Press release
Home Healthcare Services Market Set to Grow at 9-10% CAGR by 2029, Driven by Aging Population and Tech-Enabled Care Innovations
Home healthcare services are provided by skilled and non-skilled medical professionals in the comfort and convenience of a patient's home. It includes services such as Post-Acute Care, Palliative Care, Hospice Care, Nursing Care/Wellness Checks, Specialized Care (Alzheimer's & Dementia Care, Recuperative Care, Stroke Recovery, etc.), Companionship Care, Personal Care and Other Services (Meals and Nutrition Planning, Pharmaceutical Services, 24-hour Monitoring/Live-in Care, Laboratory and Imaging Tests).
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Favourable Coverage and Investment by Private Equity Companies drive the Global Home Healthcare Services Market
In key markets such as the U.S., Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance) cover eligible home health services as long as patients are homebound and need part-time or intermittent skilled services. Generally, a home health care agency coordinates the services ordered by a doctor or allowed practitioner for the patient. The home health agency caring for the patient must be Medicare-certified.
Some of the covered home health services include: Medically necessary part-time or intermittent skilled nursing care, physical therapy, occupational therapy, speech-language pathology services, medical social services, part-time or intermittent home health aide care, injectable osteoporosis drugs for women, durable medical equipment, medical supplies for use at home.
Also, in the calendar year (CY) 2023, the Centers for Medicare & Medicaid Services (CMS) estimates that Medicare payments to home health agencies (HHAs) are likely to increase in the aggregate by 0.7% as compared to CY 2022.
Citing the lucrative prospects of the home healthcare services market, several private equity companies have started to invest in the global market.
For instance,
In May 2022, Bow River Capital, a private equity firm completed a strategic investment in Amazing Care, a leading provider of pediatric home health services
In Jan 2022, Health Care At Home India Pvt Ltd (HCAH), a home healthcare services provider secured $15 million from Singapore-based private equity fund ABC World Asia
In April 2021, H. Franchising Systems, a Cincinnati-based company that operates Home Helpers® Home Care was acquired by RiverGlade Capital, a healthcare-focused private equity firm.
The Growing Role of Artificial Intelligence (AI) in Home Healthcare Services
In recent years, the application of AI in home healthcare has triggered a paradigm shift related to how patients and healthcare caregivers approach and deliver healthcare to patients. AI-based sensors track a patient's health biometrics 24/7. Any irregularities in readings can immediately trigger alerts to the relevant caregiver or agency. AI-based mobile applications also help in providing preventive care by monitoring and managing medical conditions such as obesity, diabetes, cardiac problems, etc., maintaining diet and nutrition records, sending reports, and issuing alerts to concerned caregivers/physicians in case of deviations. AI-based AI voice assistants can also assist in setting up reminders for taking medicines, checking vital signs parameters, booking appointments, etc.
"......The prominence of AI in the home healthcare services market is expected to grow manifolds in the coming years......AI has the potential to manage complex care plans, streamline operations of home care agencies by optimizing the scheduling and routing of caregivers, and help in data-driven decision-making.."
-Director, Home Healthcare Service Provider, U.S.A
Service Segment Outlook
Competitive Landscape Analysis: Home Healthcare Services Market
Some of the key and established players operating in the global home healthcare services market are Amedisys, LHC Group (Acquired by UnitedHealth Group), AccentCare, Elara Caring, Interim HealthCare, VITAS Healthcare, James River Home Health, Home Helpers Home Care, Virginia Kares Home Care Services, Companion Extraordinaire Home Care Services, among others.
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Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market
Leading players operating in this global market are adopting organic and inorganic growth strategies such as acquiring related firms, entering into collaborations, and launching new services to garner a higher market share.
For instance,
In July 2023, PurposeCare, a leading provider of coordinated home care and home health services in the Midwestern United States acquired three Midwest home care agencies in the Indiana and Ohio markets to expand its footprint
In Feb 2023, UnitedHealthacquired LHC Group, an in-home healthcare service provider. LHC is now part of UnitedHealth's' health services division Optum
In September 2022, LHC Group and the University of Maryland Medical System (UMMS) announced a definitive agreement to form a joint venture aimed at enhancing in-home healthcare services across much of Maryland
The global home healthcare services market is expected to gain consistent momentum in the coming years due to the advantages offered by at-home healthcare services such as convenience, cost-effectiveness, hassle-free appointments, personalized attention by the caregiver, reduced risk of infection or virus transmission, government support for home healthcare services in key markets, and aggressive organic and inorganic growth strategies followed by the leading market players.
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Contact:
Ruta Halde
Associate, Medi-Tech Insights
Phone: +32 498 86 80 79
Email: info@meditechinsights.com
Website: https://meditechinsights.com/
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
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