U.S. Home Healthcare Market, By Services ((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)), 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), and Mobility Assist Devices (Wheelchair, Home Medical Furniture, and Walking Assist Devices))-

Published In : Apr 2023

Code : CMI5675

Pages :154

Formats :

Excel and PDF

Industry : Healthcare IT

U.S. Home Healthcare MarketSize and Trends

The U.S. Home Healthcare market was valued at US$ 22.14 Bn in 2022 and is forecast to reach a value of US$ 36.05 Bn by 2030 at a CAGR of 6.3% between 2023 and 2030. The U.S. Home Healthcare market is experiencing strong growth due to the rise in burden of chronic diseases and growing geriatric (aging) population in the U.S. Moreover, increasing demand for better healthcare services and increase in preference for personalized care is expected to boost growth of the market. However, factors such as risks associated with home healthcare equipment and shortage of skilled or trained workforce are expected to hamper the market growth.

High prevalence of chronic diseases to propel market growth

One of the key factors expected to augment growth of the U.S. Home Healthcare market during the forecast period is the rise in burden of chronic diseases in the region. Such a high burden of chronic diseases leads to an increase in demand for home healthcare services and is expected to boost the market growth. According to the U.S. 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 United States. Moreover, 6 in 10 individuals in the U.S. live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes.

Growing geriatric population to underpin market growth

Another factor which is driving growth of the U.S. Home Healthcare market is the growing geriatric (aging) population in the U.S. For instance, the population is aging rapidly due to a decrease in the birth rate and increase in life expectancy, and may result in high prevalence of chronic diseases, which in turn increases demand for home health services/solutions. According to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the U.S., accounting for about 16.9% of the nation’s population. Moreover, the total number of adults ages 65 and older is projected to rise to an estimated 85.7 million by 2050 (22% of the overall population).

U.S. Home Healthcare Market Trends:

High demand for home-use therapeutic devices is a recent trend

With the burden of chronic diseases increasing and healthcare infrastructure and resources limited, home healthcare can help meet a portion of the current healthcare need/requirement. For instance, in April 2020, CVS Health collaborated with UCLA Health to enhance its capacity and capabilities to treat more patients in home-based settings, easing the burden of COVID-19 crisis on hospitals. This trend is expected to continue over the forecast period.

Rise in adoption of at-home, self-testing solutions is another trend

With the help of at-home, self-administered testing kits or solutions, players in the market are able to support chronic and preventive care virtually and in patients' homes while facilitating patient-centric primary care experiences for a wider range of medical conditions. Thus, there is an increase in demand for such home-use equipment. This trend is also expected to continue over the forecast period, driving the growth of the U.S. Home Healthcare market.