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U.S. Home Healthcare Market Revenue to Attain USD 595.64 Bn by 2033
19 Dec 2024
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U.S. Home Healthcare Market Revenue and Trends 2023 to 2033
The U.S. home healthcare market revenue reached USD 194.24 billion in 2024 and is predicted to attain around USD 595.64 billion by 2033 with a CAGR of 12.74%. The rising geriatric population and the increasing demand for personalized care plans are expected to boost the growth of the market. Moreover, rising healthcare costs can positively impact the market.
Market Overview
Home healthcare encompasses a range of healthcare services that can be given to patients in the convenience of their homes. It involves services like nursing services, mobility services, physical therapy, and rehabilitation therapy that help with everyday activities such as getting dressed or bathing. These types of services are beneficial for patients who are recovering from illness, managing long-term health conditions, or individuals who need extra help. Home healthcare allows individuals to get proper medical treatment in the comfortable environment of their own homes.
The U.S. home healthcare market is experiencing rapid growth due to the rising aging population. Older individuals often prefer to receive treatment at home and demand advanced healthcare services. Technological advancements have also made it possible to deliver healthcare services in home settings. Moreover, the use of telemedicine, which helps with remote consultations and monitoring to track health conditions and provide proper treatment, contributes to the growth of the market. Home healthcare provides a personalized and convenient way of receiving medical treatments in one's own home.
Report Highlights of the U.S. Home Healthcare Market
By type, the services segment dominated the market with the largest share in 2023. This is primarily due to the increased demand for skilled healthcare services. Skilled services are offered to patients in their homes under the supervision of healthcare professionals. They assist individuals with daily activities, enhancing patient comfort and satisfaction and reducing unnecessary hospital visits.
By device, the home mobility assists devices segment held the largest share of the market in 2023, as they help individuals having mobility issues due to age, accident, or disability with essential treatment in their homes. These devices help patients to carry out their daily activities and improve their quality of life. Moreover, manual and electric wheelchairs help physically disabled individuals in walking and provide support and stability during walking.
By service, the rehabilitation segment accounted for the largest share of the market in 2023. Rehabilitation services provide therapeutic approaches to improve the patient's functional, cognitive, or physical capacities after surgery, disease, or injury. In addition, the increased prevalence of diseases and the aging population demand comfortable healthcare services in their own homes with a focus on improved health. Home healthcare firms offer several types of rehabilitation treatments, such as physical therapy, occupational therapy, speech therapy, and cognitive rehabilitation.
U.S. Home Healthcare Market Trends
Increasing Geriatric Population: The rising geriatric population in the U.S. is a major factor boosting the growth of the market. As people age, they are more prone to chronic diseases and require continuous monitoring. Moreover, they often prefer to receive care in the comfort of their homes rather than hospitals, reducing frequent hospital visits and healthcare costs. According to the Population Reference Bureau, the number of Americans ages 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050.
Rising Healthcare Costs: Advancements in healthcare technologies, complex procedures, changing government policies, high insurance premiums, and limited coverage lead to increased healthcare costs. As technology evolves and regulatory policy changes, healthcare services become more expensive, particularly inpatient hospital care services, which drives consumer attention toward home healthcare services.
Demand for Remote Patient Monitoring: With the growing focus on a patient-centric care approach, the need for remote patient monitoring is increasing. Technologies like mobile devices and wireless communication allow healthcare providers to monitor and track patient health from remote locations, enhancing patient outcomes and satisfaction. In July 2024, TeleMedCare launched the Remote Chronic Patient Monitoring Program with a leading health insurance and health service provider in the U.S.
Country Insights
Rising advancements in healthcare technology are expected to contribute to the U.S. home healthcare market. The country is at the forefront of technological advancements, leading to the rapid development of home healthcare services and technologies. Individuals' high disposable income further drives their attention toward home healthcare services. Moreover, rising government initiatives promoting home healthcare and reimbursement policies for home healthcare can positively impact the market.
For instance, in April 2024, the U.S. Food and Drug Administration (FDA) launched a new initiative, Home as a Health Care Hub, to help reimagine the home environment as an integral part of the health care system, with the goal of advancing health equity for all people in the U.S.
U.S. Home Healthcare Market Coverage
Report Attribute
Key Statistics
Market Revenue in 2024
USD 194.24 Billion
Market Revenue by 2033
USD 595.64 Billion
CAGR
12.74% from 2024 to 2033
Quantitative Units
Revenue in USD million/billion, Volume in units
Base Year
2023
Market News
In July 2024, Axena Health Inc. collaborated with UpScriptHealth and launched the Leva Pelvic Health System through www.levarx.com., which connects women with prescribing clinicians who can evaluate their inconsistent symptoms and if appropriate prescribe the Leva System. The new telehealth service allows women to access effective first-line inconsistence treatment quickly and easily improving individual outcomes and decreasing overall costs for the healthcare system.
In May 2024, WellSky, a US-based leading health and community care technology company, announced the launch of WellSky TeamEngage powered by Ava, a new innovation for home-based care providers aimed at increasing employee retention, reliability, and recruitment through gamification.
In January 2024, Eli Lilly and Company launched LillyDirect, a new digital healthcare experience for patients in the U.S. living with obesity, migraine, and diabetes. This solution offers disease management resources, including access to independent healthcare providers, tailored support, and direct home delivery of medicines.
U.S. Home Healthcare Market Key Players
Baxter International Inc.
Abbott.
ResMed Inc.
GE Healthcare
Invacare Corporation
Amedisys
LHC Group, Inc.
Medline Industries
BAYADA Home Health Care
F. Hoffmann-La Roche Ltd
Market Segmentation
By Type
Device
Services
By Device
Diagnostic & Monitoring Devices
Therapeutic Devices
Home Mobility Assist Devices
By Services
Rehabilitation
Telehealth
Respiratory Therapy
Infusion Therapy
Unskilled Homecare
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