Healthcare Services
North America Home Healthcare Market Analysis
The North America home healthcare market was valued at $1,013 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2030 and will reach $1,689 Bn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies, and the aging population. The market is segmented by component and product. Some key players in this market are lmost Farally, Amedisys Inc., Kindred Healthcare, Koninklijke Philips N.V. (U.S.A), Davita Inc. (U.S.A), Cardinal Health (U.S.A), Sunrise Medical (U.S.A), General Electric compaG.E. (C.f.)
Buy Now
North America Home Healthcare Market Executive Summary
The North America home healthcare market was valued at $1,013 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2030 and will reach $1,689 Bn in 2030. Northern America's population is predicted to grow from 369 million in 2020 to 425 million in 2050. North America accounts for 7.8 percent of the global population and accounts for 28 percent of global economic output, making it the continent with the highest GDP per capita of the seven continents.
A wide range of medical treatments is offered for sickness management at home under the umbrella of "home healthcare." The rising incidence of cancer and other chronic diseases, advancements in the medical device sector, and an increase in home healthcare settings because of the region's aging population are all factors contributing to the market's expansion. However, a lack of insurance coverage and worries over patient safety are impeding industry expansion.
Market Dynamics
Market Growth Drivers
High-impact key drivers of this market are an aging population base, rising incidence rates of target diseases, and the desire to reduce healthcare spending as an economically viable effort. The cost of treating chronic diseases is anticipated to rise steadily over the projection period due to an increase in their prevalence. This individualized care serves as a high-impact rendering driver for the business and is a cost-effective way to reduce treatment costs. The market is anticipated to be primarily driven by the huge elderly population, who are particularly vulnerable to conditions including pressure ulcers and venous stasis ulcers. Statistics from the World Health Organization (WHO) show that by 2050, there will be 2 Bn individuals in the world who are 60 years of age or older, up from 841 Mn. The demand for home health services is therefore driven by the expanding worldwide geriatric population and the fact that over 70% of patients are 65 years of age or older.
According to the Centers for Disease Control and Prevention (CDC), 6 in 10 Americans had at least one chronic illness in 2019. One of the main factors driving the growth of the home healthcare market in North America is the government's increasing encouragement of the establishment of home care settings by encouraging the release of products required for home care settings. Hospital-at-home initiatives have received support from nations like the US and Canada because they give hospitals the freedom to provide their patients with hospital-quality care at home. Additionally, the market expansion is being accelerated by a number of methods used by participants in the home care setting business, such as product releases, alliances, and innovations.
Market Restraints
Home healthcare is generally covered by insurance in North American nations, although this insurance is only extended to Medicare-certified home healthcare organizations. Equipment used for multi-parameter or remote monitoring is not covered by insurance. The lack of skilled nursing personnel with a compassionate attitude is anticipated to slow the rate of expansion of the North America home healthcare market. To fulfill demand in the upcoming years, a significant rise in the number of healthcare professionals is required.
According to research by the consulting firm Mercer, the United States will experience a severe shortage of healthcare workers during the next ten years. The company predicts a shortfall of 29,400 nurse practitioners and more than 400,000 home health aides by 2025. The healthcare industry will also face a scarcity of other professionals. Many areas in North America lack the infrastructure necessary to provide home healthcare services, such as adequate transportation and communication systems at the same time.
Competitive Landscape
Key Players
- lmost Farally
- Amedisys Inc.
- Kindred Healthcare
- Koninklijke Philips N.V. (U.S.A)
- Davita Inc. (U.S.A)
- Cardinal Health (U.S.A)
- Sunrise Medical (U.S.A)
- General Electric compaG.E. (C.f.)
- Kinnser Software
- General Electric (U.S.A)
- BAYADA Home Health Care (U.S.A)
- Invacare Corporation (U.S.A)
- Philips Healthcare
- Baxter (U.S.)
Notable Deals
In Jan 2023: Great Elm Healthcare, LLC, a division of Great Elm Group, Inc., which runs a full line of respiratory-related durable medical equipment (DME) service locations across eight states in the Midwest, Southwest, and Pacific Northwest, has been acquired by Quipt Home Medical Corp. The division generated $60 million in revenue last year.
December 2022: For the purpose of offering a line of home healthcare services to the neighborhood, in Dec 2022, Tampa General Hospital (TGH) and Visiting Nurse Association (VNA) have partnered. With an integrated network of services to enhance the quality of care and patient experience, TGH Home Care powered by VNA of Florida enables patients to receive home care while remaining inside the TGH network.
In October 2022: The Denton, Texas-based Trio Home Health and Hospice were purchased by home health company Jet Health. The eight purchase for Jet Health in the previous four years advances the provider's objective of dominating the home health and hospice market in the western United States.
