Northbrook, IL 60062 -- (SBWire) -- 05/19/2023 --The home healthcare industry is expected to experience rapid growth in the near future due to increased demand for home-based care services. The aging population, improvements in technology, and consumer preferences are driving the growth of home healthcare. This trend is likely to continue as more people seek out home healthcare services instead of going to a hospital or nursing home.
In addition, telemedicine and remote patient monitoring are becoming more popular as a way to provide healthcare services from a distance. This technology is expected to further drive growth in the home healthcare industry. As more people become comfortable with this technology, more providers will be willing to offer these services.
Finally, advances in robotics are expected to revolutionize the home healthcare industry. Robots will be able to assist with a variety of tasks, from taking vital signs and administering medication to providing companionship and social interaction with patients. This will allow home healthcare providers to offer more comprehensive services and increase the number of patients they can care for.
Home Healthcare market is projected to reach USD 340.2 billion by 2027 from USD 226.0 billion in 2022, at a CAGR of 8.5% according to a new report by MarketsandMarkets™. The increasing demand for home care due to the rising healthcare costs, growing older population coupled advancements in home healthcare technologies are the major factors driving the growth of this market.
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Driver: Rapid growth in the elderly population and rising incidence of chronic diseases
The UN Department of Economic and Social Affairs estimates that there will be 1.6 billion individuals over the age of 65 in the world by 2050, up from 771 million in 2022. In addition, it is anticipated that by 2050, there will be three times as many people 80 and older than there are today—143 million in 2019. Because an ageing population is more susceptible to chronic diseases, the growth of this population segment will increase demand for healthcare and significantly increase the strain on governments and health systems, benefiting the home healthcare market. Healthcare provided at home cuts down on needless hospital admissions and readmissions and the time and money spent commuting to see medical specialists.
Opportunity: rising focus on telehealth
The increasing adoption of telehealth services in the home healthcare market is providing a lucrative opportunity for healthcare providers and vendors. Home healthcare practitioners can still have an influence even when they are not physically there because of telehealth. It makes it possible to monitor a patient continuously and foresee future crises before they happen. Remote patient monitoring, virtual medical, health, and educational services are all included in the field of telehealth. Nurses or doctors can use audio-visual technologies during virtual sessions to assess a patient's condition and choose the best course of action, which may include giving care, writing a prescription, or, in some situations, sending the patient for additional treatment. Telehealth is increasingly beneficial to patients for these reasons.
Challenge: a scarcity of homecare workers
Home healthcare is a thriving industry with a high demand for workers. Personal care aides and home health aides are among the top 10 home healthcare jobs, according to the US Bureau of Labor Statistics' employment predictions for the period 2014–2024. Additionally, between 2021 and 2031, 924,000 personal care and home health aides are expected to be in demand. As a result, to meet the growing demand, home healthcare providers need to locate some 924,000 new patients (source: US Bureau of Labor Statistics).
Notable Home Healthcare mergers and acquisitions for 2021 – 2022 include:
- Humana and Walgreens Boots Alliance: In January 2022, Walgreens Boots Alliance (WBA) and Humana announced that they had reached a definitive agreement to combine their respective businesses in a merger of equals. The transaction is expected to close in the second half of 2022.
- CVS Health and Aetna: In March 2022, CVS Health and Aetna announced that they had reached a definitive agreement to merge their respective businesses. The transaction is expected to close in the second half of 2022.
- UnitedHealth Group and DaVita HealthCare Partners: In May 2022, UnitedHealth Group and DaVita HealthCare Partners announced that they had reached an agreement to merge their respective businesses. The transaction is expected to close in the second half of 2022.
- Optum and MedExpress: In June 2022, Optum and MedExpress announced that they had reached a definitive agreement to merge their respective businesses. The transaction is expected to close in the second half of 2022.
- Kindred Healthcare and Gentiva Health Services: In July 2022, Kindred Healthcare and Gentiva Health Services announced that they had reached a definitive agreement to merge their respective businesses. The transaction is expected to close in the second half of 2022.
Growth Drivers of Home Healthcare Market from macro to micro.
- Growing elderly population: The global population of people aged 65 and over is expected to grow from 703 million in 2019 to 1.5 billion by 2050. This growing elderly population is driving the demand for home healthcare services.
- Increase in chronic diseases: The prevalence of chronic diseases is increasing globally due to lifestyle changes, such as unhealthy diets, physical inactivity, and smoking. This is driving the need for home healthcare services as these patients require continuous monitoring and care.
- Technological advancements: Technological advances, such as telehealth, remote patient monitoring, and artificial intelligence, are driving the growth of the home healthcare market. These technologies enable healthcare providers to provide quality healthcare services remotely.
- Increasing government initiatives: Governments around the world are taking initiatives to promote the adoption of home healthcare services. These initiatives aim to reduce healthcare costs and improve patient outcomes.
- Growing preference for home healthcare services: Patients are increasingly opting for home healthcare services due to their convenience and cost-effectiveness. In addition, home healthcare services reduce the risk of nosocomial infections, which are associated with hospital stays.
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Hypothetic challenges of Home Healthcare market in near future:
- Increased Competition: With the emergence of new home healthcare companies, the market is becoming increasingly competitive, and it will become increasingly difficult for companies to differentiate themselves from their competitors.
- Limited Resources: Home healthcare providers often have limited resources to meet the needs of their patients. This can create difficulty in providing quality care and can limit the types of services they can offer.
- Regulatory Challenges: As more home healthcare services become available, regulations and standards become increasingly important to ensure quality care and patient safety.
- Technological Challenges: As technology advances, home healthcare providers must keep up with new technological advances to provide the best care for their patients.
- Cost Challenges: Home healthcare can be expensive, and many patients may not be able to afford the cost of care. Home healthcare providers must find ways to reduce costs and make care more affordable for their patients.
Top 3 use cases of Home Healthcare market:
- Remote patient monitoring: Remote patient monitoring allows healthcare providers to track patient health information and vital signs from the comfort of their home. The data collected from remote patient monitoring can be used to make informed decisions about patient care and guide treatment plans.
- Telemedicine: Telemedicine allows patients to access medical care without having to physically visit a doctor. Healthcare providers can use telemedicine to diagnose and treat medical conditions, provide medical advice, and prescribe medications remotely.
- Homecare: Homecare services provide in-home assistance to elderly and disabled individuals who are unable to complete daily tasks on their own. Homecare services can range from providing assistance with daily activities to providing medical care such as wound care and medication management.
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Home Healthcare Market Size 2022, Share, Key Players Analysis Report and Forecast to 2027
In May 2021, BrightStar Care and Home Care Assistance, two of the leading providers of in-home senior care services, announced their merger. The companies will be combined to form a new company, BrightStar Care Home Care Assistance, to offer a range of services, including home health care, assisted living, and post-acute care.