Home Healthcare Market size was estimated at $304,062.2 Million in 2019 and is expected to reach $517,741 Million by 2027, growing at a CAGR of 7.9% during the forecast period of 2020 to 2027.
Increase in elderly patients’ lookout for value-oriented healthcare has opened up significant opportunities for the market growth of home healthcare. As per WHO the number of people aged 65 years and above was 703 million spread over the entire world, which is expected to become twice as much within the next 3 decades. The growth of this market is hugely triggered by the rise in senior citizen population, increasing long-term diseases, scientific developments, and monetary as well as non-monetary benefits from the government to kick start home healthcare. The older population demands more individual patient based healthcare services, thus leading to an increase in the demand for healthcare services, products and providers. The home health care market includes testing, screening, monitoring products, therapeutic products and mobility care equipment. The mobility care segment is expected to foresee highest growth in demand due to the excessive need for personal independence. These products also provide security and safety. Other services such as rehabilitation services, personalized care services, respiratory care services, nursing services, etc provide for a great variety and greater opportunity for growth. In most of the developed and developing countries, the government is offering either partial or complete reimbursement for home healthcare services. Also, lower service fees for at-home healthcare over hospitals or nursing homes is another major contributor to accelerating the home healthcare market. Other than value-based need, for a section of the ageing population, continuous monitoring becomes absolutely essential. According to the University of California, almost 2 million patients worldwide are affected by end-stage renal diseases which render the patient completely dependent on someone else for every excretory function. As such, one to one care is about to witness immense growth over the coming years. The increasing incidence of diabetes and cardiovascular diseases which need continuous monitoring also fuel the growth of the home healthcare market. In addition to the above, technological advancements in smartphones and wearables patients and caretakers alike, representing a strong opportunity for providing sensitive, low-cost, rapid, and continuous diagnostics.