As many had predicted, the in home health care industry is currently the leading job creator in the United States. As more people reach retirement age (also known as the Baby Boomer generation), there will continue to be increased demand for services for these and other adults across the country.
Parks Associates, a research firm, recently released data showing that the in home health care sector in the United States spent more than $50 billion last year in these services. Home health care can encompass many different facets of care, including visiting nurses performing a host of medical services, therapists, including physical and occupational therapists, and in home care aides who may assist with a wide range of activities, including bathing, toileting, and other tasks of everyday life.
This new data suggests that there is great opportunity for new startups, including businesses that may be innovative and find ways to incorporate technology or develop new technologies that provide support, follow up care, monitoring, and much more to an increasing aging population.
According to the blog, Insurers and consumers spend more than $50 billion a year on home health services, published by ‘home toys’:
“Parks Associates’ Innovators Redrawing the Healthcare Landscape notes the opportunity for new startups to take advantage of digital health technologies to monitor, guide, and support patients in their recovery process. These innovations have the potential to save both insurers and consumers money by optimizing home health services and reducing hospital length of stay.
“Digital connectivity through health and wellness devices and apps changes how consumers interact with the U.S. healthcare system and how care providers can more proactively manage consumers’ health,” Wang said. “This consumerization of healthcare technologies represents a significant opportunity to those who can spot it and build a business to pursue it.”
Connective technology, which can encompass many disciplines including video teleconferencing, monitoring devices, reminders, and much more, allow doctors, nurses, home care aides and other providers, and even trusted family members to remain closely connected with each individual who needs assistance, whether they’re right down the road or across the country.
As more people now prefer to ‘age in place,’ which means they want to stay home as opposed to other situations, including hospitals and nursing home care, the demand for in home care will only continue to increase. As it does, there will be greater demand for technology and opportunities for innovators and startups to impact an industry specifically designed to provide the best care and support for those in need.