The U.S. home healthcare market provides medical care and services to patients at home. This includes skilled nursing care, physical therapy, occupational therapy, speech therapy, medical social services, and home health aide services. Home healthcare helps patients improve or maintain their health by preventing or managing their illnesses or disabilities. With rising healthcare costs and preference for home treatment over expensive hospital stays, demand for home healthcare services is growing rapidly.
The global U.S. home healthcare market is estimated to be valued at US$ 23.53 billion 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 Opportunity Rising ageing population is increasing the demand for home healthcare services in the United States. As per Census Bureau estimates, number of Americans aged 65 and above is projected to grow tremendously in coming years. By 2030, around 72 million Americans or 20% of total population will be above 65 years of age. With advanced age, risk of chronic diseases and disabilities increases which makes home care services highly necessary. This growing senior citizen population needing long term care presents a major opportunity for home healthcare providers to expand their business and offer specialized care services for elderly at home. Focus on addressing medical and personal care needs of aged population at home setting will drive significant growth in the U.S. home healthcare market during the forecast period. Porter’s Analysis Threat of new entrants: The U.S. Home Healthcare industry has high setup costs and regulatory barriers to entry. The market also requires established brand recognition and client networks, further increasing barriers. Bargaining power of buyers: Individual buyers have moderate bargaining power as there are many providers to choose from. However, larger insurance companies and government programs have strong negotiating power over providers. Bargaining power of suppliers: Suppliers of medical equipment and services have moderate bargaining power due to the need to meet clinical and regulatory standards. However, this is balanced by the availability of substitute suppliers. Threat of new substitutes: The threat is moderate as alternative delivery methods, such as hospital and clinic-based care provide some competition. However, home-based care addresses patient convenience and preference. Competitive rivalry: Competition is high among major providers as they compete for contract wins and labor. The leading companies engage in competitive strategies to gain scale and efficiencies. SWOT Analysis Strengths: High patient satisfaction with personalized care. Growing preference for home settings over hospitals and rising demand for cost-effective care. Weaknesses: Significant reliance on third-party payers for reimbursement. Shortage of healthcare workers increases costs. Opportunities: Growing elderly population increases the target market size. Technological advancements to enhance remote care delivery and patient monitoring. Threats: Economic downturns negatively impact funding availability. Stringent regulations increase compliance burden. Key Takeaways The U.S. Home Healthcare Market Size is expected to witness high growth over the forecast period supported by favorable demand drivers. The aging population, emphasis on reducing healthcare costs, and growth of chronic diseases will propel the industry's expansion. Regionally, the South and West regions dominate due to higher prevalence of target conditions and early adopter rates of innovative care solutions. 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. The 3M Company is a leading player in medical tapes and wound care products. Henkel is a top supplier of thermally conductive adhesives used in medical devices. Collaboration and M&A activities aim to enhance service offerings and expand regional reach. Get more insights on this topic: https://www.rapidwebwire.com/u-s-home-healthcare-market-analysis/
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