The Covid-19 pandemic has highlighted the importance of personalized care and the need to adapt to the new normal in healthcare. One significant shift that has been gaining momentum is the growth of healthcare-at-home (HAH) solutions. A recent report by innovation and transformation consultancy, PA Consulting, revealed that the global market for HAH solutions is set to increase by $70 billion to $390.4 billion by 2030.
The report surveyed 550 senior executives from the global MedTech, pharmaceutical, and private and public healthcare sectors. It was discovered that 43% of respondents stated that their healthcare system offers home care options, up from 35% before the pandemic. Medtech and pharma firms have a central role to play in this transition, with 76% of leaders saying they are prioritizing HAH products and services. This includes 25% more products expected in the market in 2027 compared to today.
The move towards HAH solutions could be a significant game-changer in the healthcare industry. Not only does it provide a more personalized approach to care, but it could also help address rising healthcare costs. Healthcare costs have been skyrocketing for years, and the Covid-19 pandemic has only amplified the issue. In the United States, healthcare costs make up 17.7% of the country's gross domestic product (GDP). This is higher than any other developed country in the world.
The transition towards HAH solutions could help address this issue by reducing the need for hospitalizations and freeing up hospital beds for those who need them most. Patients can receive treatment and monitoring from the comfort of their own homes, reducing the need for costly hospital stays. Additionally, preventative care and early intervention could lead to significant cost savings in the long term.
The move towards HAH solutions could also help address worker shortages in the healthcare industry. The pandemic has highlighted the significant strain on healthcare workers, and the transition towards HAH solutions could help alleviate some of this pressure. Healthcare workers could provide care and monitoring remotely, reducing the need for in-person visits.
Furthermore, the move towards HAH solutions could help improve the patient experience and support health equity. Patients who live in remote or rural areas may have limited access to healthcare facilities, and HAH solutions could help bridge this gap. It could also provide more flexible care options for patients with disabilities or chronic illnesses.
Overall, the growth of healthcare-at-home solutions could be a significant game-changer in the healthcare industry. It could help address rising healthcare costs, worker shortages, and improve the patient experience. Medtech and pharma firms have a central role to play in this transition, and it is encouraging to see that they are prioritizing HAH products and services. The move towards HAH solutions could be the future of healthcare, and it will be exciting to see how it develops in the coming years.