Home Healthcare Market Trends

Growth Drivers

• Increasing awareness of HaH services - The increasing awareness of hospital at-home programs is increasing, due to the increase in bed-ridden patients. According to a survey conducted by the National Library of Medicine in 2022, about 55% of the participants were not aware about HaH services, while 88% of these participants were willing to accept them.
• Rise in elderly population - The older population who highly requires HaH services. According to a report by the World Health Organization in 2022, the population of people over 60 years was estimated to be 1 billion in 2020 and is predicted to cross about 1.4 billion by 2050.
• Increase in the geriatric population - The need for healthcare support for their health issues and needs is increasing along with the increasing demand for healthcare, there is also a greater focus on providing more personalized and better care to elderly patients. According to a report by WHO in 2023, about 4 in 10 patients are harmed in primary and ambulatory settings, while up to 80% (23.6–85%) of this harm can be avoided.
• Rising infections - There is an increase in infectious diseases, based on a report by the World Health Organization (WHO) in 2022, Healthcare-associated infections (HAIs) affect 5 to 10% of patients in developed countries.

Challenges

• Lack of trained and qualified home workers - There is a high demand for skilled home healthcare workers in the home healthcare industry, due to which several home healthcare firms are being turned down. Many home healthcare providers have started training programs for upskilling their work, but it would take ample time to take the lead.
• Limited insurance coverage - for home healthcare, there are several insurance coverages in North America, but they are limited to a few home healthcare organizations that have received certification from Medicare. Equipment that is used for rehabilitation, remote monitoring, telemetry, and multi-parameter monitoring is not covered by insurance.