Increased cost of healthcare services and increasing number of aging population makes homecare a dire need of the hour. The number of patients with chronic illnesses like diabetes, cardiovascular disease and other disabilities is also growing. This increased need for special care of the patients has made ways for the high-tech home healthcare facilities that are inexpensive and convenient than nursing homes and private healthcare organizations. Home healthcare market is huge in terms of segments and services. Respiratory therapy, telehealth, rehabilitation and unskilled homecare are some of the popular services included in home healthcare.
Home Health Care Services
Health care at home is defined by the supportive medical help, which the patients receive in the comfortable environment of their own house. Licensed medical professionals visit the patient’s home and assist the individuals in need. It is a very different concept from non-medical care, provided by various organizations without the license to practice medicine. The biggest reason for this market to witness such a great upsurge is due to the increasing tendency of finding cost effective health solutions at home. The market for these services is observed to be rising in terms of advanced services, devices and organizations providing customized services.
Home Healthcare Market Opportunities for Startups
Not many elderly can afford high paying medical professionals and nursing homes for longer treatments. In such cases, they prefer relying on homecare services that are convenient, cost effective and personalized. Owing to these facts, the market for home health care is booming in terms of growth and opportunities. As far as market trends are concerned, the shift from treatments to proactive management of the illnesses is apparent in this market. Third party health care also helps the patients to receive better quality treatment compared to nursing homes. This is a contributing fact for the rise in the number of third party caregivers.
As far as the statistics for the home healthcare market are concerned, the CAGR at which the industry is growing is impressive. The market is expected to grow at a record CAGR of 7.7% in the years to come. By these calculations, it will reach to $296 billion by the end of next two to three years. Asia is showing great prospects as far as the growth of home healthcare is concerned. Increased number of elderly and increasing awareness about health and fitness are the major reasons behind this trend. Along with the services like telehealth the equipment market will also show tremendous growth, which is ideal for small businesses and startups.
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