Market Insights & Projections: USA Home Healthcare Market (2023-33)
The term "Home Healthcare" describes a variety of medical and supportive services that are given to patients in their homes as opposed to hospitals or other healthcare facilities. Encouraging patients to recuperate in a familiar and comfortable setting while providing individualized treatment and managing chronic illnesses is the aim. Medical care include services rendered by healthcare professionals, including physicians, nurses, and therapists. This may entail giving injections, tending to wounds, checking vital signs, and handling medical equipment. Therapy Services: To assist patients in regaining or improving their functional abilities, speech, occupational, and physical therapy can be offered. Personal care services include help with everyday tasks like dressing, grooming, bathing, and mobility assistance.
The "USA Home Healthcare Market Size- By Equipment, By Service- Regional Outlook, Competitive Strategies and Segment Forecast to 2033" report from SPER Market Research projects that the market will grow at a compound annual growth rate of 7.69% to reach USD 322.82 billion by 2033.
US Home Healthcare Market Drivers and Challenges:
Drivers - Elderly people in the United States are becoming more and more numerous, and many of them would to get care at home than in an institution. The need for home healthcare services is growing as a result of this demographic shift. Due to the high frequency of chronic illnesses including diabetes, heart disease, and respiratory diseases, home healthcare services can be an effective way to provide the continuing care and management that these patients require. Hospital or long-term care facilities are typically more expensive than home treatment. Patients are increasingly choosing home healthcare as a more cost-effective alternative as healthcare expenses continue to climb, according to healthcare systems.
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Challenges - Providers of home healthcare must manage complicated federal and state rules and compliance requirements. This involves fulfilling the requirements, which can be expensive and time-consuming, set by organizations like as Medicare and Medicaid. Financial instability can be brought on by insurance company and government program payment delays, as well as variations in reimbursement rates. This affects home healthcare providers. It can be difficult and complicated to navigate the invoicing and claims processes. Nurses, therapists, and home health aides are among the skilled healthcare workers in limited supply. The quantity and caliber of home healthcare services may be impacted, and hiring and training expenses may rise as a result of this shortage.
COVID-19 Impact on US Home Healthcare Market:
In the United States, the Home Healthcare Market was greatly affected by the COVID-19 pandemic. Increased infection control and Personal Protective Equipment (PPE) were necessary due to the elevated hazards associated with the COVID-19 pandemic. Although telehealth was extended, some components of treatment could not be efficiently provided remotely, such as complicated medical interventions or hands-on physical therapy. Use of telehealth services increased as a result of the epidemic. Virtual visits have become popular among home health care providers as a way to minimize virus transmission and ensure continuity of care. Better management of chronic illnesses and prompt interventions without the need for in-person visits were made possible by the growing usage of remote monitoring technologies.
Market Competitive Landscape:
Since New York is the most populated city in the country and has a large number of citizens in need of home healthcare services, It leads the USA Home Healthcare Market. Some of the Key Players are - 3M Healthcare, Amedisys, Inc., Atria Senior Living, Inc., B. Braun Melsungen AG, Baxter International Inc., Becton, Dickinson and Company, Brookdale Senior Living Inc., Diversicare Healthcare Services, Inc., Extendicare, Inc., Genesis Healthcare, Hoffman-La Roche AG, Home Instead, Inc. and Others.
Key Target Audience:
Government Agencies
Healthcare Service Providers
Industry Associations
Investors
Researchers and Academics
Others
US Home Healthcare Market Segmentation:
By Equipment:
Diagnostic Equipment
Mobility Assist Equipment
Therapeutic Equipment
By Service:
Skilled Home Healthcare Services
Unskilled Home Healthcare Services
By Region:
Northeast Region
Southeast Region
Midwest Region
Southwest Region
Western Region
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
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