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Global Home Healthcare Services Market Research Report by Investment In The Medical Industry, Opportunity And Strategies Forecast 2028
Home Healthcare Services Market Forecast 2021-2028
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Market Overview:
The U.S. home healthcare services market size is expected to gain momentum by reaching USD 146.61 billion by 2028 while exhibiting a CAGR of 7.2% between 2021 to 2028. In its report titled "U.S. Home Healthcare Services Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 85.10 billion in 2020.
The U.S. home healthcare services are growing due to the rise in telehealth consultations. It allows video monitoring of remote patients and extends the reach of physicians and caregivers across home healthcare facilities. This allows cost-effective treatment leading to less crowding in the hospitals.
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COVID-19 Impact
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. For instance, Encompass Home Health & Hospice report mentions that the company saw a decline of 4% between 2019 to 2020. This decline was seen due to the impact of COVID-19.
Market Segmentation:
By type, the market is divided into physician care, nursing care, physical occupational & speech therapy, medical social services, and others.
Based on type, the physician care segment held a market share of about 6.3% in 2020. The segment is expected to experience considerable growth due to the presence of a large aging population with chronic diseases such as diabetes, cardiac arrest, and cancer.
The market is divided into public health insurance and private health insurance, and out-of-pocket based on the Payor.
What does the Report Provide?
The market report for U.S. home healthcare services provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Driving Factors
Increasing Therapy Sessions at Home to Propel Market Growth
The increasing demand for physical, occupational & speech therapy is expected to promote the U.S. home healthcare services market growth. For instance, in June 2019, the Medicare Home Health Flexibility Act was established. This home healthcare facility act allows occupational therapists to register therapy cases treated across the home healthcare facilities and initiate no-cost therapies at home. Such initiatives will strongly support the market in the upcoming years.
In addition, the neonatal care of premature babies and their mothers and gastronomy or G-tube feeding is also driving the market growth.
Regional Insights
Low Cost of Home Healthcare Facilities to Aid Growth
The U.S. market stood at USD 88.74 billion in 2019 and USD 85.10 in 2020.
In the U.S., healthcare is gaining popularity as it provides extra care to a senior suffering from any type of disease. In addition, home care facilities cost about 50 percent less, on average, than the usual hospitals. A report by Debt.org mentions that in the U.S., hospital costs an average of USD 2,607 per day, and in California, USD 3,726 per day. On the other hand, as per Genworth's 2019 Cost of Care Survey, the average hourly rate for home care across California is just USD 27.98. Thus, the low cost of home healthcare facilities will drive the market growth during the forecast period.
Competitive Landscape
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market for U.S. home healthcare services is consolidated by major companies striving to maintain their position by expanding their services. For instance, AccentCare INC. and Fairview are coming up to form a new post-acute business in which AccentCare will hold a significant share. The new company will provide home health and hospice services for Fairview Health Services. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion that will favor the market's growth in the forthcoming years.
Industry Development
February 2019: BAYADA Home Health Care and AmeriHealth Caritas entered into a value-based agreement to provide patients with affordable care at home. They will also offer unique multi-specialty home care capabilities to critical patients with AmeriHealth Caritas' health plans. By this agreement, they also aim to popularize home-based treatment in the region.
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List of Key Market Players Profiled in U.S. Healthcare Services
Amedisys, Inc. (Louisiana, U.S.)
LHC Group Inc. (Louisiana, U.S.)
Encompass Home Health & Hospice (Alabama, U.S.)
Brookdale Senior Living Solutions (Tennessee, U.S.)
Trinity Health at Home (Michigan, U.S.)
Kindred Healthcare, LLC (Kindred at Home) (Kentucky, U.S.)
AccentCare. (Texas, U.S.)
Bayada Home Healthcare (Pennsylvania, U.S.)
Other Prominent Players
Related Article @ https://marketresearchreportsfbi.wordpress.com/2021/10/21/psoriasis-treatment-market-2020-trends-opportunity-projection-analysis-forecast-2028/
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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