Growth in 'healthcare-at-home' solutions could address rising costs

28 April 2023 2 min. read
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Personalized treatments at home could help healthcare systems effectively address challenges in capacity, skyrocketing costs, and worker shortages – according to PA Consulting’s “Healthier at Home” report. The innovation and transformation consultancy's report surveyed 550 senior leaders across the global medtech, pharma, and private and public healthcare industries.

PA estimates the global market for healthcare-at-home (HAH) solutions will increase by $70 billion to $390.4 billion by 2030. Currently 43% of respondents say their healthcare system provides home care solutions, up from 35% before the Covid-19 pandemic.

PA expects 45% of healthcare services will be delivered at home within the next five years.

US healthcare leaders are keen on HAH, with 72% believing it will have a positive effect on society’s health and wellbeing, and 74% saying their organizations are prioritizing HAH solutions.

Growth in 'healthcare-at-home' solutions could address rising costs

About half of respondents (52%) think moving care from hospital to home will create savings by reducing hospital demand, while an even larger 68% think HAH solutions will halt rising healthcare costs.

Medtech and pharma firms have a central role to play in the transition, and they are game to do so. Three quarters (76%) of medtech and pharma leaders told PA they are prioritizing HAH products and services, with 25% more products expected in the market in 2027 compared to today.

Over half (54%) of US pharma leaders predict that by 2027 the focus of their solutions will be products/services that complement breakthrough pharmacotherapies.

Connected solutions is one area that is tagged for further growth. Three quarters (75%) of respondents are working toward connected home solutions and predict internet of things (IoT) systems will provide doctors with real-time data to enable preventative healthcare, early intervention, and monitoring.

“The tremendous value of preventative care and early intervention is no hidden secret. As budgets shrink and demand for flexible, personalized care grows, healthcare, medtech, and pharma leaders have an opportunity to build an ecosystem of care that benefits patients and providers,” Vignesh Ramesh, digital health expert at PA Consulting, said. “Our research highlights that the need for improving the patient experience, relieving pressure on the healthcare system, supporting health equity, and reducing costs – all can be done through the move from hospital to home.”