It is estimated that the home healthcare services market will generate a significant revenue of ~$635,000 million by the end of 2033 by growing at a CAGR of ~9%.
NEW YORK, NEW YORK, UNITED STATES, Dec. 12, 2022 /EINPresswire.com/ — Global market insights for home healthcare services
During the forecast period 2023-2033, the global home healthcare services market is expected to be worth approx. by 2033. The market generated revenue of approximately USD 320,000 million in 2022. Major key factors driving the growth of home healthcare services market worldwide are the growing geriatric population across the world and the rising cases of cardiovascular diseases.
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Market definition of home healthcare services
In the event of an illness or injury, home nursing refers to a wide range of medical services that can be provided there. Home health care is typically more affordable, convenient, and efficient than care provided in hospitals or skilled nursing facilities. Depending on each patient’s circumstances, home nursing care can range from basic nursing to specialized medical treatments such as laboratory testing. The doctor decides on the course of treatment and any necessary home treatments for the patient. Depending on the patient’s health condition, the duration of home nursing care can range from short to long. Aside from conventional medical care, the patient may or may not have a serious illness. Home health services also include personal care and companion services often include non-medical care for the elderly, supportive care and home nursing.
Global Home Healthcare Services Market: Growth Drivers
The growth of the global home healthcare services market is mainly attributed to the growing strategic partnerships and acquisitions among the major market players. For example, Extendicare, Inc. announced with Sienna-Sabra LP that it has reached an agreement to sell its 1,048 retirement homes in Ontario and Saskatchewan for $307.2 million. In addition, Amedisys Inc. announced the strategic acquisition of Contessa Health to expand its home hospital services to tech-enabled home hospitals with higher acute care and skilled nursing facilities. In addition, the growing geriatric population contributes significantly to the market growth. According to the World Health Organization, by 2030 it is likely that one in six people on earth will be 60 or older. At that point, the number was 1.4 billion people over 60, up from 1 billion in 2020. The number of people in the world aged 60 and over will double by 2050 (2.1 billion).
The global home healthcare services market is also expected to grow strongly due to the following reasons:
Increasing geriatric population
Increasing prevalence of lifestyle disorders
Better state health insurance
Higher rates of dementia and Alzheimer’s
Exorbitant prices for hospital beds and stay
Global Home Health Services Market: Limiting Factor
Improper health insurance in underdeveloped countries, the likelihood of fraud in people choosing health services, and many people are unaware of home health services. Hence, this factor is expected to be the main impediment to the growth of the global home healthcare services market during the forecast period.
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Global segmentation of the Home Healthcare Services market
By Product (Peak Flow Meters, IV Machines, Coagulation Monitors, Dialysis Machines)
Overall, the dialysis machine segment will reach the highest market size by the end of 2033. The segment is expected due to a higher number of people with renal impairment. In the United States, there were nearly 37 million residents in 2018, 1 in 7 had kidney disease and 1 in 3 of all individuals were at high risk. An estimated 2 million people worldwide suffer from kidney disease.
By type (medical care, nursing, occupational and speech therapy, physical, medical social services, and others)
By payer (private health insurance, statutory health insurance and personal savings)
The North American home healthcare services market is expected to hold the largest market share below the market in all other regions by the end of 2033. Market growth in North America is attributed to the growing geriatric population and higher proportion of people suffering from Alzheimer’s disease. According to the United States Census Bureau, as of July 2019, there were 54.1 million residents age 65 and older. In addition, Alzheimer’s affects more than 6 million Americans of all ages. In 2022, there were approximately 6 million Americans age 65 and older who have Alzheimer’s disease. Almost 73% of people are 75 years or older. Alzheimer’s affects 1 in 9 people aged 65 and older In addition, it is estimated that by 2050, 12.7 million people aged 65 and older could be affected by Alzheimer’s disease.
Global Home Healthcare Services Market research report also includes market size, market revenue, year-on-year growth, and analysis of key players responsible for North America (United States and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium). , Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) and Middle East & Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait , Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key market players in the global home healthcare services market
Some of the major players in the global home healthcare services market are Amedisys, Inc., LHC Group Inc., Brookdale Senior Living Inc., Trinity Health, AccentCare, Inc., BAYADA Home Health Care, Kindred at Home, Homestead, Inc. , Sompo Care Inc., Extendicare, Inc. and others.
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December 13, 2022 at 07:43 GMT
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