According to Nova one advisor, the U.S. Home Healthcare market size was valued at US$ 132.9 billion in 2021 and is expected to hit US$ 253.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.50% from 2022 to 2030.
According to Nova one advisor, the U.S. Home Healthcare market size was valued at US$ 132.9 billion in 2021 and is expected to hit US$ 253.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.50% from 2022 to 2030.
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Growth Factors:
The growing geriatric population and increasing prevalence of chronic diseases along with favorable reimbursement for home healthcare equipment are key drivers for the U.S. market. The recent advancements in technology & cost-effectivity of home healthcare services are likely to drive the market growth during the forecast period. The U.S. geriatric population has been growing rapidly over the past decade. As per the U.S. Census Bureau, 54 million adults in the U.S. are aged 65 years & above, accounting for 16.5% of the country’s population. The geriatric population typically prefers to stay at home as they age instead of in a medical facility.
Moreover, older patients opt for home healthcare services following surgery or treatment at the hospital to reduce their hospital stay, resulting in higher demand for home healthcare services. Administration of medications at home for chronic disorders offers benefits, such as faster recovery, better experience, fewer complications, and reduced cost, which is boosting the demand for home care services in the U.S.
Medicare provides reimbursement for home health services such as intermittent skilled nursing care, care provided by a home health aide, and therapy under either Part A or Part B, depending on the circumstances.
However, government organizations are taking measures to get service providers to focus more on the clinical characteristics of the patients, to eliminate the use of therapy service thresholds. For instance, a major change to the reimbursement system in decades is the Patient-Driven Groupings Model (PDGM) that was implemented in January 2020, which is reshaping the reimbursement of home healthcare services.
Report Scope of the U.S. Home Healthcare Market
Report Coverage Details
Market Size in 2021 USD 132.9 Billion
Revenue Projection By 2030 USD 253.8 Billion
Growth Rate CAGR of 7.50% from 2022 to 2030
Base Year 2021
Historical data 2017 - 2020
Forecast Period 2022 to 2030
Segments Covered Component
Companies Mentioned McKesson Medical-Surgical, Inc.; NxStage Medical (Fresenius Medical Care); Medline Industries Inc.; Medtronic plc; 3M Healthcare; Baxter International Inc.; B. Braun Melsungen AG; F. Hoffman-La Roche AG; Becton, Dickinson and Company; Kindred Healthcare, LLC; Brookdale Senior Living Inc.; Sunrise Senior Living, LLC; Genesis Healthcare, Inc.; Capital Senior Living Corporation (Sonida Senior Living); Diversicare Healthcare Services, Inc.; Senior Care Center; Atria Senior Living, Inc.; Amedisys, Inc.; Home Instead, Inc.
The concept of home healthcare has evolved over the years and is likely to play an integral role in future healthcare systems in the U.S. Over the past few years, there have been rapid advancements in technologies used by home healthcare providers. Electronic visit verification is an upcoming technology, facilitating verification of caregiver appointments, scheduling, & cancellation, and avoiding no-show home appointments.
The verification includes information about the patient and home healthcare professional, including location, date, & time of service required. According to the social services department, by 2023, all home healthcare service providers in the U.S. must implement electronic visit verification, as per recent regulations.
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Component Insights
Based on components, the services segment held the largest market share in terms of revenue in 2021 and is anticipated to expand at a 7.3% compound annual growth rate (CAGR) during the forecast period. The component segment is categorized into equipment and services. The services segment growth is attributed to the increasing adoption of long-term care services and recurring costs incurred by the patients as compared to the one-time purchase cost of equipment.
Increasing focus of manufacturers on introducing innovative equipment, availability of reimbursement, and increasing at-home treatment/diagnostic efficiency are factors expected to contribute to the fastest growth of the equipment segment during the forecast period.
The skilled home healthcare services segment accounted for the largest share in terms of market revenue and is expected to register the fastest growth at a 7.57% compound annual growth rate (CAGR) during the forecast period. The services segment is broadly classified into skilled home healthcare services and unskilled home healthcare services.
Increasing home healthcare agencies, rising demand for home healthcare services, and favorable health reimbursement policies are major factors contributing to the segment growth. Patients are choosing to recover at home instead of in an inpatient facility due to greater comfort and reduced healthcare costs, which has led to rise in demand for skilled medical care services in the market.
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Some of the prominent players in the U.S. Home Healthcare market include:
• Manufacturers
• McKesson Medical-Surgical, Inc.
• NxStage Medical (Fresenius Medical Care)
• Medline Industries Inc.
• Medtronic plc
• 3M Healthcare
• Baxter International Inc.
• B. Braun Melsungen AG
• F. Hoffman-La Roche AG
• Becton, Dickinson and Company
• Service Providers
• Kindred Healthcare, LLC
• Brookdale Senior Living Inc.
• Sunrise Senior Living, LLC
• Genesis Healthcare, Inc.
• Sonida Senior Living (Capital Senior Living Corporation)
• Diversicare Healthcare Services, Inc.
• Senior Care Center
• Atria Senior Living, Inc.
• Amedisys, Inc.
• Home Instead, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030
• By Component
• Equipment
Therapeutic Equipment
Home respiratory equipment
Home IV pumps
Home dialysis equipment
Insulin delivery
Other therapeutic equipment
Diagnostic Equipment
Diabetic care unit
BP monitors
Multi para diagnostic monitors
Apnea and sleep monitors
Home pregnancy and fertility kits
Holter monitors
Heart rate meters
Other diagnostic equipment
Mobility Assist Equipment
Wheelchair
Home medical furniture
Walking assist devices
• Service
Skilled Home Healthcare Services
Nursing care
Physician/primary care
Hospice & palliative care
Physical/occupational/speech therapy
Nutritional support
Other skilled home healthcare services
Unskilled Home Healthcare Services
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Key Questions Answered in U.S. Home Healthcare Market Report
• What will be the sales/revenue generated by U.S. Home Healthcare across all regions during the forecast period?
• What are the opportunities in the U.S. Home Healthcare market?
• What are the major drivers, restraints, opportunities, and threats in the market?
• Which regional market is set to expand at the fastest CAGR during the forecast period?
• Which application is expected to generate the highest revenue U.S. in 2030?
• Which segment is projected to expand at the highest CAGR during the forecast period?
• What is the market position of different companies operating in the U.S. market?
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