The worldwide home healthcare market was valued at $195.9 billion in 2021, and in the next 10 years it is expected to grow further to $441.8 billion, i.e., at a CAGR of 8.5% across the forecast period.
It is well to be noted that home healthcare refers to a wide range of medical treatments that can be offered to people to treat diseases or injuries in the comfort of their homes. There are umpteen options that are available for patients who are looking to avail themselves of home healthcare as an option. Depending on the scenario surrounding every patient, the care can range from nursing to treatments that demand specialised care, like laboratory workups. Importantly, the doctor will go on to decide on the treatment’s course as well as any other home treatments that may come from the patient’s end. Relying on the health of the patient, the longevity of home healthcare might range from a brief period of time to longer instances.
Apparently, there were around 703 million people who were 65 years of age or older across the world in 2019, and as per the estimations made by the UN Department of Economic and Social Affairs, the number is going to rise to 1.5 billion by 2050. Furthermore, by 2050, it is also expected that there will be three times as many people who will be 80 years of age or older than the last figure of 143 million that was recorded in 2019.
The fact is that the ageing population happens to be more susceptible to chronic diseases, and hence, the progress of this particular demographic segment will push the demand for healthcare, thereby adding strain on governments and healthcare systems. As expected, the home healthcare market will benefit from it. It is to be noted that the healthcare that goes on to be provided at home cuts on hospital admissions, which are needless to say the least, readmissions, as well as money and time spent on getting transported to see a doctor.
Long-lasting chronic sickness happens to be a condition that can be managed, but healing it completely might not be possible. Chronic disease management as well as treatment have gone on to become top priorities. Notably, one chronic condition happens to be present in 50% of all the patients that receive home healthcare, and this percentage is anticipated to surge in the years to come. Chronic illnesses that go on to disproportionately have an impact on older people can go on to cause disability, lower quality of life, and at the same time raise the cost of long-term care, thereby creating widespread opportunities for providers of home healthcare.
Under the gamut of in-home care, there happens to be a lesser amount of face-to-face interaction between doctors and nurses, and most of the time it is the latter who is in charge of assessments and thereby shares findings. As expected, patient safety levels are impacted because of this. One more differentiating feature in the case of home healthcare is that every patient goes on to receive medical attention from a clinician based at a different location. Situational factors may as well create issues for patients that might not get eliminated. It is well to be noted that the environmental safety departments across hospitals are well-versed in taking care of such situations.