US Home Healthcare Services Market to Hit USD 146.61 Billion by 2028; Rising Geriatric Population to Augment Growth: Fortune Business Insights™

Key Companies Covered in the US Home Healthcare Services Market Research Report Are Amedisys, Inc., LHC Group Inc., Encompass Home Health & Hospice, Brookdale Senior Living Solutions, Trinity Health at Home, Kindred Healthcare, LLC, AccentCare., Bayada Home Healthcare, Other Prominent Players.

/EIN News/ -- Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The US Home Healthcare Services Market size is expected to gain momentum by reaching USD 146.61 billion by 2028 while exhibiting a CAGR of 7.2% between 2021 to 2028. In its report titled "US Home Healthcare Services Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 85.10 billion in 2020.

Demand for affordable and accessible healthcare facilities is expected to drive market growth. Moreover, the U.S. government spends a considerable amount of its budget on healthcare facilities. For instance, the Center for Medicare & Medicaid Services report suggests that the national health expenditure grew by 4.6% and accounted for 17.7% of Gross Domestic Product (GDP). Besides, hospital expenditures grew by  6.2% in 2019, faster than the 4.2% growth recorded in 2018. Thus, increased spending by the government on the healthcare system will fuel market growth.

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COVID-19 Impact

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several elective surgeries across the region were postponed. For instance, in March, the Centers for Medicare & Medicaid Services (CMS) declared that all the non-essential medical services and elective surgeries would be delayed to use those facilities for COVID patients. Thus it negatively affected the home healthcare services.

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List of Key Market Players Profiled:

• Amedisys, Inc.
• LHC Group Inc.
• Encompass Home Health & Hospice
• Brookdale Senior Living Solutions
• Trinity Health at Home
• Kindred Healthcare, LLC
• AccentCare.
• Bayada Home Healthcare
• Other Prominent Players

Market Segmentation:

By type, the market for the U.S. home healthcare services is divided into physician care, nursing care, physical occupational & speech therapy, medical social services, and others.

• Based on type, nursing care is expected to dominate due to increased demand for home healthcare services for people above 65.

The market is divided into public health insurance and private health insurance, and out-of-pocket based on payor.

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Driving Factors

Increasing Geriatric Population to Propel Growth

The increasing geriatric population in America is expected to double over 40 years and reach 80 million in 2020. Thus one in five Americans will be above the age of 65 years, predicts The United States Census Bureau. People above 65 are more prone to chronic conditions such as diabetes, dementia, cardiac disorders, etc. Therefore they require continuous monitoring. This will lead to increased demand for home healthcare units, thus will drive the US Home Healthcare Services Market growth.

Regional Insights

Strong Infrastructural Capabilities of Home Care Services to Aid Growth in the Region

The US Home Healthcare Services Market stood at USD 85.10 in 2020 and is expected to showcase considerable growth during the forecast period. This is ascribable due to government support and increased infrastructure capability of home care services. For instance, in April 2021, the U.S. government announced an expenditure of USD 400 billion towards home care facilities for aging and disabled people. These home care facilities will be affordable and easily accessible to the needy.

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Competitive Landscape

Key Players to Focus on Establishing Partnerships to Expand Their Product Portfolio

The market for U.S. home healthcare services is consolidated by the presence of major companies striving to maintain their position by establishing partnerships. For instance, LHC Group Inc., one of the leading home healthcare service providers, focuses on increasing partnerships with U.S.-based healthcare networks. In March 2021, LHC Group Inc. and Orlando Health expanded their joint venture with St. Petersburg-based Bayfront Home Health. LHC Group already owned bayfront, but now it will be managed by the joint venture. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years.

Industry Developments

• January 2021 - Encompass Home Health & Hospice Home Health collaborated to provide Accountable Care Organizations (ACO) alternative payment models in various markets.

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TOC of Report US Home Healthcare Services Market:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights General
  • Reimbursement & Regulatory Overview
  • Recent Industry Developments Mergers, Acquisitions & Partnerships
  • Ageing Population Statistics
  • Prevalence of Chronic Diseases
  • Number of Home Health Agencies
  • Impact of COVID 19 on the Market
• US Home Healthcare Services Market (in value) Analysis, Insights and Forecast, 2017 2028
• Key Findings / Summary
• Market Analysis, Insights and Forecast, By Type
  • Physician Care
  • Nursing Care
  • Physical, occupational, speech therapy
  • Medical Social Services
  • Others
• Market Analysis, Insights and Forecast, By Payor
  • Public Health Insurance
  • Private Health Insurance/Out of pocket
• Competitive Analysis
  • Key Industry Developments
  • U.S. Market Share Analysis (2020)
  • Company Profiles (Overview, Products, SWOT, Recent Developments, Strategies, Financials (based on availability))
    •  Kindred Healthcare
    •  Amedisys Inc.     
    •  LHC Group Inc.
    •  Encompass Home Health & Hospice
    •  AccentCare
    •  Brookdale Senior Living Solutions
    •  Bayada Home Healthcare
    •  Trinity Health at Home
    •  Elara Caring
    •  Other Prominent Players

Toc Continued…

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