Healthcare industry is continuously evolving — from the widespread adoption of new technologies like health wearables and medical robotics to the ever-changing landscape of regulatory approvals. As a result, healthcare leaders need to be aware of the latest trends in the industry to stay ahead of the competition. By doing so, they can identify what opportunities their organizations need to implement to grow their businesses and improve the delivery of care to patients and employee well-being.
The U.S. home healthcare market was valued at USD 132.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.49% from 2022 to 2030.
As per the U.S. Census Bureau, 54 million adults in the U.S. are aged 65 years & above, accounting for 16.5% of the country’s population. The geriatric population typically prefers to stay at home as they age instead of in a medical facility.
If you are searching for How big is the U.S. home healthcare market?
The U.S. home healthcare market size was estimated at USD 132.7 billion in 2021 and is expected to reach USD 142.3 billion in 2022.
The U.S. home healthcare market is expected to grow at a compound annual growth rate of 7.49% from 2022 to 2030 to reach USD 253.6 billion by 2030.
Healthcare Trends 2023
From AI, Metaverse to social determinants of health, we listed the top 10 healthcare trends that could significantly impact the healthcare industry in 2023.
1. Increasing patient engagement with patient experience: As AI, Metaverse and mobile technologies progress, patients have become more savvy and proactive regarding self-care with Telehealth. Today, patients and providers are working together, transforming the healthcare industry by taking a “proactive” approach to care rather than a “reactive” one. To improve patient needs, some factors that healthcare leaders need to consider to enhance patient engagement include:
- Ease of access to patient data experience
- Transparency
- Patient’s digital experience
- Administrative efficiency
- Fast and personalized solutions
- Building in the human connection
- Recognizing the importance of work culture
2. Healthcare Transformation with Artificial Intelligence (AI)
Artificial Intelligence is one of those healthcare trends that have the potential to significantly impact the industry – from improving patient care with data-driven clinical decision-making to streamlining healthcare system workflows more effectively.
How AI can impact the healthcare industry:
- Improving patient care
- Data-driven digital experience
- Enabling prescribers and providers to simultaneously enhance their work performance while improving work/life balance
- Supporting healthcare institutions to deliver quality care while optimizing resources
- Fast pre-authorization process
3. Robotics Tech Usage in Healthcare
Medical robotics has the capability to reduce workload in the healthcare industry. Robots in the medical field are transforming how surgeries are performed, streamlining supply delivery and disinfection, and enabling providers to focus on engaging with and caring for patients.
According to the International Federation of Robotics, sales of medical robots increased by 73% compared to 2016 to 2,931 units in 2017, accounting for a share of 2.7% of the total unit sales of professional service robots. Robot-assisted surgery or therapy is the most critical application of robots in healthcare.
However, the demand for other services is also increasing significantly.
4. Digital mental health solutions: Digital mental health services, such as those delivered by mobile phone or web-based platforms, offer the possibility of expanding the reach and accessibility of mental health care. To achieve this goal, digital mental health interventions and plans for their implementation must be designed with the end users in mind.
Between 2011 and 2030, the cumulative economic output loss associated with mental disorders is projected to be $16.3 trillion worldwide. There are more than 10,000 mental health apps in the Apple App Store and the Google Play Store alone. Many of these 10,000 apps are not currently evidence-based, placing users at significant risk in some cases.
Deloitte analyzed 190 global high-traction use cases for the toolkit, revealing 89% of the apps are not clinically validated.
5. Wearable technology in Healthcare: Today 56% of Americans own some type of wearable technology. · 88% of physicians want patients to monitor their health parameters at home. Smartwatches and wearable medical devices help people monitor their health 24/7. Their impact could increase if doctors trust their utility and people feel their data is secure.
Deloitte Global predicts that 320 million consumer health and wellness wearable devices will ship worldwide in 2022 (figure 1). By 2024, that figure will likely reach nearly 440 million units as new offerings hit the market and more healthcare providers become comfortable with using them.
Healthcare Predictions 2023 and Beyond
RPM took off as a crucial part of expanding acute-care-at-home models. The global RPM market is projected to reach $175.2 billion by 2027 from US$53.6 billion in 2022, at a compound annual growth rate of 26.7%.
In 2023, patients will choose retail health for their primary care needs as health systems, constrained by inadequate resources, fail to match retail’s elevated patient experiences.
Forty-nine percent predict COVID-19 will be resolved in 2023. Thirty-nine percent think the return-to-office versus work-from-home dispute will be settled.
Forrester predicted that retail health clinics will work to double their share of the primary care market in 2023. Amazon, Walmart, Walgreens and CVS are well-established in the retail health clinic space, but more retail companies will join their ranks next year, according to Schibell.
Healthcare Dive reported that between 2020 and 2023, the cost of medical services incorporating telehealth might increase by 265%, from $29 billion to $106 billion.
Source: https://www.grandviewresearch.com/industry-analysis/us-home-healthcare-market-report
