Burlingame, Sept. 20, 2023 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, “U.S. Home Healthcare Market, By Services ((Skilled Home Healthcare Services (Physician/Primary Care, Nursing Care, Physical/Occupational/Speech Therapy, Nutritional Support, Hospice & Palliative Care, and Others) and Unskilled Home Healthcare Services)), By Equipment (Therapeutic Equipment (Home Respiratory Therapy Equipment, Insulin Delivery Devices, Home IV Pumps, Home Dialysis Equipment, and Other Therapeutic Equipment), Diagnostic Equipment (Diabetic Care Unit, BP Monitors, Multi Para Diagnostic Monitors, Home Pregnancy & Fertility Kits, Apnea & Sleep Monitors, Holter Monitors, Heart Rate Monitors, and Other Diagnostic Equipment), and Mobility Assist Devices (Wheelchair, Home Medical Furniture, and Walking Assist Devices): Size & Share Analysis – Growth Trends and Forecasts (2023 – 2030).” According to the report, the U.S. Home Healthcare market was valued at US$ 22.14 Bn in 2022 and is forecast to reach a value of US$ 36.05 Bn by 2030 at a CAGR of 6.3% between 2023 and 2030.
Home healthcare includes the delivery of healthcare services and medical equipment to patients in the comfort of their own homes. The home healthcare market is a rapidly growing sector within the healthcare industry due to the aging population, advancements in technology, the need for more convenient healthcare options, and cost-effectiveness. Home healthcare services includes home nursing care, physical therapy, occupational therapy, speech therapy, home infusion therapy, palliative care, and home medical equipment and supplies.
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Key Trends and Analysis of the U.S. Home Healthcare Market:
Ongoing trend of digitalization has boosted the usage of mobile apps and online platforms. Mobiles apps helps in easy communication between pateints and healthcare providers. According to the Business of Apps, two in five US adults are now using health apps. That’s a rise of 6 percentage points since 2018. The share of Americans who said they use wearables is up to 35%, an 8-point rise over the same period
U.S. Home Healthcare Market Report Coverage
|Market Size in 2022||$22.14 billion|
|Market Size in 2030||$36.05 billion|
|No. of Pages in Report||154|
|Segments covered||• By Services, By Equipment|
|Growth Drivers||• Rise in burden of chronic diseases
• Growing geriatric (aging) population
|Restraints & Challenges||• Risks associated with home healthcare equipment
• Shortage of skilled/trained workforce
Increasing prevalence of chronic disease in the country is propelling U.S. home healthcare market growth
There is a high prevalence of chronic disease in the country due to sedentary lifestyle and increasing obese population. According to the Centers for Disease Control and Prevention, from 1999 –2000 through 2017 –March 2020, US obesity prevalence increased from 30.5% to 41.9%. During the same time, the prevalence of severe obesity increased from 4.7% to 9.2%. The estimated annual medical cost of obesity in the United States was nearly $173 billion in 2019 dollars. Medical costs for adults who had obesity were $1,861 higher than medical costs for people with healthy weight.
Growing geriatric population is creating need for home healthcare services
Rising geriatric population is increasing the prevalence of chronic disease. This is in turn creating demand for home healthcare services. According to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the U.S., accounting for about 16.9% of the nation’s population. Moreover, the total number of adults ages 65 and older is projected to rise to an estimated 85.7 million by 2050 (22% of the overall population).
Risk associated with the home healthcare equipment to hamper market growth
There is high risk associated with home healthcare equipment such as malfunction & damage to the equipment, and fire hazards due to electrical problems, among others. This factor refrain pateints to adopt home healthcare services, thereby hampering market growth.
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Technological advancement in home healthcare equipment to provide significant market growth opportunities
Key players in the market are continuously introducing new product due to ongoing technologica advancement. For instance in Febuary 2022, CVS Pharmacy, the retail division of CVS Health announced the launch of six new innovative home health care products as an extension of the company’s exclusive CVS Health product line. Rooted in customer insights and specifically designed to meet the needs of the aging, caregivers and those living with disabilities, these bathroom safety and mobility products merge function and design
U.S. Home Healthcare Market – Key Developments
In May 2023, The Consumer Health Division of Bayer has launched a business unit focused on developing new Precision Health products across its range of everyday health categories. Bayer will prioritize developing products that enable people to take greater control of their own personal health through digital solutions that facilitate more informed choices based on personal insights and novel delivery mechanisms
Key Market Takeaways:
U.S. Home Healthcare market is expected to exhibit a CAGR of 6.3% during the forecast period, owing to high burden of chronic disease, increasing geriatric population, and growing technological advancement in home healthcare equipment.
On the basis of Services, skilled home healthcare services segment is expected to hold a dominant position. It is ideal option for pateint recovering from surgery, or managing chronic disease, such as diabetes, heart disease, COPD, or arthritis.
On the basis of Equipment, therapeutic equipment segment is expected to hold a dominant position, owing to the growing usage of insulin delivery devices, home dialysis equipment, and intravenous pumps.
Key players operating in the U.S. Home Healthcare market include Medline Industries Inc., Medtronic Plc, 3M Healthcare, Baxter International Inc., B. Braun Melsungen AG, Hoffman-La Roche AG, and Nxstage Medical (Fresenius Medical Care), among others.
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- U.S. Home Healthcare Market, By Services
- Skilled Home Healthcare Services
- Physician/Primary Care
- Nursing Care
- Physical/Occupational/Speech Therapy
- Nutritional Support
- Hospice & Palliative Care
- Unskilled Home Healthcare Services
- Skilled Home Healthcare Services
- U.S. Home Healthcare Market, By Equipment
- Therapeutic Equipment
- Home Respiratory Therapy Equipment
- Insulin Delivery Devices
- Home IV Pumps
- Home Dialysis Equipment
- Other Therapeutic Equipment
- Diagnostic Equipment
- Diabetic Care Unit
- BP Monitors
- Multi Para Diagnostic Monitors
- Home Pregnancy & Fertility Kits
- Apnea & Sleep Monitors
- Holter Monitors
- Heart Rate Monitors
- Other Diagnostic Equipment
- Mobility Assist Devices
- Home Medical Furniture
- Walking Assist Devices
- Therapeutic Equipment
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