Home Healthcare Market, by Service (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) and 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), Mobility Assist Devices (Wheelchair, Home Medical Furniture, and Walking Assist Devices) – Size, Share, Outlook, and Opportunity Analysis, 2023-2030
Market Overview:
The Home Healthcare Market is estimated to be valued at US$ XXX million in 2022 and is expected to exhibit a CAGR of XX% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights. Home healthcare is intended to deliver a variety of healthcare services and equipment to the patient while they are at home. Home healthcare refers to a wide range of healthcare services that can be given in at home for illness or injury. Home care includes any professional support or services that allow a person to live safely in their home. In-home care services can help someone who is aging and needs assistance to live independently, recovering from a medical setback, managing chronic health issues, or has special needs or a disability. It could also be for those who are chronically ill, recovering from surgery, or have a disability. Home healthcare services are majorly helpful when people require a prolonged stay in the healthcare facility.
Competitive Landscape:
Major players operating in the Home Healthcare Market are Medtronic Plc, Medline Industries Inc., 3M Healthcare, Hoffman-La Roche AG, B. Braun Melsungen AG, Baxter International Inc., and Nxstage Medical (Fresenius Medical Care), among others.
Key Market Drivers:
Increasing prevalence of chronic diseases is expected to propel growth of the home healthcare market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability in the Moreover, six in ten people in the live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes. Thus, with the rise in burden of chronic diseases, the demand for home healthcare services is also increasing with a rapid pace. This in turn is expected to drive growth of the market.
Moreover, growing geriatric (aging) population in the Region is expected to augment growth of the home healthcare market. For instance, the prevalence of chronic diseases increases with age, as aging increases the risk of chronic diseases such as heart disease, cancer, diabetes, dementias, and arthritis. According to the Census Bureau, more than 56 million adults ages 65 and older live in the Region, accounting for about 16.9% of the nation’s population. According to the American Hospital Association, around 133 million Americans suffer from at least one chronic illness, and by 2030, this number is expected to reach 170 million.
COVID-19 Impact Analysis:
The COVID-19 outbreak had a positive impact on the market, as home healthcare made it possible for Americans to stay safe during the pandemic. There has been a high demand for home-based care to enable patients with chronic illnesses or COVID-19 to receive treatment and monitoring at home and relieve hospital overcrowding. In short, the pandemic increased the demand for home healthcare services, driving the growth of the US home healthcare market.
Key Takeaways:
- The home healthcare market is expected to exhibit a CAGR of XX % during the forecast period owing to rise in burden of chronic diseases, growing geriatric population, and increasing demand for home healthcare services in the United States.
- For instance, in March 2022, Humana Inc. started to transition Kindred at Home’s home health division to the CenterWell Home Healthopens window brand. The brand transition represents a major step in the full integration of Kindred at Home’s home health operations into Humana to reinforce its commitment to invest in home-based clinical solutions that can improve patient outcomes, increase satisfaction, and create value for health plan partners.
- Moreover, in March 2022, Axxess announced the launch of a fully independent palliative care software solution. The Axxess Palliative Care is latest innovation in Axxess’ complete suite of solutions developed for organizations that provide care in the home.
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