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“When a loved one receives in-home care, it allows for them to maintain their routine and lifestyle in a familiar home environment. This allows them to maintain their independence, integrity, and self-confidence”
COVID-19 Impact on Home-Health Market
The COVID-19 pandemic has a mixed impact on the home healthcare market. As the home healthcare market consists of products and services, both have different effects. COVID-19 would positively impact home healthcare monitoring products such as blood glucose monitors, blood pressure monitors, pulse oximeters and temperature monitors.
Due to the coronavirus pandemic, one might be under the assumption that the home healthcare service industry would be booming because home healthcare providers would be able to treat the vulnerable and elderly population in the comfort of their homes.
Home Health Market Overview
The global home healthcare market size is projected to reach USD 298.2 billion by 2026 from USD 198.9 billion in 2021, at a CAGR of 8.4% during the forecast period.
Rapid growth in the elderly population and the rising incidence of chronic diseases, growing need for cost-effective healthcare delivery due to the increasing healthcare costs, and technological advancements of home care devices.
Changing reimbursement policies, limited insurance coverage, and concerns regarding patient safety are factors limiting the growth of the market to a certain extent. The growing popularity of tele-health and untapped developing regions present significant growth opportunities for players in the home healthcare market.
Home Health Market Evaluation
Rising aging population, high incidence of chronic diseases, and need to expand home healthcare access The growth of the aging population segment will boost the demand for healthcare and significantly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. This will prove favorable to the market for home healthcare, which can enhance the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
Growing demand for home care therapeutic devices
Rising healthcare costs have resulted in increased patient preference for home-based treatments. Products such as nebulizers, ventilators, and continuous positive airway pressure (CPAP) devices are used by patients to treat, diagnose, and monitor various respiratory diseases in-home care settings. These devices, along with home care services, provide cost-effective healthcare to patients. The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to the players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products, including nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.
Patient safety concerns In home care, the nurse-physician association involves lesser face-to-face contact, and the nurse is responsible for making assessments and communicating findings. This factor affects the degree of patient safety and outcomes. Another distinguishing characteristic of home healthcare is that clinicians offer medical care to each patient in a unique setting. However, there may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances.
We are Livefly Health Care, bring in tailor made professional and innovative home healthcare services, available 24/7 at your doorstep.We understand the importance of care needed by people with chronic conditions or disabilities and we aim to provide ‘cure at Home.’ Our team of skilled professionals are available at your service and care for you at your convenience and need.