openPR Logo
Press release

Home Healthcare Market: Opportunities & Challenges

11-05-2019 06:55 AM CET | Health & Medicine

Press release from: MarketsandMarkets

Home Healthcare Market

Home Healthcare Market

The global home healthcare market is expected to reach USD 353.56 billion by 2022 from USD 237.05 billion in 2017 at a CAGR of 8.3%.

Growth in this market is mainly driven by the growing geriatric population, increasing incidence of chronic diseases, and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare. Rising awareness on the convenience and cost-effectiveness of home healthcare products and services is also aiding market growth. Moreover, the increasing adoption of telecommunications in healthcare has helped the development of the telehealth market segment. However, changing reimbursement policies, limited insurance coverage, and patient safety concerns are some factors that may hinder the growth of this market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=696

What are the opportunities because of rising focus on telehealth?

Telehealth enables home healthcare providers to make an impact, even by not being physically present. It enables round-the-clock monitoring of a patient and helps predict a potential crisis before it occurs. Telehealth encompasses a broad variety of technologies and tactics to deliver virtual medical, health, and education services, such as remote patient monitoring and mHealth. Through virtual sessions, nurses or physicians can evaluate a patient’s condition using audio-visual tools and decide the next steps to be taken—from providing care, to issuing a prescription, or in some cases, referring the patient for follow-up care. For such reasons, telehealth is increasingly becoming invaluable to patients.

In addition to increasing patient satisfaction, implementing telehealth on a national scale would also save money by shifting the cost of care from high-cost settings like emergency rooms to the much lower cost of telehealth services. Telehealth has helped improve the lives of many patients in the US—according to the American Telehealth Association (ATA), around 15 million Americans benefitted from telehealth services in 2015. This was expected to grow by 30% by 2016. In addition, due to the wide usage of telehealth in the US, the government introduced the Telehealth Promotion Act at the end of 2015, which aimed to improve the coverage and reimbursement scenario of telehealth in the country. Such initiatives are expected to increase the usage of telehealth and create an array of opportunities for the development of this market.

Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=696

What are the challenges because of the shortage of home care workers?

Currently, home healthcare is a booming market, with increasing demand for home care providers/workers. According to the employment projections of the US Bureau of Labor Statistics, during 2014-2024, home healthcare occupations such as personal care aides and home health aides ranked in the top 10 of the list of growing healthcare occupations. The demand for these occupations is expected to reach 1.3 million heads between 2013 and 2022 in the US (Source: The New York Times). The bureau also stated that the demand for personal care aides and home health aides would increase by 48% by 2022 from 2013.

However, low compensation affects the demand and supply cycle. According to the bureau, in 2016, the median pay of home health aides was USD 22,600 per year (approximately USD 10.8 per hour). Medical assistants, on the other hand, earn a median pay of USD 31,540, while physical therapist assistants receive a median pay of ~USD 85,400 annually. Although the work is similar, there is a vast difference in the compensation offered to home health workers compared to other healthcare providers. This makes it difficult for people to accept these jobs in the US.

Read More in Detailed: https://www.marketsandmarkets.com/Market-Reports/home-healthcare-equipment-market-696.html

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Home Healthcare Market: Opportunities & Challenges here

News-ID: 1861057 • Views:

More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to Surpass USD 36.7 billion
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth. Download PDF Brochure @
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMarkets
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2030 | Leading key players are ABB, Schneider Electric, Eaton, Vertiv
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of

All 5 Releases


More Releases for MarketsandMarkets™

Biomaterials Market Worth $64.2 billion | MarketsandMarkets™
Biomaterials Market in terms of revenue was estimated to be worth $45.2 billion in 2024 and is poised to reach $64.2 billion by 2029, growing at a CAGR of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The biomaterials market is estimated to grow at a CAGR of 7.3% during the forecast period of 2024 to 2029. The important factors impacting market growth are the growing
Cell Expansion Market Worth $26.7 billion | MarketsandMarkets™
Cell Expansion Market in terms of revenue was estimated to be worth $14.3 billion in 2024 and is poised to reach $26.7 billion by 2029, growing at a CAGR of 13.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Some factors contributing to the growth of the global market includes increasing R&D investments in cell based research, growing focus on personalized medicine, and increasing number of strategic
Apheresis Market Worth $3.9 billion | MarketsandMarkets™
Apheresis Market in terms of revenue was estimated to be worth $2.6 billion in 2024 and is poised to reach $3.9 billion by 2029, growing at a CAGR of 8.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth in the apheresis market is driven by rise in demand for source plasma from biopharmaceutical companies, upsurging demand for blood components and favourable reimbursement for apheresis. The increasing
Medical Robots Market Worth $33.8 billion | MarketsandMarkets™
Medical Robots Market in terms of revenue was estimated to be worth $16.0 billion in 2024 and is poised to reach $33.8 billion by 2029, growing at a CAGR of 16.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth in the medical robots market is driven by the aging population and rising chronic diseases, improving reimbursement scenario, and subsequent advancements in healthcare funding & infrastructure.
Pipette Calibrators Market Worth $391 million | MarketsandMarkets™
Pipette Calibrators Market in terms of revenue was estimated to be worth $286 million in 2024 and is poised to reach $391 million by 2029, growing at a CAGR of 6.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by rise in genomics and proteomics research, growth in portable and handheld devices, and establishment of new research facilities by pharmaceutical
Mice Model Market Worth $2.2 billion | MarketsandMarkets™
Mice Model Market in terms of revenue was estimated to be worth $1.5 billion in 2024 and is poised to reach $2.2 billion by 2029, growing at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The rise in chronic diseases, such as cancer, diabetes, and cardiovascular disorders, and growing need for reliable and predictive animal models to facilitate drug discovery and development are