Home Healthcare Services Market Trends

Growth Drivers

• Rising Population of Elderly- Elderly people require extra care for their health, there are many geriatrics who are unable to visit to hospitals or have no one nearby to take them, therefore they are helped by home healthcare services. Therefore, rising population of geriatrics is to create the demand for home healthcare services. According to the United Nations, in 2019, the global population of people aged 65 and above was 703 million, it is expected to rise to 1.5 billion in 2050.
• Patients with Alzheimer and Dementia- Alzheimer and dementia patients find difficult to remember even basic things of life; they need a constant help for carrying out their everyday routines. In 2020, there were over 55 million of dementia patient worldwide and in every 3 second, a new person develops dementia.
• Higher Cases of Lifestyle Diseases - Owing to lethargic and obese lifestyle, people are at high risk of developing lifestyle based diseases such as, diabetes, heart problems, kidney failures, high cholesterol, blood pressure and others. According to the World Health Organization, 422 million people are living with diabetes worldwide. Additionally, cardiovascular diseases are the primary death cause in the world, around 17.9 million people are dying of it every year.
• Investment by Government in Public Health Insurance- Government has been proactive in the healthcare sector, after pandemic, the investment in healthcare services has increased to provide improved medical facilities, medicines, reimbursement to the public. According to The World Bank, in 2019, the global health expenditure was 9.83% of GDP of the world.
• Higher Cost of Hospital Stay using Hospital Bed- With the rising healthcare costs, the patient’s stay at the hospital has also become expensive. In the United States, the average healthcare spending was around USD 4 trillion, out of which nearly 30% was spent on hospital care. Furthermore, in India, the cost of hospitalization in private hospitals is six times higher than government hospitals, the fee for government hospital is around USD 50 and for the cost for private hospital is USD 400 approximately.

Challenges

• Risk of Fraud and Abuse by People of Home Healthcare Services
• Unawareness of Hospital Care at Home Services Among the Population
• Limited Insurance Coverage of Home Healthcare Services
• The type of fraud varies, such as, setting up some fake company and robbing the patient’s home, abusive nature of nurses with the patient alone and the most common type of fraud is unnecessary charges for the services demanded by the providers, the rising vulnerability to fraud and abuse is likely to hamper the market growth.