In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~9% |
|
Base Year Market Size (2022) |
~ USD 320,000 Million |
|
Forecast Year Market Size (2033) |
~ USD 635,000 Million |
The global home healthcare services market is estimated to garner a significant revenue by the end of ~USD 635,000 million 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a notable revenue of ~USD 320,000 million in the year 2022. The market growth is primarily driven by need for personal care for elderly people. The growth of geriatric population in the world is to elevate the market growth. According to the World Health Organization, by 2030, every 1 in 6 person worldwide is to reach the age of 60 years or above.
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Government’s efforts in the investment of public health insurance is to propel the growth of global home healthcare services market. In 2019, Norway expenditure on healthcare was around 9% of the its GDP. Moreover, in 2020, the European Commission, spent around USD 1000 billion on public health, that is about 8% of their GDP. Furthermore, rising number of patient of diabetes, heart and kidney disorder, Alzheimer’s, and others is to propel the market growth.
Elderly people require extra care for their health, there are many geriatrics who are unable to visit to hospitals or have no one nearby to take them, therefore they are helped by home healthcare services. Therefore, rising population of geriatrics is to create the demand for home healthcare services. According to the United Nations, in 2019, the global population of people aged 65 and above was 703 million, it is expected to rise to 1.5 billion in 2050.
Alzheimer and dementia patients find difficult to remember even basic things of life; they need a constant help for carrying out their everyday routines. In 2020, there were over 55 million of dementia patient worldwide and in every 3 second, a new person develops dementia.
Owing to lethargic and obese lifestyle, people are at high risk of developing lifestyle based diseases such as, diabetes, heart problems, kidney failures, high cholesterol, blood pressure and others. According to the World Health Organization, 422 million people are living with diabetes worldwide. Additionally, cardiovascular diseases are the primary death cause in the world, around 17.9 million people are dying of it every year.
Government has been proactive in the healthcare sector, after pandemic, the investment in healthcare services has increased to provide improved medical facilities, medicines, reimbursement to the public. According to The World Bank, in 2019, the global health expenditure was 9.83% of GDP of the world.
With the rising healthcare costs, the patient’s stay at the hospital has also become expensive. In the United States, the average healthcare spending was around USD 4 trillion, out of which nearly 30% was spent on hospital care. Furthermore, in India, the cost of hospitalization in private hospitals is six times higher than government hospitals, the fee for government hospital is around USD 50 and for the cost for private hospital is USD 400 approximately.
The type of fraud varies, such as, setting up some fake company and robbing the patient’s home, abusive nature of nurses with the patient alone and the most common type of fraud is unnecessary charges for the services demanded by the providers, the rising vulnerability to fraud and abuse is likely to hamper the market growth.
The home healthcare services market is segmented and analyzed for demand and supply by product into Peak Flow Meters, IV Equipment, Coagulation Monitors, and Dialysis Equipment. The dialysis equipment segment is to grow at a significant CAGR over the forecast period. Rise in number of people suffering from kidney problems and failures is to propel the growth of the segment. In 2018, there nearly 37 million people and every 1 in 7 person is suffering from kidney disease and every 1 in 3 adults is at high risk in the United States. All over the world, approximately 2 million people are affected by kidney diseases.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global home healthcare services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The rising population of elderly in the region is to propel the market in North America. According to the U.S. Census Bureau, as of July 2019, there were 54.1 million residents 65 years and older. Increased prevalence of Alzheimer’s disease is to boost the demand for home care services. In 2022, over 5 million America were suffering by Alzheimer’s.
The global home healthcare services market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global home healthcare services market includes the following segments:
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By Product |
|
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By Type |
|
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By Payer |
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FREQUENTLY ASKED QUESTIONS
higher geriatric population, government provided health insurance, expensive hospital beds and increased instances of lifestyle diseases, Alzheimer’s and dementia are few factors likely to drive the market growth.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2033.
Risk of fraud of billing & patient safety, unawares of the service and lack of insurance providers for home healthcare services are few factors likely to restrain the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Amedisys, Inc., LHC Group Inc., Brookdale Senior Living Inc., Trinity Health, AccentCare, Inc., BAYADA Home Health Care, Kindred at Home, Home Instead, Inc., Sompo Care Inc., Extendicare, Inc., and so on…..
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, type, payer, and by region.
The dialysis equipment segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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