The rapid increase in the elderly population and the increase in chronic diseases are driving global growth.
The global home healthcare market is expected to reach $298.2 billion by 2026, from $198.9 billion in 2021, according to a new market research report by MarketsandMarkets™, which provides quantified B2B research.
This represents an increase of 8.4% over the forecast period.
Major factors driving the global growth of this market include rapid growth in the elderly population, increasing incidence of chronic diseases, increasing need for cost-effective healthcare benefits due to rising costs of healthcare and technological advances in home healthcare devices, the report says. .
In 2020, North America, consisting of the United States and Canada, dominated the global market, followed by Europe.
According to the report, North America’s large share in the global home healthcare market is attributed to the growing prevalence of chronic diseases, high healthcare expenditures, high disposable income, poor healthcare infrastructure superior health and the growing geriatric population.
In 2019, there were 703 million people aged 65 and over in the world and this number is expected to reach 1.5 billion by 2050. In addition, the number of people aged 80 and over is expected to triple from from 143 million in 2019 to 426 million by 2050. , according to the United Nations Department of Economic and Social Affairs.
“The growth of this segment of the population will drive demand for healthcare and significantly increase the burden on governments and healthcare systems, as the aging population is more prone to chronic diseases,” the report states.
“This will prove favorable to the home healthcare market. Home health care reduces unnecessary hospital admissions and readmissions as well as travel time and costs to meet with health care professionals,” the report states.
Based on the products, the home healthcare market is segmented into three areas:
- Therapeutic products
- Testing, screening and monitoring products
- Mobility care products.
In 2020, the therapeutic segment accounted for the largest share of the home care products market.
According to the report, the increased prevalence of chronic diseases, such as kidney failure, respiratory diseases, diabetes and cancer, has increased the demand for therapeutic home healthcare equipment.
On the basis of service, the home healthcare market is classified into seven areas:
- Skilled nursing services
- Rehabilitation therapy services
- Hospice and palliative care services
- Unskilled care services
- Respiratory therapy services
- Infusion therapy services
- Pregnancy care services
Skilled nursing services, which provide a comforting alternative to stays in a hospital, nursing home or assisted living facility, accounted for the largest market share in 2020, the report said.
Favorable insurance coverage for skilled nursing services is expected to support the growth of this market over the forecast period, according to the report.
Carol Davis is the Nursing Editor at HealthLeaders, an HCPro brand.