"We Envision Growth Strategies Most Suited
to Your Business"
The U.S. home healthcare services market size stood at USD 95.45 billion in 2023. The market is predicted to rise from USD 100.95 billion in 2024 to USD 176.30 billion by 2032, recording a CAGR of 7.2% from 2024 to 2032.
Fortune Business Insights™ presents this information in its report titled, “U.S. Home Healthcare Services Market Size, Share & Industry Analysis, By Type (Physician Care, Nursing Care, Physical, Occupational & Speech Therapy, Medical Social Services, and Others), By Payor (Public Health Insurance and Private Health Insurance/Out of Pocket), and Country Forecast, 2024-2032”.
Home healthcare services are offered to patients in the comfort of an individual’s residence. These services are widely preferred for patients who are homebound and old as they offer safety and well-being by confirming that geriatric patients get appropriate treatment by living close to their family members. An increase in initiatives by top participants to offer portable devices with advanced technologies suitable for home health settings is fostering market development. The integration of telecommunication in the home healthcare industry is providing growth opportunities in the market. The launch of new reimbursement codes covering telehealth in home healthcare solutions is driving the demand for home healthcare services.
The COVID-19 pandemic had a detrimental effect on the market owing to decreased demand for home healthcare services due to increased concerns about the COVID-19 infection among patients.
Amedisys Acquired Contessa Health to Boost Its Capacities in In-home Healthcare Services
In June 2021, Amedisys acquired a hospital-at-home and skilled nursing facility leader, Contessa Health, to increase its capacities in in-home healthcare services. This includes the addition of a higher-acuity hospital and trained nursing facility services at home, an innovative analytics platform, and network management.
Rising Prevalence of Chronic Conditions in the Geriatric Population to Fuel Market Growth
There is a sharp increase in the old-age population in the U.S., which is more susceptible to chronic diseases, including diabetes, dementia, cardiac disorders, and others. Increased demand for healthcare services at home is attributed to the surging need for daily assistance and continuous monitoring among the geriatric population in the country. As per the 2023 Senior Report published by the United Health Foundation, around 16.8% of the U.S. population, or USD 55.8 million Americans, were aged 65 years old and above.
Home healthcare offers different benefits for older adults over hospitals and nursing facilities, including quality treatment at home, low cost, reduced risk of infections, and others. As per the 2023 article by the National Council on Aging, around 95.0% of adults aged 60 years or older have at least one chronic disorder, while 80.0% have two or more. All these factors are expected to fuel the U.S. home healthcare services market growth in the coming years.
On the other hand, the nature of fraud differs, although most frauds include home health agencies billing for services that are not medically necessary or not provided. This is hampering the demand for home healthcare services.
Leading Companies Focus on Mergers, Acquisitions, and Partnerships to Boost Their Geographical Presence
With some companies dominate the market by holding a prominent market share, the U.S. market is highly fragmented. Optum, Inc. is one of the top players in the market since the company has implemented several business strategies, including mergers, acquisitions, and partnerships, to boost its geographical presence.
Notable Industry Development
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/u-s-home-healthcare-services-market-105568
List of the Companies Profiled in the Report:
Further Report Findings-
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 7.2% from 2024-2032 |
Unit | Value (USD billion) |
Segmentation | By Type
|
By Payor
|