The U.S. home healthcare market size was estimated at around USD 142.93 billion in 2022 and it is projected to hit around USD 294.58 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.
Key Pointers
Report Coverage | Details |
Market Size in 2022 | USD 142.93 billion |
Revenue Forecast by 2032 | USD 294.58 billion |
Growth rate from 2023 to 2032 | CAGR of 7.5% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Companies Covered | 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 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 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 a medical facility. Moreover, older patients opt for home healthcare services following surgery or treatment at the hospital to reduce the 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 homecare 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.
The initial phase of the pandemic witnessed complete shutdowns and movement restrictions leading to a shortage of medical equipment for use at homes as well as hospitals. Restrictions on healthcare services and fear of COVID-19 infection resulted in increased adoption of home health services across the nation, as it helped treat patients with professional support at home itself, avoiding the risk of infection. Healthcare facilities are providing care programs such as hospital-at-home and SNF-at-home that is reducing the stress on facilities and saving healthcare expenditure for patients.
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, that facilitates verification of caregiver appointments, scheduling, & cancellation, avoiding no-show home appointments. The verification includes information about the patient and home healthcare professional, including the location, date, and 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.
U.S. Home Healthcare Market Segmentations:
By Component
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on U.S. Home Healthcare Market
5.1. COVID-19 Landscape: U.S. Home Healthcare Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. U.S. Home Healthcare Market, By Component
8.1.U.S. Home Healthcare Market, by Component Type, 2023-2032
8.1.1. Equipment
8.1.1.1.Market Revenue and Forecast (2019-2032)
8.1.2. Service
8.1.2.1.Market Revenue and Forecast (2019-2032)
Chapter 9. U.S. Home Healthcare Market, Regional Estimates and Trend Forecast
9.1. U.S.
9.1.1. Market Revenue and Forecast, by Component (2019-2032)
Chapter 10.Company Profiles
10.1. McKesson Medical-Surgical, Inc.
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2. NxStage Medical (Fresenius Medical Care)
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3. Medline Industries Inc.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4. Medtronic plc
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5. 3M Healthcare
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6. Baxter International Inc.
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7. B. Braun Melsungen AG
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8. F. Hoffman-La Roche AG
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9. Becton
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10. Dickinson and Company
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1. About Us
12.2. Glossary of Terms