With 7.2% CAGR, Home Healthcare Services Market Size in United States to Surpass USD 153.19 Billion by 2029, Report by Fortune Business Insights
The home healthcare services market size in United States is expected to surpass US$ 153.19 billion by 2029 from at $94.17 billion in 2022 and poised to grow at a compound annual growth rate (CAGR) 7.2% from 2022 to 2029
Pune, India, July 07, 2022 (GLOBE NEWSWIRE) — The US Home Healthcare Services Market size reached USD 88.50 billion in 2021. The market value is anticipated to increase from USD 94.17 billion in 2022 to USD 153.19 billion by 2029 at a CAGR of 7.2% during the forecast duration. Tissue paper is widely used for sanitation and hygiene. People are becoming more aware of the importance of personal hygiene and sanitation, so pulp-based sanitary products are becoming more popular, says Fortune Business InsightsTM in its report titled, “US Home Healthcare Services Market, 2022-2029”.
Key Industry Development-
December 2021: Aveanna Healthcare, LLC purchased Comfort Care, a leading adult home health and hospice provider, with the intention of expanding its national footprint by adding operations in Tennessee and Alabama.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.2% |
| 2029 Value Projection | USD 153.19 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 88.50 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 92 |
| Key Players | Amedisys, Inc. (U.S.), LHC Group Inc. (U.S.), Encompass Home Health & Hospice (U.S.), Brookdale Senior Living Solutions (U.S.), Trinity Health at Home (U.S.), Kindred Healthcare, LLC (Kindred at Home) (U.S.), AccentCare (U.S.),BAYADA Home Health Care (U.S.) |
| Growth Drivers | Growing prevalence of chronic diseases among the elderly drives market growth |
| Market Growth is Dependent on Innovation and Effective Distribution Channels | |
| U.S. Elective Surgeries and Patient Discharges have Drastically Decreased |
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Drivers & Restraints-
Growing prevalence of chronic diseases among the elderly drives market growth
People over the age of 65 are more susceptible to chronic conditions such as diabetes, dementia, cardiac disorders, and so on. As the geriatric population in the U.S. grows, so does the need for continuous monitoring of health conditions. For example, according to a Reuters article from 2021, the population in the U.S. aged 65 and up accounted for 16.5% of the total, a figure that is expected to rise to 74 million by 2030. The significant rise in chronic disorders in the geriatric population, which increases the need for daily assistance at home and continuous monitoring, is expected to surge the demand for home healthcare services in the country. However, home healthcare fraud takes many forms, but the majority of it involves home health agencies billing for services that are not medically necessary or billing for amenities that are not offered. The risk of fraud in-home health care is extremely high, which may impede the US Home Healthcare Services Market growth.
COVID-19 Impact
In the midst of the COVID-19 pandemic, U.S. Elective Surgeries and Patient Discharges have Drastically Decreased
The COVID-19 pandemic had a negative impact on the growth of the market due to decreased demand for the U.S. home healthcare services among patients with chronic conditions due to the fear of contracting COVID-19 infection. Additionally, decreased professional visit for the U.S. home healthcare services as a result of the prioritization of medical services to COVID-19 patients is a major factor that reduced the revenue of home healthcare agencies.
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US Home Healthcare Services Market Segmentations:
| Segmentation | By Type
|
By Payor
|
Report Coverage
The US home healthcare services research report on home healthcare services in the US provides a thorough examination of the market. It focuses on critical aspects such as industry trends, leading companies, market dynamics, service type, and payor groups. It also provides market insights and highlights key industry developments. Aside from the factors mentioned above, the report includes a number of other factors that have contributed to the market’s growth in recent years.
Competitive Landscape
Market Growth is Dependent on Innovation and Effective Distribution Channels
The US Home Healthcare Services Market share is highly fragmented, with some players leading the market with a small percentage share. In 2021, Kindred Healthcare, LHC Group, Amedisys Inc., and Encompass Home Health & Hospice held the largest market share. LHC Group Inc. is a market leader due to the company’s increasing number of partnerships with the U.S.-based healthcare network for post-acute services.
List of Key Market Players:
- Amedisys, Inc. (U.S.)
- LHC Group Inc. (U.S.)
- Encompass Home Health & Hospice (U.S.)
- Brookdale Senior Living Solutions (U.S.)
- Trinity Health at Home (U.S.)
- Kindred Healthcare, LLC (Kindred at Home) (U.S.)
- AccentCare (U.S.)
- BAYADA Home Health Care (U.S.)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights General
- Reimbursement & Regulatory Overview
- Recent Industry Developments Mergers, Acquisitions & Partnerships
- Ageing Population Statistics
- Prevalence of Chronic Diseases
- Number of Home Health Agencies
- Impact of COVID 19 on the Market
- US Home Healthcare Services Market (in value) Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast By Type
- Physician Care
- Nursing Care
- Physical, occupational, speech therapy
- Medical Social Services
- Others
- Market Analysis, Insights and Forecast By Payor
- Public Health Insurance
- Private Health Insurance/Out of pocket
ToC Continue…!
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