Home Healthcare Market (2023-2030)

The emergence of home healthcare has enabled patients to receive hospital-like care in their homes and has also proved to be a cheaper, safer, and more effective alternative to traditional hospital care, mainly for those patients who are at risk of suffering from complications of inpatient care and hospital-acquired infections. These advantages of home care have led many countries, such as the U.S., U.K., Canada, Australia, and Israel, to implement government policies that encourage homecare health services. For instance, every regional and metropolitan hospital in Victoria, Australia, has a hospital-at-home program, and nearly 6% of all hospital bed-days are provided that way. (Source: The Commonwealth Fund). Furthermore, home care is widely adopted for specific conditions such as deep venous thrombosis (DVT) and acute cellulitis.

As per the Johns Hopkins Model, the cost of at-home care was 32% less than hospital care ($5,081 VS. $7,480), and the length of stay of the patients was also reduced by nearly one-third (3.2 days VS. 4.9 days). Additionally, the home care setting was found to be more convenient for family members and patients than those offered usual hospital care.

Nearly 5.6 million children in the U.S. receive nearly 5.1 hours of medical care at home, which saves approximately $36 billion annually (Source: Everyday Health, Inc. [U.S.]). These factors have led to the increased adoption of home healthcare as a cost-effective alternative to hospital healthcare services.

Additionally, the reduced need for rehospitalization and expensive and unnecessary testing and shorter treatment times are among the major factors propelling the adoption of home-based health services in developed and developing countries.