Global Home Healthcare Market: Snapshot
Home care, also termed as social care, domiciliary care, and in-home care, is a combination of skilled medical professionals, nursing care, occupational therapy, physical therapy, and speech therapy to assist the illness of a patient. It also incorporates non-medical care, which includes medical social services by skilled social workers. Home healthcare is quite unique, less expensive, and more convenient care setting with effective care at patient’s home.
People who are mainly involved in providing home health care services are listed as home health aides, registered nurses, licensed practical nurses, therapists such as physical therapists, and occupational therapists; speech-language pathologists, and unlicensed assistive personnel. Various home health care services rely on an individual patient’s situation. IndustryARC reveals attention-grabbing information that the global home health care market was valued around $230 billion-$248 billion in the year 2018 in its recently published report titled: “Home Healthcare Market: By Problem (Dialysis, Diabetes, Drug Delivery, Essential, Mobility, Respiratory & Others); By Services (Rehabilitation, Skilled, Unskilled, Virtual, Hospice, Companion, Social & Others) – Forecast (2019-2025).” The analyst has projected the demand to multiply at notable CAGR of 7.2% to 8% during the forecast period of 2019 to 2025. Among all services, rehabilitation services segment is growing at a faster pace, exhibiting CAGR of 55%-58% through to 2025.
Transformation of home health care is a key element to meet the needs of patient’s coupled with the emerging U.S. health care system. Outnumber of older people with 65 and above age group in 2019 and maladies, chronic conditions associated with the aging population in America is increasing the demand for care needs. On average, nearly 10, 000 elders turn 65 in America are rising the necessity of caregivers, and home healthcare workers in this region. For this, North America held a dominating share of about 38%-45% in 2018. The partnership of home health service providers with hospitals to enhance the standardization of health records with accurate data. Data set named the outcome and assessment information set-crucial component of the home health community’s partnership with the Medicare program which contains robust patient information and set to rise the home health care outcomes. Therefore the global home healthcare market is estimated to grow at a profitable CAGR of around 7.2%-8% during the forecast period 2019-2025.
Global Home Healthcare Market Companies: Recent Developments
Some of the major share players of global home healthcare market are Apple Home healthcare., Home Health Care, Inc, Home Healthcare Solutions, OMRON Corporation., Kindred Healthcare, Inc., Portea Medical|, Koninklijke Philips N.V.,, Air Liquide, Kinnser Software, Inc., LHC Group, Inc. , National HealthCare Corporation., Sunrise Medical (US) LLC, arcadia.io., B. Braun Melsungen AG, Amedisys, BPL Medical Technologies, DaVita Inc., Diaverum, and Cardinal Health, Medtronic.
- Home healthcare is primarily centered to reduce the avoidable hospital readmissions through individual agencies and being a part of the Home Health Quality Improvement campaign run by quality improvement organizations (QIOs).
- OMRON Corporation, a manufacturer of medical equipment which is used in home health monitoring and therapy as well. In July 2018, it has signed an agreement to acquire 3A Health Care s.r.l., which is a producer of specialized aerosol therapy devices and surgical aspirators. Through this acquisition, it was aimed to improve the respiratory solutions portfolio and provide border range of way outs without compromising to treat respiratory conditions of the needy customers.
Home healthcare provides cost-effective treatment by skilled medical professionals at patient’s home itself. The growing aging population in America is highly influencing the growth of the global home healthcare market. Promising adoption of rehabilitation services such as occupational therapy, physical therapy, and speech therapy are also attributing for the growth of the market in the near future.
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