The case for Home Care has long been settled. Better clinical outcomes, rational costs and the home as a preferred setting for consumers and their families makes Home Care an essential part of the Healthcare delivery system. With the benefits substantiated, it is not surprising to see market forces and demographics further escalating Home Care’s role.
The combination of an aging population, advancing technology and an expanding consumer-centric focus all play a role in Home Care’s rapid expansion. Additional factors – including market consolidation, reimbursement legislation and changing patient demographics – have further heightened demand for in-home care services.
And the market has responded in kind. Advancing patient monitoring software, increased telemedicine accessibility and new diagnostics are just a few examples of the type of innovation which is being progressively emphasized across the industry.
The following trends will continue to drive success and secure growth opportunity for in-home care businesses.
In-home diagnostics are experiencing extensive growth and innovation. These diagnostics provide convenient, low cost and easy to administer alternatives to traditional diagnostic devices and testing kits. Novel advancements in diagnostic testing and detection technologies have made the administration of advanced in-home diagnostics possible. An advancing array of in-home diagnostic tests ranging from glucose monitoring to DNA swabbing, blood pressure testing, and x-ray services will continue to drive, magnify and accelerate market demand.
CEOs and investors are maximizing the opportunity for in-home diagnostics through a variety of tactics. For example, some companies are modifying their diagnostic processes to test a larger variety of diseases enabling businesses to expand offering, secure steady growth and maximize their consumer base. Other companies are emphasizing the demand for consumer-centric approaches by developing diagnostics that do not require any interaction with medical professionals. Regardless of end-market, or type of test, in-home diagnostics companies are gaining a growing customer base and creating opportunity for value creation. As medical technology continues to build, new advancements and services will only further expand the in-home diagnostics market.
Mainstreaming telemedicine & remote patient monitoring
New technology advancements – ranging from telemedicine software to wearable devices – have expanded the opportunity for telemedicine and remote patient monitoring. Providers and patients alike have steadily adapted to telemedicine and remote monitoring as an alternative to traditional in-office care. Communication and scheduling platforms in combination with monitoring devices, AI analysis and data collection software has extended provider reach exponentially and continues to prove beneficial to care outcomes. The ability of remote monitoring platforms to offer more comprehensive data collection, enable providers to better understand a patient’s daily behavior and increase patient engagement has proven advantageous for reducing hospital readmissions and driving long-term patient success. These proven benefits, among others, will continue to yield an increased demand for investment and an opportunity for organizational growth.
An aging population
The global population is aging. According to a United Nations study, by 2050, 1 in 6 people in the world will be over age 65. A substantial increase from 1 in 11 in 2019. The result, a growing need for healthcare services, specifically home care options for geriatric populations. Companies providing services – such as home health aides, rehabilitation services, and chronic disease management – to this population can expect a continued rise in demand.
In response to the growing demand and potential high-growth opportunity, CEOs and executive teams are deploying a variety of strategies to best capitalize on the trajectory of this global population trendline. One strategy being deployed by executive leaders and investors is consolidation. Both regional and nationwide consolidation and roll-up strategies are being developed across a variety of service lines. Similarly, executive teams and investors are exploring opportunities to expand across service lines to create full-service offerings that span from in-home infusion therapy to rehabilitation and medical device distribution services. By effectively scaling and expanding business models targeting the aging population, CEOs and investors will drive organizational growth and secure financial opportunity.
Enabled by technology and driven by consumer demand and convenience, home care is poised to continue its high growth. By working at the intersect of technology innovations, proven service offerings and consumer-centric design, CEOs and organizational leadership teams are ensuring continued value creation and economic success. While home care continues to become increasing widespread and dynamic in offering, there will be ample opportunities for businesses to disrupt traditional care delivery methods and generate consumer demand.