by The U.S. home healthcare market involves the provision of various healthcare services like nursing care, physical, occupational and speech therapy, medical social services, and personal care for individuals suffering from disabilities or chronic diseases at home. Services include skilled nursing services, unskilled care services, respiratory therapy services, rehabilitation services, infusion therapy services, and telehealth and telemedicine services. The global U.S. home healthcare market is estimated to be valued at US$ 23.53 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Geriatric Population: As per the CDC, by 2030, around 72 million Americans will be aged 65 years and older, representing nearly 20% of the U.S. population. The aged population is more susceptible to chronic diseases, disabilities, and injuries which fuel the demand for home healthcare services and equipment. Moreover, home care settings enable independence and overall well-being of geriatric patients, driving the market growth.
Technological Advancements: Advanced home healthcare devices and equipment like ventilators, mobile monitoring cameras, digital medication reminders, and telehealth solutions allow remote patient monitoring and chronic disease management at home. Technological innovations in healthcare IoT and AI aim to improve the quality of caregiving and are expected to support the U.S. home healthcare market expansion during the forecast period.
Segment Analysis
The U.S. home healthcare market is segmented into equipment, services and software. The equipment segment is expected to remain dominant throughout the forecast period owing to rising adoption of various home healthcare devices such as ventilators, sleep apnea monitoring devices and blood pressure monitors among patients. The services segment is also gaining traction due to growing need for nursing care, rehabilitation services and therapy services at home rather than hospitals or clinics.
PEST Analysis
Political: The US government is focusing on reducing healthcare costs by promoting home healthcare over hospital stays which is positively impacting the market. Various acts and laws passed to improve standards of home healthcare delivery.
Economic: Rising geriatric population coupled with increasing per capita healthcare expenditure is fueling market growth. Out-of-pocket healthcare costs for patients are lower with homecare providing financial benefits.
Social: Growing acceptability of home healthcare due to patient comfort and family care availability at home. Patient preference for recuperating in familiar settings rather than clinics or hospitals.
Technological: Integration of remote monitoring devices, mobile apps and AI into homecare equipments is enhancing quality of care delivery. Adoption of digital technologies is boosting efficiencies.
Key Takeaways
The Global U.S. Home Healthcare Market Size is expected to witness high growth over the forecast period. Regionally, Western and Southern regions dominate currently owing to presence of advanced healthcare infrastructure and majority of key players. The Northeast region is also expected gain significant market share.
Regional analysis
The Southern region accounts for the largest share currently led by states like Florida, Texas and North Carolina. Growing elderly population, favourable reimbursement policies and accessibility to home healthcare services have boosted regional market. The Western region is another major market led by California due to presence of numerous home healthcare agencies and patients preference for living independently at home.
Key players
Key players operating in the U.S. Home Healthcare market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. 3M is a leading player owing to its wide product portfolio for home healthcare including wound care, skin health, fall prevention, respiratory care and mobility products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
