic period, the growing usage of patient monitoring across MEA is anticipated to boost the market. Home Healthcare Market Report Scope
The market is highly fragmented due to presence of large number of multinational as well as local market players. Moreover, the activities such as home healthcare marketing strategies undertaken by multinational companies are estimated to increase competition in home health care industry. Players in the home healthcare market undertake the strategy to strengthen their product portfolios and offer diverse technologically advanced & innovative products to their customers. Key Home Healthcare Companies:
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