Report Description of the US Home Healthcare Market
Research Scope and Assumption
- The report provides the market value for the base year 2021 and a yearly forecast up to 2030 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approaches for market sizing, analysing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
US Home Healthcare Report Scope
- To analyse and forecast the market size of US Home healthcare market
- To classify and forecast US Home healthcare market based on application, drugs, project type, and application
- To identify drivers and challenges for US Home Healthcare market
- To examine competitive developments such as mergers and acquisitions, agreements, collaborations, and partnerships etc. in US Home healthcare market
- To conduct pricing analysis for US Home healthcare market
- To identify and analyse the profile of leading players operating in US Home healthcare market
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for US Home healthcare market
- Develop strategies based on the latest regulatory framework
- Strategically analyse micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyse competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the US Home healthcare market
- Analyse the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyse their market shares and core competencies
- We have a technically sound team which do deep dive research and also provides strategy-based consulting analysis
US Home Healthcare Market Executive Summary
The home healthcare market comprises of companies (organisations, sole proprietors, and partnerships) that sell home healthcare services. These services are used to help people improve health function as it helps to provide initial treatment and avoid hospitalisation. Home healthcare is a group of procedures used to maintain the functionality of the home healthcare equipment. It is consoling care given by any trained caregiver to the patient while they are residing in their own homes. It is an economical way to provide patients with high-quality treatment in their homes.
Market Size and Key Findings
The US Home Healthcare market size is at around US $ xx Bn in 2021 and is projected to reach US $ xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period.
US Home Healthcare Market Size (In USD Bn)
Market Growth Drivers Analysis
Home health care is a varied range of medical services provided at home for an injury or illness. These services are usually more convenient, less expensive, and just as effective as hospital-based services or skilled nursing facilities. Growing demand of respiratory therapy services and infusion therapy services boost the market growth Furthermore, adoption of Home Healthcare Services leads to Lead to Reduced Healthcare Expenditure,the cost of treating the disease at home is less than institutional care due to the exclusion of additional hospital costs and other charges.
Home healthcare services have long been vulnerable to waste, fraud, and abuse. In 2015, around 11,000 home healthcare agencies with USD 18.4 billion in their services were reimbursed by Medicare. The CMS has assessed that USD 10 bn of the USD 18.4 bn payment, were fraudulent or improper. The exposure to fraud about home healthcare is very high, which might act as a growth hindering factor in the growth of the market.
COVID-19 impact on “US Home Healthcare Market”
The outbreak of the COVID-19 pandemic has resulted in postponed elective surgeries have led to a decline in the company’s home health admissions, as patients recovering from elective surgeries have historically represented approximately 15% of the company’s home health admissions. Hence, such factors are responsible for the decline in the U.S. home healthcare services industry.
The U.S. home healthcare services market is highly fragmented, with some market players leading the market with minimal percent share. Companies such as Kindred Healthcare held LHC Group, Amedisys Inc., Bayada, AccentCare, Trinity Health at Home, Brookdale seniot living Solution and Encompass Home Health & Hospice accounted for the highest market share in 2020. LHC Group inc. is one of the leading players in the market owing to the fact that the company is focused on an increasing number of partnerships with the U.S.-based healthcare network for post-acute services.
Products in Pipeline
Tredomo is a US-based startup developing a portable IoMT device for dose monitoring. The remote, integrated dose monitoring system guarantees on-time delivery of a valid and monitored thermosensitive dose with smart disposal. The device also continuously monitors each new dose, disposable sharps, internal and ambient temperatures, battery level, and performance diagnostics, and more
Notable Recent Deals
April 2020-Amedisys, Inc. announced the acquisition of Homecare Preferred Choice, Inc., doing business as AseraCare Hospice, through one of its wholly-owned subsidiaries.
March 2021-LHC Group Inc. and Orlando Health announced they are expanding their joint venture into St. Petersburg, Florida, by realigning Bayfront Home Health Services into the partnership’s portfolio. LHC Group already owned Bayfront Home Health Services, but now the home health provider will be controlled through the joint venture.
January 2021 – Encompass Home Health & Hospice home health and hospice segment is collaborating with approximately 140 alternative payment models, including Next Generation Accountable Care Organizations (ACOK MSSP, ACOS, and Direct Contracting Models, offering lucrative growth opportunities
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario of US Home Healthcare
The increasing initiatives by the government for better home healthcare services across the U.S. is one of the major factors driving the market growth. The government is focusing on solidifying the infrastructure for home care services. For instance, in April 2021, the U.S. government announced to spend USD 400 billion towards affordable home-based care for the aging population and people with disabilities.