There are many reasons for the growing demand for home care services and technologies. The biggest factor is the aging of society. The World Health Organization predicts that by the end of 2050, there will be 2 billion people aged 60 and over, and this figure will exceed the capacity of healthcare facilities.
Services and technologies designed to provide better care for home-treated patients are one of the fastest growing segments of healthcare. Before the Covid-19 process, home care services were in high demand. For this reason, a year after the pandemic process, much more investment was made in home care solutions. According to a survey, the home healthcare market value was approximately $167.28 billion in 2020 and is expected to double to $383.66 billion by the end of 2030.
Many countries around the world have started to announce that they will invest more in home care. We can give the following examples to countries and states that plan to make significant investments in home care services:
• In Canada, the government of Quebec added an additional $100 million to the previously allocated $1.7 billion budget for home care services.
• In Canada, the Ontario Ministry of Health provided a budget of $2.88 billion for home care services in the 2019-2020 budget.
• Australia will provide an extra allowance for 10 thousand home aged care packages with a cost of 850 million dollars.
There are many reasons for the growing demand for home care services and technologies. The biggest factor is the aging of society. The World Health Organization predicts that by the end of 2050, there will be 2 billion people aged 60 and over, and this figure will exceed the capacity of long-term care and health services centers in all countries. Keeping the aging population at home in a healthy way is of critical importance. Other reasons for the growth of demand for home care services are as follows:
• Desire for more convenient maintenance without long travel or waiting times
• Affordability (Home care services are much more cost-effective than many health institutions.)
• Increasing reimbursement incentives for home care services
• Improved mental health
In the United States, one of the home care providers launched the Hospital Without Walls program in March 2020 to help the US healthcare system cope with the rapidly increasing number of Covid-19 patients. In November, the program was expanded to give healthcare providers more flexibility. In this context, home treatment and care opportunities were offered to eligible patients.
We can divide the home care services market into 3 main categories. These categories are services, devices, and software.
Although a significant growth is expected in these 3 categories in the coming years, according to a study, the device category is expected to surpass the other two categories. The proof of this is the number of new consumers and the fact that clinical-grade devices are now suitable for use in the home.
As a result, home care services will continue to grow much faster in the coming years. The home care services growth process, which started before the Covid-19 process and accelerated during the pandemic process, has become much more accessible with large investments made around the world. The importance of home care services comes into prominence day by day in order to reduce costs and workload and to keep the aging population healthy at home.
It is expected that the demand for home care services will continue to increase without losing speed in the period after the Covid-19 process. Countries that foresee that home care services will have a much more critical importance in the future have already started to increase the investments they plan to make in this field.
In addition, you can get detailed information about EHR solutions by reading our article titled The Difference Between Saas and Hosted EHR Solutions See you on different topics.