Home Health Care Market – Current Scenario and Future Growth Analysis by 2024

Global Home Health Care Market: Snapshot

The demand in the global home health care market is expected to multiple in the near future, gaining traction from a number of factors, such as growing aging population who face trouble with repeated visitors to the hospitals and diagnostic centers, rising incidences of chronic diseases, rapidly incrementing healthcare costs, which in turn has escalated the need for affordable treatment options, technological advancements in the medical diagnostic products and pharmaceuticals, and government initiatives to promote home health care.

On the other hand, factors such as changing reimbursement policies, patient safety concerns, and limited insurance coverage are challenging the market for home healthcare from attaining its true potential. Nevertheless, the companies operating in the global home health care expected to gain new revenue opportunities from the shifting trend towards telehealth and vast unmet demand in the developing regions, provided they can fulfill the requirement of skilled home care workers.

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Based on product, the global home health care market can be segment into testing, screening, and monitoring, therapeutic, and mobility care, with various sub-segments. On the basis of services, the market can be categorized into rehabilitation, infusion therapy, unskilled care, pregnancy care, respiratory therapy, skilled nursing, and hospice and palliative care. Software-wise, the market can be bifurcated into agency software, clinical management systems, and hospice solutions. Geographically, the report evaluates the potential of all major regions such as North America including the U.S. and Canada, Europe including Germany, France, the U.K, and Russia, and Asia Pacific, which houses a number of emerging economies such as India, Japan, and China.

Global Home Health Care Market: Overview

The global home health care market is likely to exhibit impressive growth in the next few years. Home health care offers various services to patients in the comfort of their home. Home health care has been growing in popularity for the treatment of minor injuries and illnesses among patients, as it is less expensive and as effective as hospital-based medical care.

In an increasingly mobile and independent world, health care services alone remain rooted in a professionally controlled and centralized setting. However, the paradigm change in consumer preference to avail quality services from the comforts of their home is necessitating decentralization of health care services to ensure convenience and care to patients. The market study presents insights into the emerging trends in the home health care market and discusses the factors fueling demand in the key market segments.

The research report provides a comprehensive overview of the global home health care market and analyzes the challenges and opportunities that this market may witness during the forecast period. The report identifies the services and software segments exhibiting high CAGRs, besides exploring the opportunities demonstrated by the most lucrative regional markets. Innovations in telehealth technology and its influence on the overall market dynamics is also evaluated in the report.

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Global Home Health Care Market: Key Trends and Opportunities

Rising global geriatric population, increasing incidence of chronic ailments, favorable government initiatives, and growing demand for affordable health care delivery systems are the key factors fueling demand in the global home health care market. On the other hand, inadequate insurance coverage, changing reimbursement policies, and rising patient safety concerns are the major restraints of the market.

The global home health care market is primarily driven by significant demand for testing, monitoring, and screening products; mobility care products, and other therapeutic products. Of these, demand for products used in the testing or diagnosis of diseases is rising. For instance, having portable devices such as blood pressure monitors, heart monitoring systems, HIV test kits, pulse oximeters, peak flow meters, and ovulation and pregnancy kits at the disposal of a patient is essential to ensure that patient care is provided at their homes efficiently. However, the products needed may vary from one patient to another depending upon their ailment and present condition. Similarly, demand for mobility care products such as crutches, mobility scooters, cranes, and walkers is rising due to market expansion of home health care.

The home health care market comprises services such as rehabilitation services, unskilled care services, infusion therapy services, respiratory therapy services, skilled care services, pregnancy care services, and palliative care and hospice. Demand for infusion services is increasing rapidly across the world.

The most common delivery modes adopted in home health care are on-premise, web-based, and cloud-based. Rise in demand for improved security and accessibility drives the cloud-based delivery segment. Furthermore, the rapid proliferation of cloud computing in the health care industry is aimed at reducing the burden on the health care system. This fuels demand for cloud-based delivery.

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Global Home Health Care Market: Regional Outlook

North America is the most lucrative market for home health care. Implementation of favorable government policies and reimbursements for devices and services are likely to boost the growth of the home health care market in North America.

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