by The U.S. home healthcare market provides a wide range of services such as skilled nursing care, rehabilitation therapy, personal care assistance, and social services at home for patients suffering from various diseases and disabilities. Home healthcare offers various advantages over facility-based care such as reduced hospital stays, lower costs, better outcomes, and increased convenience for patients. With growing preference for remote healthcare, home is increasingly becoming the preferred setting for recuperation and receiving medical assistance.
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:
Rising demand for remote healthcare is one of the major trends driving growth of the U.S. home healthcare market. Factors such as growing geriatric population suffering from chronic diseases, rising healthcare costs, surge in COVID-19 cases requiring self-isolation and reduced risk of hospital-acquired infections are compelling patients to shift from hospital-based care to remote healthcare settings. The home healthcare model offers various advantages and has emerged as a key strategy to enable physical distancing and remote monitoring of patients without compromising on quality of care. This increasing preference for remote healthcare is expected to significantly drive the demand for home-based services over the forecast period.
SWOT Analysis
Strength: The US home healthcare market has a large aged population that requires home-based medical care and assistance. This leads to increased demand for home healthcare services.
Weakness: High costs associated with home healthcare equipment and services. Shortage of trained professionals for home healthcare.
Opportunity: Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases etc. Growing acceptance of home healthcare as a cost-effective alternative to hospital stays.
Threats: Data privacy and security concerns over digital healthcare services. Reimbursement issues and regulatory hurdles.
Key Takeaways
The Global U.S. Home Healthcare Market Size is expected to witness high growth. The market size for 2023 is US$ 23.53 Bn and is forecasted to reach US$ XX Bn by 2030, growing at a CAGR of 10% during the forecast period.
Regional analysis – North America region currently dominates the U.S. home healthcare market and is expected to continue its dominance during the forecast period. This can be attributed to the high cost of hospital stays and presence of major home healthcare product manufacturers in the US.
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. These players are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
