DUBLIN--(BUSINESS WIRE)--The "U.S. Home Healthcare Services Market Size, Share & Trends Analysis Report by Type (Skilled, Unskilled), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. home healthcare services market size is expected to reach USD 175.7 billion by 2028. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028.
Factors such as high demand for cost-effective healthcare services, increasing medical expenditure, and high prevalence of chronic diseases are expected to boost the growth of the market during the forecast period.
Patients are choosing to recover at home instead of an inpatient facility, due to more comfort and reduced healthcare costs, which has led to demand for skilled medical home healthcare services in the market.
However, the growth was partially offset by the impact of the COVID-19 pandemic. For instance, during the pandemic, many home health providers incurred economic losses and patients refrained from opting for help due to the risk of infection, negatively affecting the market.
The U.S. market for home healthcare services is highly fragmented with the presence of a few major players and a large number of small and medium-sized care providers. Although the care organizations of all sizes are facing a shortage of skilled labor, certain aspects such as the phase-out of Requests for Anticipated Payment (RAPs) and adoption of the Patient-Driven Groupings Model (PDGM) are benefiting the large players.
Apart from policies, the adoption of mergers and acquisitions strategies by providers and procuring funds from investing firms are contributing to strengthening their market position.
U.S. Home Healthcare Services Market Report Highlights
- The skilled care segment accounted for the largest share in terms of market revenue and is expected to register the fastest CAGR over the forecast period due to the launch of programs, such as Hospitals Without Walls, and the increase in demand for at-home medical services
- The COVID-19 pandemic has led to increasing adoption of home health services across the nation as it helps in treating patients with professional support at home itself, avoiding the risk of infection. Healthcare facilities are providing care programs such as hospital-at-home and SNF-at-home that is reducing the stress on facilities and saving healthcare expenditure for the patients.
- Integration of technology in the service portfolio to provide efficient care, and mergers and acquisitions to increase the market presence are some of the key strategies adopted by major players in the market. For instance, in February 2021, Humana Inc. made an agreement with in-home care provider Dispatch Health to provide its patients with home healthcare in Tacoma and Denver. However, the lack of capital acts as a hurdle for certain organizations to enter the market
- Kindred Healthcare, LLC
- Brookdale Senior Living Inc.
- Sunrise Senior Living, LLC
- Genesis Healthcare, Inc.
- Capital Senior Living Corporation
- Diversicare Healthcare Services, Inc.
- Senior Care Center
- Atria Senior Living, Inc.
- Amedisys, Inc.
- Home Instead, Inc.
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