According to a survey by WHO, the number of people with diabetes has escalated from 108 million in 1980 to 422 million in 2014. In 2016, diabetes caused 1.6 million deaths. Additionally, cancer happens to be the second leading cause for deaths in 2018 according to WHO. Now, the people suffering from diabetes, cancer, and other chronic ailments such as cardiovascular and respiratory diseases generally lack energy and ability to perform daily tasks and therefore, prefer in-home care, which is creating a myriad of opportunities in the Home healthcare market.
On the back of incrementing population of geriatrics, who are estimated to reach 1.4 billion by 2030 by the United Nations, the burden on hospital organizations is increasing as well as causing economies a substantial chunk of yearly expenses. According to a fresh market research report by IndustryARC, the demand in the global home healthcare market will escalate at a healthy rate of 6% to 8% over the course of the next five years, attaining a value of $345 billion by the year 2020.
This information is based on a business intelligence report by IndustryARC that includes market growth analysis, competitive landscape, and market share with a detailed analysis of products and services associated with the home healthcare market. The report is titled, “Home Healthcare Market: By Products (Dialysis, Diabetes, Drug Delivery, Essential, Mobility, Respiratory & Others); Services (Rehabilitation, Skilled, Unskilled, Virtual, Hospice, Companion, Social & Others) Forecast (2018-2023).”
Browse 53 Market Tables, 176 Figures spread through 185 slides and an in-depth TOC on “Home Healthcare Market (2018 - 2023)”
Home Healthcare Market Stroking Demand for In-home Care Products and Services –
Upsurge in Home Healthcare Driving Healthcare Equipment Market Growth –
Similar to hospitals, in-home care requires infrastructure and paraphernalia needed to treat a particular condition. So, the healthcare services need to dedicate some products and equipment to home healthcare section which is driving the growth of the healthcare equipment market.
The Need for Competent Staff in Healthcare Service –
- Home healthcare market growth is leading to opportunities in healthcare services in general. However, there is a tangible demand for skilled healthcare professionals for at-home. This is especially because unlike in hospital healthcare services, nurses working in home health care communicate less with their superior physicians. So, nurses in home healthcare services do more paperwork and are more competent and proactive which is also leading to demand of Registered Nurses (RNs), Licensed Practical Nurses (LPN's), and Home Health Aides (HHAs).
- This happens to be a major factor associated with the competition in this niche, and the healthcare organizations that provide better services will have more market share.
- It is also a major factor responsible for the overall cost of home healthcare services, which is being detrimental to the home healthcare market growth in countries with poor economies like the ones in Africa.
The Growing Population of Aged People Influencing Home Healthcare Market –
United Nations predicts that the population of people beyond 60 years of age will be double from 2015 to 2050, and the population was already 962 million globally in 2017. Now, aged people are vulnerable to a gamut of geriatric conditions that may or may not be fatal but require domiciliary care or custodial care that may also require HCPs like Occupational Therapists (OTs) and Physical Therapists. It is essentially non-medical care which helps aged individuals with their basic care in order to provide them with a better quality of life. This demand has bolstered the home healthcare market growth rate in developed countries like the U.S. and the UK because of the reimbursements offered for specific equipment and health policies of the government and private entities. Moreover, in countries like England, the government provides social care in which Medical Social Workers (MSWs) are hired for personal care of patients.
One of the major market leaders in home healthcare services is Baxter, which is a non-profit organization leading the segment for the last 30 years. GE Healthcare and Bayer are also prominent players in the home healthcare market. Phillips Healthcare has reported its home healthcare market growth to be consistently increasing by 6-8% with market size of 2.3 billion.
The number of people suffering from serious conditions like diabetes, cancer, and some other chronic diseases is continuously increasing. Furthermore, the incessant increase in the number of people aging beyond 60 years and vulnerable to geriatric problems coupled with the need for a better quality of life will enhance the home healthcare market growth rate between 2018-2023.
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Healthcare Equipment Market: By Type of Equipment (Diabetes care devices, Hearing aid devices, Drug delivery devices, Respiratory care devices & Patient monitoring devices), By Application (Home & Commercial) & By Region-Forecast (2018-2023)
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