Home Healthcare Market Size to Surpass USD 786.85 Bn by 2032

The global home healthcare market reached USD 302 billion in 2022 and is project to hit around USD 786.85 billion by 2032 with a CAGR of 10.1% during the forecast period 2023 to 2032.

A range of medical services can be performed in the comfort of a patient’s own home to treat a disease or an injury. Home health care is typically less expensive, more convenient, and effective than treatment obtained in a hospital or skilled nursing facility (SNF). The possibilities for receiving home health care services for a patient are nearly limitless. Depending on the circumstances, care might range from nursing to specialized medical treatments such as diagnostic workups. The doctor will determine the treatment plan and any treatments that the patient may require at home. Depending on the patient’s health, home healthcare might last anywhere from a few days to several months.

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Increased prevalence of chronic diseases and rapid rise in the older population

Almost every country in the globe is seeing an increase in the number of older people and the proportion of them in their population. In 2019, the world’s population of people aged 65 and up totaled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. The proportion of the world’s population aged 65 and up went from 6% in 1990 to 9% in 2019. By 2050, that percentage is expected to climb to 16%, implying that one in every six individuals on the planet would be 65 or older. Additionally, people in their old age are more prone to chronic diseases and require long-term medical care, fuelling the demand for home healthcare.

Increasing healthcare expenditures are fueling demand for low-cost home health care services

Healthcare costs are increasing all around the world due to advancements in technology, the complexity of procedures, multiple illnesses in patients, changing government policies, high insurance premiums, and limited coverage. For instance, healthcare costs have risen dramatically in the US over the past several decades. The American Medical Association (AMA) identified three key factors driving healthcare costs, viz., population growth, population aging, and rising prices. Besides these, disease prevalence or incidence of medical service utilization is other vital factors fueling healthcare costs as well. Moreover, the high insurance premiums, increasing medical costs, and government policies are factors driving the demand for home healthcare services and products. This is, in particular true, for patients suffering from long-term ailments. Moreover, home healthcare services are comparatively cheaper than in-facility care. The cumulative effect of these factors is driving the home healthcare market.

KEY HIGHLIGHTS OF THE STUDY

• The services segment is estimated to grow at the remarkable rate and accounted the largest share throughout the study period.
• Branded generics dominate the generic drugs market in 2020, however pure generics is anticipated to surpass branded generics by 2027.
• Asia Pacific region is projected to grow at the fastest CAGR during the forecast period owing to the rapid penetration of local players in the market.
• North America dominated the home healthcaremarket and is projected to retain its trend throughout the forecast period.
• Diagnostic &monitoring devices poised to grow at the fastest rate during the foresee future.
• Rehabilitation holds the leading position in services segment; however, telehealth is growing at the outstanding pace during the forecast period.

Report Scope of the Home Healthcare Market

North America has the largest share of the home healthcare market, with the United States accounting for the majority of it

North America dominated the global home healthcare market in 2020 due to high patient awareness regarding the benefits of home care. Due to the growing aging population, government support, and the installation of a streamlined regulatory framework, North America dominated the long-term care industry in 2020. Medicaid accounts for over 60% of long-term care spending in the United States. One in every five Americans is anticipated to be at least 65 years old by 2050. With the adoption of the Patient Protection and Affordable Care Act, funding is expected to increase. The US accounted for the largest share of the North American market in 2020. The home healthcare business is one of the fastest-growing in the United States, and it is responsible for billions of dollars in savings by relocating treatment from traditional institutional settings to the patient’s home. For home health and hospice providers, the aging population provides significant tailwinds for patient volume and continuing growth.

The home healthcare business is one of the fastest-growing in the United States, and it is responsible for billions of dollars in savings by relocating treatment from traditional institutional settings to the patient’s home. For home health and hospice providers, the aging population provides significant tailwinds for patient volume and continuing growth. By 2030, all baby boomers will have reached the age of 65, causing one out of every five Americans to be categorized as retirees. The home health business is primed for expansion, thanks to the high frequency of disease, the need for assistance among the elderly, and the desire to receive care in the comfort of one’s own home.

Chronic diseases are the biggest cause of death and disability in the United States. Approximately 45 percent of the population suffers from at least one chronic disease, which lowers the patient quality of life and raises healthcare demand. Patients with diabetes, congestive heart failure, or chronic obstructive pulmonary disease, for example, require close attention from registered nurses who assist them with daily activities, especially as their conditions progress.

Chronic-care patients make for the majority of healthcare spending in the United States (about 75%). Providers are looking for less expensive options to care as healthcare expenses and premiums for employer-sponsored family coverage plans continue to grow. Home healthcare services are a very cost-effective treatment alternative, costing an average of USD 47 per day against over USD 1,000 per day in an inpatient rehab hospital or long-term acute care facility. Provident anticipates a growth in the use of home-based care settings over traditional institutionalized settings as value-based care continues to drive considerable reform across the healthcare industry.

Read Also: Surgical Equipment Market Size to Rise USD 19.95 Bn by 2032

Market Competitiveness and Business Outlook

The market is highly fragmented due to the existence of a large number of global and local competitors. In addition, foreign companies’ consolidation efforts are projected toincrease competition among rising and local market competitors.The report provides an extensive competitive analysis and profiles of the key market players

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