The term “home healthcare” describes a broad range of medical treatments that can be provided for injuries or illnesses at home. These services include a range of devices and therapies in addition to software that assists doctors in creating effective treatment plans for patients receiving home care. The expanding geriatric (aging) population in the United States and the increased burden of chronic diseases are driving significant growth in the home healthcare sector. Generally speaking, these services are more convenient, more affordable, and just as effective as care received in a hospital or skilled nursing facility. The prevalence of age-related conditions like osteoarthritis, diabetes, and dementia is rising along with the aging population. There is a growing patient population in need of care due to the rising prevalence of chronic illnesses like cancer, stroke, and heart problems.
According to SPER market research, ‘USA Home Healthcare Market Size– By Equipment, By Service- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the USA Home Healthcare Market is predicted to reach USD 322.82 billion by 2033 with a CAGR of 7.69%.
The market is anticipated to grow at a faster rate due to rising demand for personalized treatment and improved healthcare services. Due to a decline in the birth rate and an increase in life expectancy, the population is aging quickly, contributing to the growing number of elderly people. High frequency of chronic illnesses such as diabetes, cancer, heart disease, and stroke, raises the need for home health services and products. Due to the large burden of chronic diseases and the frequency of age-related ailments, there is a growing need for home healthcare services, and patient preferences are changing in this regard. During the projected period, the uptake of healthcare services in home settings will be significantly influenced by rising healthcare expenditures in the United States. This is explained by the fact that these services cost less than in-patient services in comparison.
The usage of home healthcare technology involves risks, including the possibility of fire from electrical issues, device malfunction and damage, and software malfunction. The market’s expansion is constrained by these hazards associated with home healthcare equipment. The lack of competent and trained labour is another factor impeding the expansion of the home healthcare sector in the United States. The lack of clinicians needed to deliver services is a result of the rising demand for home healthcare services. Because of the shortfall, care providers may find it difficult to cover shift voids and may have to hire temporary workers, which could raise expenses.
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Impact of COVID-19 on United States Home Healthcare Market
The COVID-19 pandemic hindered the expansion of the home healthcare services sector in the United States by reducing patient demand for these services as they were worried about contracting the virus. Moreover, one important aspect that contributed to the loss in revenue margins for home healthcare service providers was the decreased frequency of visits by specialists in this field as medical resources were shifted toward COVID-19-positive patients. Furthermore, the market is anticipated to develop significantly between 2023 and 2030 as a result of the introduction of various home healthcare services as well as the integration and application of telehealth technology.
USA Home Healthcare Market Key Players:
There is severe competition in the US home healthcare sector as explained by the increase in demand in the United States for therapeutic and diagnostic equipment for home use. Consequently, market participants are concentrating on introducing novel products to the market. This has further contributed considerably to the growth of the green building materials market. Additionally, some of the market 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, and Other.
USA Home Healthcare Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Equipment: Based on the Equipment, USA Home Healthcare Market is segmented as; Diagnostic Equipment (Apnea and Sleep Monitors, BP Monitors, Diabetic Care Unit, Holter Rate Meters, Home Pregnancy and Fertility Kits, Multi Para Diagnostic Monitors, Other Diagnostic Equipment), Mobility Assist Equipment (Home Medical Furniture, Walking Assist Devices, Wheelchair), Therapeutic Equipment (Home Dialysis Equipment, Home IV Pumps, Home Respiratory Equipment, Insulin Delivery, Other Therapeutic Equipment).
By Service: Based on the Service, USA Home Healthcare Market is segmented as; Skilled Home Healthcare Services (Hospice & Palliative Care, Nursing Care, Nutritional Support, Physical/Occupational/Speech Therapy, Physician/Primary Care, Other Skilled Home Healthcare Services), Unskilled Home Healthcare Services.
By Region: This report also provides the data for key regional segments of Northeast Region, Southeast Region, Midwest Region, Southwest Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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