The global home healthcare market is expected to reach US$ 621,565. 89 million by 2028 from US$ 315,139. 27 million in 2020; it is estimated to grow at a CAGR of 8. 9% from 2021 to 2028. The factors such as growing demand for home healthcare due to rising aging population and increasing prevalence of chronic diseases and surging homecare settings drive the market growth.
New York, June 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Home Healthcare Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type ; Indication ; Service ; and Geography" - https://www.reportlinker.com/p06099475/?utm_source=GNW
However, the shortage of home care workers hinders the market growth.
Home healthcare comprises a wide range of healthcare services for illness in homecare settings.The goal of home healthcare is to treat injury and improve health outcomes of a patient.
These services are more convenient and less expensive and are efficient treatment for chronic diseases and serious illness, elderly population, and nutrition therapy of a patient.
The growth of the home healthcare market is attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, and growing development in the medical device industry. As per the United Nations (UN) estimation, by 2060, the geriatric population will reach 1.8 billion, which will account for 17.8% of the world’s total population. Chronic diseases, such as cardiovascular disorders, diabetes, autoimmune disorders, and various types of cancer and neurological disorders are leading to death and disability worldwide. These clinical conditions affect patients’ overall quality of life. As per the World Health Organization (WHO), over 50% of the global population is estimated to be suffering from at least one chronic disease. As per the Centers for Disease Control and Prevention (CDC), in the US, 6 in 10 people suffered from at least one chronic disease in 2019. Cardiovascular diseases (CVDs) are a significant cause of mortality globally owing to the hectic lifestyle. Diabetes is one of the life-threatening diseases and can lead to various complications in different parts of the body and can increase the overall risk of premature death. As per the International Diabetes Federation (IDF), in 2019, ~463 million adults were suffering from diabetes, and the number is expected to reach 700 million by 2045. Countries such as the US, Japan, South Korea, Canada, the UK, Spain, and France are significantly experiencing growth in the geriatric population. The countries mentioned above, along with the developing countries such as China, India, Saudi Arabia, the UAE, and Brazil, offer significant growth opportunities for the home healthcare players to provide innovative devices. In addition, the increasing adoption of telemedicine and mHealth technologies is driving the growth of the home healthcare market.
Product Type Insights
Based on product type, the global home healthcare market is segmented into therapeutic, diagnostic, and mobility assist.In 2020, the therapeutic segment held the largest share in the market.
Moreover, the market for the diagnostic segment is expected to grow at the highest rate by 2028.A physician may recommend the benefits of home health therapy services following surgery, injury, or illness.
Home therapy provides three different forms of care treatment—physical therapy, occupational therapy, and speech therapy. This factor is likely to boost the demand for home healthcare across the world during the forecast period.
Based on indication, the global home healthcare market is segmented into cancer, respiratory diseases, mobility disorders, cardiovascular disorders, pregnancy, wound care, diabetes, and other indications.The cancer segment held the largest market share in 2020, and the mobility disorders segment is expected to dominate the market by 2028.
The prevalence of cancer is high across the world.Home healthcare can be hugely helpful to a cancer patient, as well as relieve pressure of family members.
A nurse visits a patient at home, evaluates the patient’s and family’s medical needs, and collaborates with the doctor to develop a plan of care.
Based on service, the global home healthcare market is segmented into skilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care.The skilled nursing segment held the largest market share in 2020.
However, the hospice and palliative care segment is expected to dominate the market by 2028.The hospice and palliative care segment are expected to grow during the forecast period owing to increasing jobs and services for nurses and caregivers.
The growing advancements in medical devices are helping in offering training to the nurses to enhance their skills.
A few major primary and secondary sources referred to while preparing the report on the global home healthcare market are the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), International Diabetes Federation (IDF), Medicare & Medicaid Services (CMS), Hamad Bin Khalifa (HBK), HealthCare at Home (HCAH), Centers for Medicare & Medicaid Services (CMS), Telehealth Resource Centers (TRCs), American Homecare Health Services (AHHS), Health and Human Services’ (HHS), Global Burden of Disease (GBD), Federation of Indian Chambers of Commerce & Industry (FICCI), National Home Health Care Foundation (NHHCF), National Institute for Health Research (NIHR), Department of Health - Abu Dhabi (DoH), World Heart Federation (WHF), National Supplementary Health Agency (ANS), and Medical Device Coordination Group (MDCG).
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