The U.S. home healthcare market provides residential and community-based healthcare services for patients and the elderly who need long-term medical care. Home healthcare aims to help patients recover from illnesses, surgery, or injuries outside of institutional settings, allowing them to receive medical attention in the comfort of their own homes. Services include skilled nursing care, physical and occupational therapy, speech therapy, personal care assistance, and more. The aging baby boomer population and their increasing life expectancy has led to greater demand for home-based medical services to support independent living. As a result, many seniors are opting for home healthcare over nursing homes to receive customized treatment plans tailored to their individual needs.
The global U.S. Home Healthcare Market is estimated to be valued at US$ 23.53 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The home healthcare market is expected to grow steadily due to the rising prevalence of chronic and lifestyle diseases among the aging population. One of the major trends driving the market growth is the increasing adoption of telehealth and telemedicine. Telehealth technologies allow remote patient monitoring and help manage patients with chronic conditions from the comfort of their homes. They enable virtual physician visits and reduce hospital readmissions. As the healthcare systems place greater emphasis on population health management and value-based care, telehealth and remote patient monitoring are poised to transform home healthcare delivery over the coming years. The market will also benefit from favorable government policies supporting in-home medical services and the entry of new players offering innovative products and services. However, data privacy and security issues associated with telehealth solutions need to be addressed to boost consumer confidence in these emerging technologies.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the U.S. home healthcare market is moderate as it requires large capital investments and regulatory compliances.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of numerous service providers offering home healthcare services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a few big players in the market supplying medical devices, equipment, and drugs.
Threat of new substitutes: The threat of new substitutes is low as there are limited options for home-based healthcare available.
Competitive rivalry: The competitive rivalry is high among existing players due to fragmentation and regional presence of local players.
Key Takeaways
The Global U.S. Home Healthcare Market Size is expected to witness high growth. It was valued at US$ 23.53 Bn in 2023 and is anticipated to reach US$ 51.08 Bn by 2030, expanding at a CAGR of 10.% during the forecast period.
Regional analysis
The western region leads the U.S. home healthcare market with the highest demand. Factors such as growing geriatric population, increased healthcare spending, and higher preference towards home healthcare are fueling the market growth in this region. States like California and Texas are the major revenue generators for home healthcare services.
Key players
Key players operating in the U.S. Home Healthcare Market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. The 3M Company enjoys the leading position due to its comprehensive product portfolio and widespread geographical presence across the country.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it