The industry of providing caregivers is quickly becoming one of the quickest in the United States of America. There are currently more than 76 million baby boomers, who account for roughly 25% of the US population, who are driving market expansion. This is one of the causes that private caregiver agency companies and homecare startups are flourishing.
This essay will tell you about the importance of in-home healthcare, healthcare startups, and the future of home healthcare.
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There is a famous expression that says, “what goes around comes around.” In the 1950s, it was common for doctors to respond to house calls and provide excellent patient care. So, here we are in 2022, and we may be going backward in time, not just to provide better healthcare services but also to cut prices in an overburdened healthcare system. The industry of providing homecare is one of the fastest-growing markets in the US healthcare industry.
Every year, sick people save tens of millions by being treated at home rather than in hospitals. In addition, as the population is aging, the prevalence of chronic diseases, increasing physician acceptance of home care, scientific breakthroughs, and a shift toward cost-effective treatment options by public and private payers have contributed to industry revenue growth. Based on IBISWorld, industry revenue has increased at a 2.2 percent annual rate to $96.9 billion over the last five years.
This healthcare industry is anticipated to experience solid and consistent revenue growth in the coming five years to 2025 as a result of:
The older population will most likely keep driving revenue and profit because the baby boomer generation not only demands more healthcare services than other age groups but also encourages home care. Payers are expected to shift gradually to home care because it is less expensive than inpatient hospital and nursing home care.
Here are three trends that have the potential to initiate new startups or small businesses for providing healthcare services:
There is no better place than your home for being treated. According to an AARP survey of adults conducted in 2018, three out of every four adults aged 50 and higher want to remain in their homes and communities as they grow older. Baby Boomers are driving a substantial and long shift in our country’s age range. Every day, ten thousand Baby Boomers reach the age of 65, and by 2030, 18 percent of the U.S. population will be 65 or older (compared to 13 percent today).
As a result, there will be a growing demand for solutions that can help older adults to age in place of their convenience. The home care industry in the United States is expected to grow from $100 billion in 2016 to $225 billion by 2024. As business owners, we may have a one-of-a-kind opportunity to use technology to bridge the healthcare gap and genuinely offer better services.
For quite some time, house calls to practitioners have not been the standard. However, this is about to change thanks to a group of well-funded startups. Some startups provide primary care house calls with doctors, as well as video consultations and digital monitoring services. However, these startups hope to expand access to at-home care for more people.
These companies have raised hundreds of millions in 2020 and 2021 for their on-demand health care services that deliver home and community-based services.
Telemedicine is the pinnacle of innovation healthcare, serving as a figurative lifeline for multitudes, if not millions, of residents who live in rural regions without access to decent medical facilities. The existing pandemic recommends that telemedicine will benefit more than just remote patients. A growing number of urban sick people have started to take notification of this fast-growing industry. This is due to the fact that many people are really interested in the convenience that telemedicine offers.
Nowadays, people are out of time, energy, or patience to sit in a reception area waiting for their turn. But, at the touch of a button, telemedicine provides patients with immediate treatment in the comfort of their own homes. According to Fortune Business Insights, the global telemedicine market is expected to grow at a CAGR of 25.8 percent, from $79.79 billion in 2020 to $396.76 billion in 2027. That is the growth of a rocket ship.
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Daily activities; for example, going to the bathroom, medication reminders, cleaning the house, and companionship are examples of assistance. They are capable of dealing with the needs of the elderly.
The Corona Virus pandemic has redefined the in-home healthcare industry. However, the mentioned changes in health care are being driven by factors other than the pandemic. They have been happening for a long time as a result of an inflated healthcare system that has become so costly to maintain that investors are now funding alternative solutions. Therefore, investigate this market thoroughly, looking for opportunities to disrupt the status quo while also providing excellent care.
This article mentioned the importance of startups in the healthcare industry and trends for startups. If you have any suggestions for the betterment of healthcare services, write them down in the comment section.