Home Healthcare Market Size, Share, Growth Analysis, By Product(Dialysis Equipment, IV Equipment), By Service(Infusion Therapy, Skilled Nursing), By Indication(Cancer, Wound Care), By Component({Therapeutic (Home respiratory therapy equipment, Insulin delivery devices) - Industry Forecast 2024-2031

Home Healthcare Market Driver

• The number of patients infected with the novel coronavirus who have respiratory problems is significantly high and growing at an alarming rate. COVID-19 may cause acute respiratory distress syndrome (ARDS) in severe cases, resulting in significant lung damage. With the ongoing pandemic and India's strict lockdown, non-emergent home healthcare services are a safer and more cost-effective alternative to hospital services. Patients with chronic diseases such as cancer, chronic obstructive pulmonary disease (COPD), arthritis, and diabetes may not want to go to the hospital.
• Increased patient demand for home-based treatments has stemmed from rising health spending. Patients' in-home care settings include nebulizers, ventilators, and continuous positive airway pressure (CPAP) devices to treat, diagnose, and monitor various respiratory disorders. Patients can receive cost-effective healthcare by using these devices in combination with home care services.
• Along with the trends, Government initiatives and measures are also supporting the Home Healthcare Market growth. For instance, In Europe, the central government offers some reimbursement benefits for this service. People are free to choose the providers and even the type of healthcare. The US also recently launched the Well-Being Insurance for Seniors to be at Home (WISH) Act. This will help senior citizens to fund their long-term care services.

Home Healthcare Market Restraint

• Factors such as lack of skilled workers and concerns about patients' safety might restrict the Home Healthcare Market growth. There may be situational variables that present risks to patients that may be difficult to remove. Hospitals have well-equipped environmental safety departments to take care of such instances. home healthcare is a booming Home Healthcare Market, with increasing demand for home care providers/workers. In light of the rising demand, there are fewer health care workers to meet the rising demand of the consumers.