Home health care is a diversified industry which includes doctor on call services, home nursing care, infusion services, companion care, telemedicine, medical devices and others. Home healthcare is particularly referred as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one’s medication routine.
The global home healthcare market is mainly driven by increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices. Growing incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases is expected to stoke the growth of the market.
With increasing health awareness among people, increase in a number of people diagnosed with chronic diseases such as diabetes cardiac disorders and respiratory diseases, the demand for home healthcare market is expected to grow in the near future. Increasing disposable income is enabling patients to take up home healthcare services. In addition, internet is responsible for providing integrated technology, which bridges treatment options.
The population of geriatric people is growing rapidly across the world. Geriatric population is more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of home healthcare market. However, changing reimbursement policies and limited insurance coverage may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is expected open alluring avenues for the market growth over the next few years. The growth of the aging population will further propel the growth prospects for the market for the next four years. This in turn, will drive the purchase volume of crutches, canes, and wheelchairs by aging population.
The global home healthcare market size is anticipated to reach USD 517.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.8% during the forecast period. Demand for home healthcare services is rising owing to benefits such as improved patient outcome, long term care, cost efficiency, elimination of unnecessary hospitalization, and patient preferred settings.