New York , Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global home healthcare services market size is estimated to attain at 9% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 635 billion by the end of 2033, up from a revenue of USD 320 billion in the year 2022. The pretty expensive healthcare costs around the world are increasing the demand for market in the coming years. As per the Organization for Economic Cooperation and Development, the healthcare spending of the U.S. in 2021 recorded a value of USD 12,318 for a single person. The number of people staying in hospitals for surgeries or other chronic illnesses is increasing rapidly owing to the aged population and unhealthy eating habits which in turn propel the market size.
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Further, the invention of remote patient monitoring (RPM) reduces the cost of traveling and hospital visits which is likely to boost the market size. The adoption of RPM services by many hospitals and clinics to increase the patient base, promote health benefits, and doorstep service to enhance patient satisfaction is propelling the market growth. Healthcare providers are focusing on the improvement of device technology to virtually connect with expert medical professionals is also projected to hike the market expansion. From 2016 to 2022, the RPM devices utilization increased four times rising from 10% to 28% while virtual doctor visits increased from 12% in 2016 to 75% in 2022.
Home Healthcare Services Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The dialysis equipment segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Rise in the Implementation of TeleHealth Amenities is Projected to Boost the Growth of the Home Healthcare Services Market
Demand for online consultations with physicians and, the use of telecommunications solutions in the healthcare sector to connect with doctors abroad is intensifying the market expansion. According to a study conducted in 2022, the percentage of online consultations rose by over 85% from 2021 while the percentage grew by more than 70% in the metro cities across India. The market growth is attributed to the usage of chatbot technology in telehealth care services. Integration of machine learning, data analytics, and artificial intelligence is multiplying the capabilities of telehealth platforms which in turn drives the market size. The presence of fewer medical professionals and the imbalance in traditional healthcare methods is fueling the market demand for telehealth during the forecast period.
Home Healthcare Services Industry: Regional Overview
The global home healthcare services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Installation of High-End Technology in Hospitals is Predicted to Influence the Market Growth in North America Region
The North America region market is expected to garner a significant market share of 39% during 2023-2033. The market growth is attributed to the increasing usage of technology in the healthcare sector of the region with improvement in diagnosis and treatment methods. The benefits of home care services for elderly individuals who cannot travel or take care of themselves are boosting the opportunities for market growth in the region. The number of office-based doctors in the U.S. using e-health increased from approximately 20% in 2001 to nearly 90% in 2021. The presence of reimbursement policies for patients and high rates of geriatric population in the region is escalating the market expansion.
Growing Healthcare Expenditure and the occurrence of Chronic Disease are Estimated to Hike the Market Expansion in the Asia Pacific Region
The Asia Pacific region market is expected to shoot up the second-largest market share by 25% in the coming years. Government investments in private healthcare sectors and reimbursement facilities for major surgeries for all kinds of patients are estimated to spread the progress of the market in the region. Home visits to collect samples for blood tests or urine tests save time for people in their present busy lives and also the easy booking and cancellation of appointments is spreading the market size. As per a report, the home collections in Delhi, India increased by over 110% from March to April 2022.
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Home Healthcare Services Segmentation by Product
- Peak Flow Meters
- IV Equipment
- Coagulation Monitors
- Dialysis Equipment
The home healthcare services market dialysis equipment segment is projected to garner a significant market share of 30% by the end of 2033. The changed habits of people following a sedentary lifestyle causing obesity, overweight, and cholesterol issues are driving the growth of the market segment during the forecast period. Further, owing to diseases such as heart failure, high blood pressure, kidney disease, diabetes, and others are projected to hike the market segment size across the world. Also, a rise in bedbound patients with dialysis requirements is estimated to fuel the market segment growth. The number of patients with home dialysis services in the U.S. rose from 7.5% to 13.4% from 2011 to 2021 according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK).
Home Healthcare Services Segmentation by Type
- Physician Care
- Nursing Care
- Occupational & Speech Therapy
- Physical Care
- Medical Social Services
- Others
The home healthcare services market nursing care segment is estimated to register a market share of 20% during the forecast period. Families with aged people need special caretakers to help the elderly with their daily activities. As old people cannot take care of themselves they need someone to remind them to take medicines, assist them in using the toilet, and for some, even to walk and eat. Besides, the increase in the number of patients suffering from Alzheimer's and dementia around the globe is reckoned to extend the size of the market segment. In addition, an increase in the need for support for specially challenged people, people with disabilities owing to accidents, trauma, surgeries, and pregnant and postpartum women is expected to boost the market segment growth. There is a need for 1 million direct caregivers in the U.S. for people with dementia by the end of 2030 as per the reports. As of 2022 data, over 18 billion hours of service were provided by the caretakers without any wage which amounts to USD 340 Billion as per the estimations.
Home Healthcare Services Segmentation by Payer
- Private Health Insurance
- Public Health Insurance
- Personal Savings
A few of the well-known market leaders in the global home healthcare services market that are profiled by Research Nester are Amedisys, Inc., LHC Group Inc., Brookdale Senior Living Inc., Trinity Health, AccentCare, Inc., BAYADA Home HealthCare, Kindred at Home., Home Instead, Inc., Sompo Care Inc., Extendicare, Inc., and others.
Recent Development in the Home Healthcare Services Market
- Extendicare, Inc. sold its retirement living operations to Sienna-Sabra LP which is a firm partnership between Sienna Senior Living Inc. and SABRA Health REIT. The sale included 1048 retirement suites in 11 retirement communities of Ontario and Saskatchewan for a price sale of USD 307.5 Million.
- Amedisys and Optum decided to merge their services and declared the common stock of Amedisys for a value of USD 101 per share. The combined organizations are dedicated to providing value-based comprehensive and compassionate care to patients and the patients' families.
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