It should come as no surprise to anyone invested in the home care industry that it remains the number one job creator. It’s also no secret that there have been plenty of challenges during recent years with regard to wages, benefits, hospital readmission rates, and even funding at the federal level. However, despite the struggle that some agencies are facing to attract quality caregivers and visiting nurses, growth is marching forward, at an impressive pace.
According to some estimates, the global market for home care is expected to grow at 10.1% annually. That’s an amazing jump when compared to most other industries and it’s due, in large part, to the baby boomer generation that is reaching retirement age.
Baby Boomers are generally defined as people born shortly after the end of World War II through the mid-1960s. This was a time a significant population growth as men returned from war, started families, and various industries expanded. Today, those men and women are retiring and that means there’s a growing demand for care at home due to age, health issues, and other factors.
Growth on a global scale, though, doesn’t necessarily impact the American industry, but it’s likely to draw the interest of technological developers seeking to streamline some services and help people remain safer at home and that could directly affect clients in the U.S.
As noted in a press release, Home Healthcare 2017 – Global Market to Grow at a CAGR of 10.1%, Reaching $494.78 Billion by 2023 -ResearchandMarkets.com, published by Business Wire:
“The Global Home Healthcare market is expected to grow from $252.95 billion in 2016 to reach $494.78 billion by 2023 with a CAGR of 10.1%.
Growing global geriatric population, raising health diseases, and cost efficiency of home healthcare are some of the factors influencing the global market growth. In addition, innovative technologies and government policies towards promoting home healthcare are favoring the market growth. However, inadequate insurance coverage, and patient safety issues are the factors hampering the market growth.
By Product, the testing, screening, and monitoring products segment is expected to account for the largest share of the home healthcare products market. The large share of this segment is attributed to the rising emphasis on preventive medicine and technological advancements.”
The home care sector shows no signs of slowing down when it comes to growth and expansion and that’s position for agencies and other providers that have been invested in this industry for some time. Domestically and globally, growth should be anticipated for more than another decade, possibly even two.