Home Healthcare Market - Global Outlook and Forecast 2021-2026
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The US home healthcare market was valued at approx. USD 103 billion in 2020.
Increasing demand for preventive healthcare devices, shift toward patient-centric model, and advances in home healthcare technology are the significant factors influencing the market growth. Growing innovations in-home healthcare products and services will likely boost the market’s growth.
The reformation of healthcare is another vital driver for the market. Home services are more cost-effective than hospital care, increasing their preference under Medicare and Medicaid. Governments in several countries are encouraging home healthcare for patients suffering from chronic illness. Hospital-at-home is one of the fastest-growing trends in several developed countries.
For example, in late 2020, the US Centers for Medicare & Medicaid Services (CMS) launched a new hospital-at-home waiver to meet acute critical care capacity challenges, granting hospitals unprecedented flexibility to patients in their home settings.
The home healthcare services market accounted for the highest share of over 72% in 2020. Home services help provide the patients suffering from chronic diseases or are affected by any disability. Skilled nursing, diagnostics & monitoring, therapeutic, infusion therapy, and home health aides services are the major services offered under the services segment. The growing elderly population worldwide and the increasing incidence of chronic diseases are the major factors responsible for the growth of home healthcare services.
In Japan and China, the percentage of the aged population is growing faster. For example, Japan has a 28% population above 65, which is the highest globally. The population is prone to chronic diseases like CKD, chronic respiratory diseases, and cancer.
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Similarly, the percentage of the aged population is expected to grow exponentially during the forecast period in the US. The US had an elderly population of 16% in 2019, expected to cross 70 million by 2035. All these factors are likely to contribute to the growth of home healthcare services.
The home healthcare market in North America expects to grow at a CAGR of over 5% during the forecast period. In North America, the market value is expected to grow exponentially during the forecast period.
Factors such as the presence of key vendors in the region, high health awareness in the population, the availability of advanced medical systems, technological advancements are likely to increase the market during the forecast period. Feasibility and convenience are the major factors boosting the acceptance of home care devices among end-users.
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