Global Home Health Care Providers Industry
Home health and home care are two different types of care which are both delivered in a home setting, but most people are not aware of the distinctions and use these words interchangeably. The main difference is that home care is the non-clinical procedure and home health is strict clinical care.
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The growth of healthcare provider market can be attributed to improved patient outcome, patient convenience provided by home healthcare, and cost-efficiency. In addition to this, rising incidences of diseases, such as dementia, and orthopedic conditions are expected to fuel the home healthcare provider market growth. For instance, according to the research conducted at WHO, almost 50 million people worldwide were suffering from dementia in the year 2017 and the number is foreseen to reach nearly 82 million by the end of 2030.
The rising geriatric population base, which is susceptible to chronic conditions, such as CVDs and diabetes, and prefers in-home care, is expected to fuel the home healthcare provider market growth. The establishment and maintenance of healthcare Centers, hospitals, and clinics are capital-intensive procedures. Hence, numerous healthcare solution providers are joining the home healthcare industry to reduce initial setup cost and leverage the expertise of the acquired or merged business. For instance, Allegheny Health Network, a Pittsburgh-based company, entered into the market by acquiring four firms, which had expertise in different home health services, such as home nursing, infusion therapy, hospice, and medical equipment.
Hospital stay is costly with an average per stay cost being around US$11,259. Home healthcare is an efficient and cost-efficient alternative. For instance, according to the research conducted at Brigham & Women’s Hospital and Faulkner Hospital, the healthcare costs of home care were approximately 52% less than hospital stay costs for acute care patients. Thus, the cost-effectiveness of home healthcare is expected to fuel the home healthcare providers’ market growth.
As per the research report released the global home healthcare provider market can be analyzed on the basis of following the segments-
Based on the product type, the home healthcare provider market can be segmented into-
- Skilled Nursing Care
- Custodial Care
- Patients after Surgery
- Older Persons
- Mothers and Newborns
- People with Disabilities
- Mentally ill Adults
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