Healthcare Policies and Regulatory Landscape
In the United States, home healthcare is regulated at both the federal and state levels. The federal government regulates certain aspects of home healthcare through agencies such as the Centers for Medicare & Medicaid Services (CMS) and the Department of Health and Human Services (HHS). At the state level, home healthcare is regulated by state departments of health and other agencies.
In Canada, the regulation of home healthcare services is the responsibility of each province and territory. Home healthcare services are typically regulated by the Ministry of Health or the equivalent department in each province.
Reimbursement scenario
In the United States, home healthcare services can be reimbursed through several sources including Medicare, Medicaid, private insurance, and out-of-pocket payment. Medicarex1 is a federal program that provides healthcare coverage for people over 65 years of age, as well as people with certain disabilities. Medicare covers some home healthcare services, including skilled nursing care, physical therapy, occupational therapy, and speech therapy. However, Medicare typically only covers these services if they are considered medically necessary and ordered by a doctor.
Medicaid is a joint federal-state program that provides healthcare coverage for people with low income. Medicaid covers a wider range of home healthcare services than Medicare, including personal care services, such as bathing, dressing, and meal preparation. However, the specific services covered and the reimbursement rate varies by state.
In Canada, home healthcare services are typically covered by the public healthcare system. The specific services covered and the reimbursement rate varies by province, but the government typically covers a range of home healthcare services, including nursing care, personal care, and rehabilitation services.
1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
Home Healthcare Market Segmentation
By Device Type (Revenue, USD Billion):
Based on the Device Type the market is segmented into Testing, Screening, Monitoring Devices, Therapeutic Home Healthcare Devices, and Mobility Assist.
- Testing, Screening, and Monitoring Device
- Blood Glucose Monitors
- Blood Glucose Monitors
- Blood Pressure Monitors
- Heart Rate Monitors
- Temperature Monitors
- Sleep Apnea Monitors
- Coagulation Monitors
- Ovulation and Pregnancy Test Kits
- Pulse Oximeters
- Home Hemoglobin A1C Test Kit
- Therapeutic Home Healthcare Devices
- Oxygen Delivery Systems
- Nebulizers
- Ventilators
- Sleep Apnea Therapeutic Devices
- Wound Care Products
- IV Equipment
- Dialysis Equipment
- Insulin Delivery Devices
- Inhalers
- ?Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs)
- Mobility Assist
- Walkers and Rollators
- Wheelchairs
- Canes
- Crutches
- ?Mobility Scooters
By Service Type (Revenue, USD Billion):
- Skilled Nursing Services
- Rehabilitation Therapy Services
- Hospice and Palliative Care Services
- Unskilled Care Services
- Respiratory Therapy Services
- Infusion Therapy Services
- Pregnancy Care Services?
By Indication Type (Revenue, USD Billion):
- Cardiovascular Disorders & Hypertension
- Diabetes
- Respiratory Diseases
- Pregnancy
- Mobility Disorders
- Hearing Disorders
- Cancer
- Wound Care
- ?Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)
Insights10 will provide you with the reports within 10 key parameters which are:
- Market Overview
- Market Growth Drivers & Restraints
- Epidemiology of Disease Type
- Market Segmentation
- Market Share
- Competitive Landscape
- Key Company Profiles
- Healthcare Policies & Regulatory Framework
- Reimbursement Scenario
- Factors Driving Future Growth
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
(1).png)
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
- Establishing market drivers and trends
- Analyzing the regulatory landscape to understand future growth
- Market Segment based analysis to obtain revenue/volume
- Analyzing current needs and determining penetration to estimate the market
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
To request a free sample copy of this report, please complete the form below.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses
- Intelligent insights to take informed business decisions
- Qualitative, acute and result oriented market analysis
- Market size and forecasts from 2022 to 2030
- Opportunities for expansion and in-depth market analysis
- Segmentation and regional revenue forecasts
- Analysis of the market share and competitive landscape
- Strategic Recommendations to chart future course of action
- Comprehensive Market Research Report in PDF and PPT formats
Need more?
- Ask our analyst how this study was put together to learn more
- Discuss additional requirements as part of the free customisation
- Add more countries or regions to the scope
- Get answers to specific business questions
- Develop the business case to launch the product
- Find out how this report may influence your business revenue
Related reports (by category)
Healthcare Services
Mexico Healthcare Reimbursement Market Analysis
Healthcare Services
Japan Patient Engagement Solutions Market Analysis
Healthcare Services
Denmark Dental Care Market Analysis
Related reports (by geography)
Healthcare Services
North America Women Health Diagnostic Market Analysis
Healthcare Services
North America Connected Healthcare Market Analysis
Healthcare Services
North America Healthcare Diagnostics Market Analysis
Pharmaceuticals