Global Market Outlook on Home Nursing
The physical location of the study center is among the top three factors, which hinders patients in participating in a clinical trial.
Further, the time consumed during study visits and missed work also impacts the patient decision making hence the move towards home visit clinical trial is being welcomed in the industry to drive patient centricity.
The global home healthcare market is expected to reach USD 349.8 Billion by 2020 from USD 227.5 Billion in 2015, growing at a CAGR of 9.0 percent during the period 2015 to 2020.
The growth of this market is mainly driven by factors such as rising geriatric population across the globe, growing need of cost-effective healthcare delivery due to increasing healthcare costs, rising incidences of chronic diseases, and technological advancements in devices.
North America dominates the global home healthcare market owing to the presence of high sophisticated healthcare infrastructure, favorable reimbursement policies, increasing investment in R&D facilities, and presence of large number of small scale and large scale healthcare service providers.
Europe accounts for the second largest share of the total home healthcare market owing to increasing aged population, high prevalence of diabetes and cardiovascular diseases, and increasing healthcare investments by the European government.
Asia Pacific home healthcare market is expected to grow at a rapid pace owing to increasing geriatric population as elder people are prone to many disorders such as orthopedic, cardiovascular and others, rising awareness about the cost effectiveness and convenience
- Home care is much more affordable route to providing the assistance especially when compared to the costs of living facilities and nursing homes
- Elderly people feel more comfortable, independent and happy if they are able to stay with their family and get assistance
- Individuals who live too far away from sites, pediatric patients and their caregivers
Patient Recruitment Barrier
- Longer studies with frequent site visits and more complex trial protocols are time consuming, inconvenient, and unpleasant hence need for in home trials
The pricing depends on the company type with both fee for service and hourly rate being prevalent equally.
- Home health nurses see patients for an hour or so to conduct treatments, evaluate ongoing heath issues or to undertake patient teaching about how to handle a new health problem
- These rates are determined by the levels of care (for example, is the patient ambulatory, needs bathing, or some kind of wound treatment) as well as the region
- The home health agencies do determine how the nurses are paid: per visit, per hour, or salaried. When a nurse is salaried, the level of care is not factored into the wage
- Nurses who work as independent contractors can set their own rates