US Home Healthcare Market Analysis

US Home Healthcare Market Analysis


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The US home healthcare market was valued at $152.31 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.93% from 2022 to 2030 and will reach $241.48 Bn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies and the cost-effectivity of home healthcare services. The market is segmented by equipment outlook and by services. Some key players in this market are McKesson Medical-Surgical, NxStage Medical (Fresenius Medical Care), Medline Industries Inc., Kindred Healthcare, Brookdale Senior Living, and Sunrise Senior Living.

ID: IN10USHS010 CATEGORY: Healthcare Services GEOGRAPHY: US AUTHOR: Nandini Shah

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US Home Healthcare Market Executive Summary

The US home healthcare market was valued at $152.31 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.93% from 2022 to 2030 and will reach $241.48 Bn in 2030. Home healthcare has changed over time, and it will probably continue to be a key component of US healthcare systems in the future. The technologies utilized by home healthcare providers have advanced quickly in recent years. A new tool called electronic visit verification makes it easier to confirm carer appointments, schedule them, and cancel them so that no-show home appointments are avoided. The verification comprises details about the patient and the in-home healthcare provider, as well as the required services' location, date, and time. In accordance with recent laws, the social services department states that by 2023 all home healthcare service providers in the United States must employ electronic visit verification.

In the US, the healthcare industry has grown significantly in both revenue and employment. Hospitals, medical equipment, pharmaceutical products, and services including clinical trials, telemedicine, e-health, health tourism, home healthcare, and health insurance are all included in the definition of healthcare. The extension of services increased coverage, and rising governmental and private investment in the healthcare industry in the US have all contributed to the sector's growth.

The home healthcare market in the US has a big number of participants and is still in its early stages of development. Some of these players only provide a particular specialty service, while others provide a wide range of services in different geographic areas. 30-35 businesses have experienced rapid expansion in the organized market, and they now have the strongest brand recognition and traction in terms of service sales across several regions. The US has multiple home healthcare players providing healthcare across preventive, promotive, chronic, acute rehabilitative, and palliative care in the comfort of the patient’s home. Traditionally, 60–80 percent of demand for home care has been driven by senior citizens seeking supportive long-term care at home.

us home healthcare market analysis

Market Dynamics

Market Growth Drivers

Technological advancements have made healthcare devices portable, user-friendly, and more convenient for patients at home or traveling. The introduction of newer technologies in this market has greatly boosted the current communication flow between patients and healthcare providers, enabling better, faster, and more effective care. Developments in technology coupled with increasing demand are likely to drive market growth in the US. Several companies have ventured into the delivery of medicines, further contributing to the patient-centric advantages of in-home care. Federation of US Chambers of Commerce & Industry (FICCI), 54% of people preferred laboratory tests, delivery of medicines, and nursing care at home.

The U.S. market is primarily driven by an ageing population, a rise in the prevalence of chronic diseases, and favorable reimbursement policies for home healthcare equipment. Recent technological developments and the affordability of home healthcare services are expected to fuel expansion during the projection period.

Over the past ten years, the U.S. geriatric population has been expanding quickly. According to the U.S. Census Bureau, there are 54 million adults in the U.S. who are 65 years of age or older, making up 16.5% of the total population. As they get older, the geriatric population often chooses to live at home rather than in a healthcare facility. Additionally, older individuals choose home healthcare services after surgery or medical treatment in order to shorten their hospital stay, which raises the demand for these services. The benefits of administering drugs for chronic illnesses at home include a quicker recovery, a better patient experience, fewer complications, and lower costs. This is increasing demand for home care services in the United States.

Market Restraints

The US home healthcare market is a rapidly growing industry, but there are several factors that may act as restraints to its growth. Some of the key restraints in the US home healthcare market include:

Lack of reimbursement for home healthcare services can be a major restraint for market growth. Many insurance companies do not cover certain home healthcare services, which can make them unaffordable for patients. There is a shortage of healthcare professionals, such as nurses and home health aides, in certain areas of the country. This can make it difficult for patients to access the care they need. Many home healthcare providers may not have access to the latest technology, such as remote monitoring devices and telemedicine platforms, which can limit the quality of care that patients receive. The home healthcare industry is not as regulated as the traditional healthcare industry, which can lead to variations in the quality of care that patients receive. The use of technology and remote monitoring devices can raise privacy and security concerns, as personal health information may be vulnerable to hacking or data breaches. Medicare's payment policies for home health agencies, which rely heavily on per-visit payments, can act as a barrier to the use of telehealth and remote monitoring, technologies that have been shown to improve care coordination and reduce readmissions. Also, many patients may not be aware of the services available to them through home healthcare, and may not understand the benefits of home healthcare.

Competitive Landscape

Key Players

Manufacturers (US)

  • McKesson Medical-Surgical
  • NxStage Medical (Fresenius Medical Care)
  • Medline Industries
  • Medtronic plc
  • 3M Healthcare
  • Baxter International                  
  • B. Braun Melsungen AG
  • F. Hoffman-La Roche AG
  • Becton, Dickinson, and Company

Service Providers (US)

  • Kindred Healthcare
  • Brookdale Senior Living
  • Sunrise Senior Living
  • Genesis Healthcare
  • Sonida Senior Living
  • Diversicare Healthcare Services
  • Senior Care Center
  • Atria Senior Living
  • Amedisys
  • Home Instead

Healthcare Policies and Regulatory Landscape

Home health services including therapy, care from a home health aide, and intermittent skilled nursing are covered by Medicare under either Part A or Part B, depending on the situation. Governmental agencies are, however, taking steps to encourage service providers to pay more attention to the patients' clinical characteristics and do away with the usage of treatment service thresholds. The Patient-Driven Groupings Model (PDGM), which was launched in January 2020 and is redefining the reimbursement of home healthcare services, is one example of a significant shift to the reimbursement system in decades.

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:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. 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”.

 

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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.

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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.

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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.

 

 

Stage III: Interpretation and Presentation

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  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 January 2023
Updated by: Dhruv Joshi

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