March 4, 2021
HOMECARE2GO® Media Team
The global home healthcare market is swiftly progressing with new innovative advancements and opportunities in the market. With many doubts surrounding indications towards home healthcare effectiveness, the industry trends are showcasing a completely different picture of the industry for 2021.
Home healthcare is the most convenient and cost effective approach for the recoverable medical conditions and temporary disabilities. Home health care encompasses a wide array of healthcare services that are generally reimbursed by insurances with doctor’s order. Licensed and skilled medical professionals trained in occupational therapy, speech therapy, physical therapy, and skilled nursing care in-home health care ensures quality care.
A closer reflection on the existing state of the global home healthcare market along with the prevalent trends could help you understand its potential for growth in 2021.
According to the Global Home Healthcare Market report by Databridgemarketresearch.com, the home healthcare market would witness profound market growth in the forecast period of 2020 to 2027. The report indicates that the market would showcase a CAGR of 8.6% in the forecast period.
Interestingly, the market's total value could reach the value of USD 520+ million by 2027 from the value of USD 273 million in 2019.
What can be the possible factors driving the potential for growth of the global home healthcare market? The introduction of minimally invasive diagnostic and therapeutic intervention techniques alongside the rising prevalence of chronic diseases can boost the market’s growth.
The existing global home healthcare market is classified into three distinct segments based on type, disease, and distribution channel
1. In terms of type, the global home healthcare market includes three distinct segments: devices, services, and software. The device segment controls and boosts the growth of the market with devices helping patients receive better treatment at home. Technologies and software along with skilled staff providing services often brings highest satisfaction for patients.
2. The market includes different segments for various diseases, including diabetes, heart disease, obesity, chronic obstructive pulmonary disease, infectious diseases, and others. However, the heart disease segment is dominant as heart disease patients don’t get longer hospital stays. Therefore, longer home healthcare is the best viable option for them due to cost benefit. 2021 Brings Good News for Home Healthcare Providers
According to homehealthcarenews.com, the year 2021 will witness new perspectives for investment in-home healthcare. Home health operators focused on explaining the value of their services to Medicare Advantage plans and private payers. However, providers gained the upper hand due to the COVID-19 emergency. For example, LHC Group Inc. could expand its non-Medicare episodic admissions by more than 35% in 2020.
According to the Director of Innovation & Staff Development, AHN Healthcare@Home, Joseph Brence, the home healthcare market will witness the following three top trends in 2021.
1. The home healthcare market's foremost trend points to the inclusion of different types of care in the home environment.
2. The next trend in home healthcare would point to the rise of virtual visits alongside remote patient monitoring.
3. Most important of all, the home healthcare market would have a wider focus on clinical specialization.
Indeed, it is quite clear that the home healthcare market will reach new high in 2021 and years to come. If you are a patient or family or case manager or social worker looking for quality home healthcare based on the insurance, locations, desired skill and language preference then HOMECARE2GO® Platform can be beneficial to you. Finding right healthcare is easy with FREE HOMECARE2GO® website, android and iOS mobile applications.