The Future of Healthcare is In Homes
From the desk of Muzaffar Sayyed
The rising prevalence of chronic diseases all over the world has resulted in an increased burden on healthcare institutions and this is a key prospect that is favoring the demand for home healthcare. Home healthcare is no longer a niche service available to a select few but a preferred healthcare approach opted by several patients and caregivers around the world. As per SkyQuest analysis, the global home healthcare market is estimated to reach a valuation of USD 666.9 Billion by 2031 while expanding at a robust CAGR of 7.96% from 2024 to 2031.
Increase in Aging Population
The senescent population around the world is increasing at a rapid pace as an increase in life expectancy is observed around the world. This expanding patient population is more prone to diseases and requires specialized access to healthcare, which is where home healthcare solutions shine.
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As per a projection by the United Nations, the global life expectancy of an individual at birth is predicted to reach 77 years by the year 2048 from just 46.5 years back in 1950.
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As per statistics provided on the World Health Organization (WHO) website, the proportion of people aged over 60 years is estimated to increase from 12% to 22% between the period of 2015 and 2050.
This increase in geriatric population numbers around the world could cause major challenges for healthcare institutions in the future and this is why the focus on home healthcare is increasing. Moreover, the increasing preference of aged people to live independently in their final years is also creating a high demand for home healthcare services.
Digital Health Enabling Home Healthcare
Home healthcare has gained prominence owing to the advent of novel digital health technologies and solutions, which are being quickly adopted by patients and caregivers alike. Healthcare teleconsultation services play a crucial role in maintaining the efficacy of home healthcare and advancements in teleconsultation practices will be crucial in the home healthcare space going forward. Advanced drug delivery systems, remote monitoring devices, wearable medical devices, and e-pharmacies are some key elements that make home healthcare accessible to all. Increasing launches of new and advanced digital health solutions and growing digitization of healthcare are also creating a bright outlook for home healthcare providers in the long run. Advancements in telemedicine could also be vital for adoption around the world.
Here are some key developments that could promote the adoption of home healthcare going forward.
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In February 2024, Tandem Diabetes Care Inc., a renowned diabetes technology company, announced the launch of its new insulin delivery system intended for single patient home use. Tandem Mobi is the world’s smallest automated durable insulin delivery system designed for people living with diabetes.
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In April 2023, AristaMD, a company focused on improving patient outcomes, announced the launch of a new combined referral and teleconsult platform to reduce patient wait time. The new care transition platform increases the speed of care delivery for patients.
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In February 2023, Dexcom Inc., a leading provider of real-time glucose monitoring, announced the launch of its new continuous glucose monitoring system in Singapore. The Dexcom G6 continuous blood glucose monitoring device utilizes a wearable sensor and transmitter to wirelessly measure the blood glucose levels of the patient.
View more info and detailed Table of Contents here: https://www.skyquestt.com/report/home-healthcare-market
Roadblocks for Home Healthcare Adoption
Regulatory and licensing norms are different for all countries, and this could very well limit the demand for home healthcare services. Even if companies manage to overcome the regulatory hurdles, they will still face issues with the dearth of skilled caregivers and medical professionals, reimbursement and insurance coverage, coordination of caregivers and patients, and socioeconomic factors. As the regulatory scenario around the world returned to normal after the public health emergency changes made back in 2020 in the COVID-19 pandemic, home healthcare companies might have to work hard to overcome the regulatory hurdles.
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In January 2024, the United States Department of Labor announced a judgment that required Aging with Care Inc., a provider of home care services to pay over USD 1.6 million for the violation of the Fair Labor Standards Act from 1938. The law states that non-exempt employees should be paid 1.5 times their regular rates for all hours worked over 40 hours (about 1 and a half days) in a week.
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On a similar note, a federal court in Pennsylvania ordered Empire Homecare Agency LLC to pay around USD 212,000 in back wages and penalties to its workers in July 2023. The ruling came after investigators found out that the company had failed to pay proper overtime to around 31 employees.
Meanwhile, some parts of the world are changing regulations and laws to make home healthcare more accessible, and this could very well be the beginning of a new era in the healthcare space.
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In July 2020, lawmakers in Colorado, United States approved a bill that permanently expanded Medicaid reimbursement for telehealth services, which also included home healthcare services. This opened new opportunities for home care providers in Colorado.
How Soon Can Home Healthcare be Accessible?
Growing focus on improving patient outcomes coupled with increased burden on current healthcare infrastructure is slated to promote the demand for home healthcare in the future. Scaling and managing home healthcare services across different parts of the world will have its own challenges as not all countries have developed healthcare ecosystems. The rapidly expanding geriatric population of the world is the key to unlocking the full potential of the concept of home healthcare. So, to sum it up, if all goes well, home healthcare could very well become the preferred source of primary care in a few years.
Go through the home healthcare market report crafted by skilled analysts at Skyquest to know more about the challenges and opportunities that this marketplace might provide going forward.
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