In 2023, the home healthcare market surged to USD 192.4 billion and is projected to reach USD 427.69 billion by 2033, with a strong 8.6% annual growth rate. Diagnostics and monitoring devices led the market, capturing a 59% share, while diabetes accounted for 32% of the total market. North America dominated the industry, holding a significant 44% market share.
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According to the International Diabetes Federation, around 536 million adults had diabetes in 2021, and this number is predicted to reach 783 million by 2045. Home healthcare services help individuals with diabetes manage their health at home, lowering the necessity for hospital visits and reducing overall care expenses.
Home healthcare is a service where healthcare professionals, like nurses and therapists, bring medical assistance and support directly to your home. This includes various services such as nursing care, physical therapy, and help with everyday activities like bathing or getting dressed. The critical concept is offering medical care for people who need it but would rather stay home than go to a hospital or clinic. This type of care is beneficial for different situations. It could be for people recovering from an illness, managing long-term health conditions, or individuals needing extra help. Home healthcare allows individuals to receive necessary medical attention while staying in a familiar and comfortable environment.
The home healthcare market has been growing for a few reasons. As the population ages, there is an increased demand for healthcare services. Older adults often prefer to age in place, and home healthcare supports that choice. Second, technological advancements and medical practices make it feasible to deliver complex healthcare services in a home setting. This includes using telemedicine for remote consultations and monitoring devices to keep track of health metrics. Additionally, the COVID-19 pandemic has accelerated the adoption of home healthcare. The desire to minimize exposure to crowded places has led more people to opt for home-based care. This has increased the demand for home healthcare services and prompted advancements in technology to make remote healthcare delivery more effective.
According to the CDC, about 12.1% of adults in the U.S. face difficulty walking or climbing stairs due to mobility-related disabilities. These disorders, affecting movement due to physical, psychological, or neurological issues, may be treated with physical therapy, assistive tools, and medications. Home healthcare services offer valuable support to individuals with mobility challenges, aiding with daily tasks to maintain independence. Physiotherapists in home healthcare help people regain mobility, functionality, and strength while reducing pain through exercises, movements, and massages. The increasing prevalence of mobility disorders drives the expected growth of this segment.
Home healthcare is a convenient and personalized way to receive necessary medical care in the comfort of one’s home. The growing aging population, technological advancements, and the changing landscape of healthcare delivery have contributed to the increasing popularity and expansion of the home healthcare market.8
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