The Home Health Care Market is Set to Surpass $391.41B by 2021
Zion Market Research just recently published a new report, entitled “Global Home Healthcare Market (Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies) and Services (Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services): Global Industry Perspective, Comprehensive Analysis and Forecast, 2015-2021.”
The report, which examined the home health care industry and its development from 2015 to the present (along with future projections), established that the global home health care market was valued at $228.90B in 2015, and is expected to reach $391.41B in revenue by 2021, with a compound annual growth rate (CAGR) of 9.40% between 2016 and 2021.
According to the report, the following are the driving factors behind the increase in demand in the global home health market:
- A growing geriatric population
- Increasing healthcare costs
- Advancements in healthcare technology
- Increasing healthcare awareness
- A rising number of people diagnosed with chronic illnesses (such as diabetes).
In 2015, the key segments of the home health care market are medical supplies and rehabilitation services. The medical supplies product segment (which includes blood pressure monitors, temperature monitors, pregnancy tests, and heart rate monitors) made up 27.89% of the year’s global demand, and it is forecasted to grow at the fastest rate. The biggest segment of global demand was rehabilitation services, with telehealth and telemedicine accounting for 24.25% of the market. North America is by far the largest region in the global home health care market, and it is predicted to maintain its standing in coming years.
Though the home health care market is growing, employment is another topic. Earlier this year, we discussed how home health care aides were named one of the most difficult positions to fill in the United States in 2018, due to the aging of the Baby Boomer generation and the high turnover amongst caregivers (as a result of a low median salary, long hours, difficult work, and the emotional nature of the job). If these projected numbers turn out to be accurate and the industry does continue to grow at this rate, providers will need to adjust their employment practices in order to ensure that they will be adequately staffed and that their employees will be able to handle the growth in the industry’s needs.
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These are just some loss prevention and risk management strategies that home health care agencies should have in place. Additionally, an end-to-end insurance solution that provides General Liability, Professional Liability, Workers’ Compensation, Employment Practices Liability, Crime, Cyber Liability, Non-Owned Auto, and other key coverages should be part of the organization’s program. Caitlin Morgan is a premier wholesaler providing insurance products for the home healthcare sector, which includes companies that provide healthcare services in patients’ private residences, assisted living or independent living facilities. For more information call us at (317) 575-4440.