Home Healthcare Brief
Home Healthcare is nothing but Healthcare service provided at home by licensed healthcare professionals who provide medical care needs or by professional caregivers who provide daily care to help to ensure the activities of daily living are met. Home Healthcare helps adults and senior citizen to recover after hospital treatment at their home. These Home Care service includes short-term nursing, rehabilitative, therapeutic, and assistive home health care. These services provided by registered nurses, physical therapists, occupational therapists, speech language pathologists, home health aides, medical social workers and some times by Doctors.
Home Healthcare includes
- Any diagnostic, therapeutic, or social support service provided in the home
- Health care providers who provide home care
- Home diagnostics
- Home equipment
- A variety of services designed to provide care for patients in their homes
These are Home Healthcare Providers
- Physicians, nurse practitioners, physician assistants
- Physical therapists, occupational therapists, speech therapists
- Nurses
- Social workers
- Home health aids
- Dentists, podiatrists, psychologists, dietitians, optometrists, and pharmacists
Equipment and Diagnostics Provided During Home-care
- Lab work, x-ray, ultrasound, EKG, holter monitoring, other diagnostics that can be done in the home.
- Beds, wheelchairs, lifts, commodes, infusion therapy, and other assistive devices used in the home.
Home Health Market will increase as
- Patients are discharged from the hospital earlier.
- More conditions are treated at home.
- Treatments for chronic conditions become even more complex.
Current Home Healthcare Market
Currently Home Healthcare is one of the highest growth achiever in Healthcare Segment. Specially in United States .The most important healthcare trend witnessed recently is the focus shift of patients from hospitals to home healthcare. The move from treatment to proactive monitoring is also opening up new opportunities for the home healthcare market. Patients prefer home healthcare to hospitals mainly for the convenience and cost-effectiveness it offers. Third-party home healthcare is also witnessing huge demand due to better treatment quality ensured by trained medical professionals.
Future of Home Healthcare According to Report
The home healthcare market generates approximately 70% of revenues from the people aged 65 years and above; mainly because of the declining ‘elderly support ratio’, or the ratio of the number of people caring for the elderly, to the number of older people above 65 years. This factor highlights the growth potential of the market for third-party care in the coming years. The entire home healthcare market covered under the report is estimated to be approximately $159.6 billion and is expected to grow by 8.2% to reach $237.6 billion by 2014. Home healthcare service market is estimated to constitute $143.1 billion in 2009, which is about 90% of the entire market.
The major factors driving the growth of the home healthcare market are
- Declining elderly support ratio
- Patient preference for portability, automation and customization
- Physicians and hospitals prescribing home care to the patients to reduce huge patient inflow
- Rise in number of vehicle accidents and sports injuries
Major opportunities for the home healthcare market
- Focus shift from treatment to proactive monitoring
- Rising demand of third-party care
The market for home healthcare services is estimated to reach $207
billion by 2014. Home visits and nursing services constitute 72% of the
entire market. Most of the growth potential lies in the field of home
telemedicine services, the market for which is forecasted to grow at a
CAGR of 32.3% from 2009 to 2014. Diabetes devices alone constitute about
46% of the entire home healthcare equipment market, while the market
for home therapeutic equipment is the fastest-growing segment with a
CAGR of 19.4%.
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