Capitalizing on the Fast-growing Home Health Care Market
The home health care industry is set to undergo exponential growth over the next decade.
Accounting for a range of medical services provided at home for an injury or illness, the market is expected to peak at almost $150 billion by 2028, growing from a base of $85 billion in 2020. That spike in growth will be primarily driven by an aging population, with, on average, 10,000 people forecast to turn 65 every day over the next 30 years.
Added to that, 85-plus is the fastest-growing age segment as people live longer thanks to the latest advances in medicine and technology.
This population is more prone to chronic illnesses such as diabetes, cardiac ailments, mental disease and incontinence, and therefore can require constant monitoring. The vast majority also require care or assistance, whether it’s being looked after, help getting around the home, doing the chores or just companionship.
The growing need for respiratory and infusion therapy service is further boosting demand. Then there are seniors, whose families and relatives live far away, who need assistance closer to home.
What all these groups have in common is they want affordable and accessible health care. This presents both huge challenges and opportunities for health care providers and insurers.
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