Why Is The Home Healthcare Market Sure To Boom?

The rise in treatment cost is the biggest concern area among the health organizations and the government, and these organizations are trying their best to curb the increase in health costs.

Healthcare at home is an efficient alternative, and this is a better option too as compared to expensive hospitals. The treatment cost at home is far less than the same treatment in a hospital. This setting helps to save cost and gives a driver to the healthcare market.

The growing workforce that is entering the service is translating the increase in demand in this industry. The growth of the geriatric population is the major driver for the growth in this market. It is estimated that the geriatric population will more than double by the year 2050. This group will need long-term care to treat chronic diseases, and thus the home healthcare will give them the best possible alternative as well as affordable quality.

The maintenance, as well as establishment of hospitals, is very cost intensive and one needs to invest large amounts in the capital and operational expenses. Therefore most of the providers that help acquisitions are entering the growing healthcare market at home which will help them to capitalize on the available opportunity and help to curtail costs.

The diagnostic equipment accounts for more than 35% of the home healthcare equipment market and is expected to gain its share because of the prevalence of diabetes and cardiopulmonary diseases. This is also because of the long-term illnesses that require constant diagnosis and usage of BP monitors and fertility tests.

The rehabilitation services were more than 50% of the overall home healthcare service market, and this was because of the growth in surgery rates that pertained to trauma.

North America has the highest revenue share in the regional market which is over 40%, and this is because of the presence of sophisticated medial infrastructure. This is also because of high awareness in patient’s levels and higher health expenditure levels.

Asia Pacific is also expected to witness growth in the forecasted period. This is because of the progressive economy, high unmet needs of the huge population, reforms to improve infrastructure and availability of skilled labor that will help to govern the growth of this region.

The major players are into many strategic initiatives such as regional expansion collaboration and mergers and acquisitions.

The global market for Home Healthcare was worth USD 227.5 billion in the year 2016 and is estimated to grow at a CAGR of 9%. This is estimated to reach USD 349.8 billion by the year 2021. It is expected that the global health market will see a remarkable growth in the years to come. The home health care intends to offer many administration benefits to patients in the comfort of their home. The home health care business has been already developed to treat minor wounds and illness in patients. This is because it is a more viable option and also less expensive.

In this rapidly developing world which is mobile and free, the healthcare business remains completely established and brought together. The inclination of customers to benefit from the quality administration from the comfort of their home requires the decentralization of the health care admin to guarantee care and accommodation to the patients in need.

The need for cost-effective health care is on the rise and the global home healthcare market is driven by the rise in the geriatric population across the globe. However, the only constraint on the growth of this market is the reimbursement policies, the limited coverage of insurance and the risk of the home care workers.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Home Healthcare Market a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Healthcare tit-bits.

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