The worldwide residence well being care market is predicted to develop by 8.4% to just about USD 300 billion inside Four years
The rapid increase in the elderly population and increasing chronic diseases are driving global growth.
The global home healthcare market is expected to reach $298.2 billion by 2026, up from $198.9 billion in 2021, according to a new market research report from MarketsandMarkets™, which offers quantified B2B research.
This corresponds to an increase of 8.4% in the forecast period.
The key factors driving the global growth of this market include the rapid growth of the elderly population, the rising incidence of chronic diseases, a growing need for low-cost healthcare due to rising healthcare costs, and technological advances in home care devices, according to the report.
In 2020, North America – composed of the United States and Canada – dominated the global market, followed by Europe.
According to the report, North America’s large share of the global home health care market is attributed to the rising prevalence of chronic diseases, high healthcare expenditures, high disposable income, superior healthcare infrastructure and the increasing geriatric overall population.
In 2019 there were 703 million people aged 65 and over worldwide and this number is expected to rise to 1.5 billion by 2050. In addition, the number of people aged 80 and over is expected to triple from 143 million in 2019 to 426 million by 2050, according to the United Nations Department of Economic and Social Affairs.
“Growth in this segment of the population will increase demand for healthcare and significantly increase the burden on governments and healthcare systems as aging populations become more vulnerable to chronic diseases,” the report said.
“This will prove beneficial to the home health care market. Home health care reduces unnecessary hospital admissions and readmissions, as well as the time and expense of traveling to see healthcare professionals.
Based on the products, the home healthcare market is segmented into three segments:
- Therapeutic Products
- Testing, screening and monitoring of products
- mobility care products.
In 2020, the therapeutic segment accounted for the largest share of the home healthcare products market.
According to the report, the increased prevalence of chronic conditions such as kidney failure, respiratory diseases, diabetes and cancer has increased the demand for therapeutic devices for home health care.
Based on the service, the home health care market is segmented into seven segments:
- Competent care services
- rehabilitation therapy services
- hospice and palliative care services
- Unqualified Nursing Services
- respiratory therapy services
- infusion therapy services
- maternity care
Skilled nursing services, which offer a reassuring alternative to staying in a hospital, nursing home or assisted living facility, accounted for the largest market share in 2020, the report said.
According to the report, cheap insurance coverage for skilled nursing services is expected to support the growth of this market over the forecast period.
Carol Davis is the Nursing Editor at HealthLeaders, a brand of HCPro.