(Newswire.net — July 4, 2022) — In a recent research report published by MarketsAndMarkets, the home health market is projected to reach $298.2 billion by 2026, up from $198.9 billion in 2021, and with a CAGR of 8.4% during the forecast period.
Over the past decade, the demand for home health supplies and services has continually increased. Since the pandemic began, it is not surprising that it continues to experience significant growth. There are so many conditions leading to this growth. The pandemic isn’t the only factor, although it has proved to be a very significant one. We are also now experiencing the aging population of baby boomers. The baby boomer generation is from 1946 through 1964. Many have recently reached retirement age or will soon be able to retire. Their needs include an increased national need for health care.
So, with this rapid growth in the elderly from the silent generation and baby boomers, increases in chronic disease and everyone looking for more affordable healthcare alternatives, and the technological advancements in-home care devices make home health services a much more desirable option.
In 2019, the UN Department of Economic and Social Affairs indicated there were 703 million people worldwide 65 years old and up. In their forecast for 2050, this number is expected to increase to 1.5 billion worldwide. Even more alarming in that same time period is the number of people aged 80 and over in 2019 was 143 million and is forecast to increase to 426 million in 2050. These are alarming statistics.
Assuming the forecasts hold true, or even close to it, there will be an enormous burden on healthcare systems, governments, and home health care. On a positive note, this means choosing a career in Allied Health shows promise for a stable and growing career choice. The more individuals in this segment who can remain in their own homes are not only economically promising but also far better for the patients’ mental health. The goal is to allow these patients to maintain their quality of life while struggling with chronic illness.
Based on this report skilled nursing services account for the greatest increase in this period. Additionally, health insurance costs continue to rise and undoubtedly insurance companies prefer in-home care. The share of North America in the global market can be attributed to:
- Rising prevalence of chronic conditions
- High healthcare costs
- Increased incidence of chronic conditions
- Increasing disposable income
- Increasing elderly population
- Significant healthcare infrastructure
MarketsAndMarkets is a global market research and consulting company based in the U.S. They publish both off-the-shelf and customized research reports and consulting services. They provide their customers not only with market data but also with tools and support to make successful decisions.
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