Home Healthcare Services Market to grow at High rate of ~8-10% in the next 5 years - Market Trends, Analysis and Driving Factors

 

The increasing utilization of technology-enabled healthcare delivery by doctors, patients, insurance companies, regulators, home health & hospice agencies, and growing acceptance of in-home palliative care & hospice care services, home nursing, home medical supply delivery, and in-home diagnostics are among the main factors fueling the home healthcare market growth.

Home healthcare services are medical care provided by both certified and unskilled healthcare workers in the ease and convenience of the patient's home. In addition to his the services offered are Post-Acute Care, Palliative Care, Hospice Care, Nursing Care/Wellness Checks, Specialized Care (Alzheimer's & Dementia Care, Recuperative Care, Stroke Recovery, and so on), companionship Care, Personal Care, and Other Services (Meals and Nutrition Planning, Pharmaceutical Services, 24-hour Monitoring/Live-in Care, Laboratory and Medical imaging Tests).

The Home Healthcare Services Market is being expanded by favorable coverage and investment by private equity firms.

Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance) cover qualifying home health services in significant markets such as the US, as long as patients are homebound and require part-time or intermittent skilled services. In general, a home health care organization arranges the services prescribed by the patient's doctor or authorized practitioner. The patient's home healthcare agency is required to be Medicare-certified.

Medically necessary part-time or intermittent skilled nursing care, physical therapy, occupational therapy, speech-language pathology services, medical social services, part-time or intermittent home health aide care, injectable osteoporosis drugs for women, durable medical equipment, and medical supplies for home usage are among the home health services that are covered.

In addition, the Centers for Medicare & Medicaid Services (CMS) expects that Medicare payments to home health agencies (HHAs) would increase by 0.7% in CY 2023 compared to CY 2022.

Several private equity firms have begun to engage in the area, citing the lucrative opportunities. For instance,

  • In May 2022, Bow River Capital, a private equity firm completed a strategic investment in Amazing Care, a leading provider of pediatric home health services.
  • In Jan 2022, Health Care At Home India Pvt Ltd (HCAH), a home healthcare services provider secured $15 million from Singapore-based private equity fund ABC World Asia

The Home Healthcare Services Market growth is being fueled by the rising use of artificial intelligence (AI) in home healthcare. 

The application of AI in home healthcare has resulted in a paradigm change in how patients and healthcare providers approach and deliver healthcare to patients in recent years. AI-powered sensors continuously monitor a patient's health biometrics. Any deviations in readings can promptly send notifications to the appropriate caregiver or agency. AI-powered mobile applications also aid in preventative care by monitoring and controlling medical diseases such as obesity, diabetes, and cardiac issues, as well as keeping food and nutrition records, delivering reports, and alerting concerned caregivers/physicians in the event of deviations. AI-based AI voice assistants may also help with setting up medication reminders, checking vital signs parameters, and scheduling appointments.

“……The prominence of AI in the home healthcare services market is expected to grow manifolds in the coming years……AI has the potential to manage complex care plans, streamline operations of home care agencies by optimizing the scheduling and routing of caregivers, and help in data-driven decision-making..”

-      Director, Home Healthcare Service Provider, U.S.

Competitive Landscape Analysis of the Home Healthcare Services Market

Some of the key firms operating in the market include Amedisys, LHC Group (Acquired by UnitedHealth Group), AccentCare, Elara Caring, Interim HealthCare, VITAS Healthcare, James River Home Health, Home Helpers Home Care, Virginia Kares Home Care Services, Companion Extraordinaire Home Care Services, among others.

Organic and inorganic growth strategies used by companies to get a foothold in the home healthcare services market

To increase market share, players in this market are pursuing organic and inorganic development tactics such as acquiring similar businesses, forming alliances, and introducing new services. For instance,

  • In July 2023, PurposeCare, a leading provider of coordinated home care and home health services in the Midwestern United States acquired three Midwest home care agencies in the Indiana and Ohio markets to expand its footprint
  • In Feb 2023, UnitedHealth acquired LHC Group, an in-home healthcare service provider. LHC is now part of UnitedHealths’ health services division Optum

The Home Healthcare Services Market is projected to gather further momentum in the coming years as a result of the benefits provided by at-home healthcare services such as convenience, cost-effectiveness, hassle-free appointments, personalized attention by the caregiver, decreased risk of infection or virus transmission, government support for home healthcare services in key markets, and aggressive organic and inorganic growth strategies employed by players.

For more detailed insights on the Home Healthcare Services Maret and a Free Sample PDF visit @ https://meditechinsights.com/home-healthcare-services-market/

Comments

Post a Comment

Popular posts from this blog

The Transplantation Market Anticipated to Expand with 9-10% CAGR by 2029 as Need for Organ Transplants Rises

Image
  The market is propelled by various factors, including advancements in medical technology, the rising prevalence of chronic diseases that lead to organ failure, increasing awareness of transplantation as a viable treatment option, and evolving regulatory and reimbursement policies. In medical terms, transplantation refers to the surgical procedure of transferring cells, tissues, or organs from a donor to a recipient to replace malfunctioning or damaged body parts. Its primary goal is to restore normal function or improve the quality of life for the recipient. Transplantation is often used to treat end-stage organ failure, severe injuries, certain cancers, and congenital defects that are not manageable through other medical treatments. This specialized field requires careful matching of donors and recipients, advanced surgical techniques, and comprehensive post-transplant care to ensure success. Types of transplantation include: Kidney Transplantation: Involves replacing a fail...
Read more

Global 3D Cell Culture Market Seeks Prosperous Horizon: Double-Digit Growth Expected by 2027

Image
  The need for organ transplants and tissue engineering combined with developments in scaffold-free technology, a rise in investments and research and development (R&D) funding for cell-based studies, growing efforts to develop potential alternatives to animal-based testing, and the rising incidence of chronic diseases are some of the major factors propelling the growth of the global 3D cell culture market. 3D cell culture   is an important approach in cell biology and tissue engineering because it includes cultivating and analyzing cells in a three-dimensional environment that mimics the circumstances present in the human body. It has several advantages, such as the capacity to recreate in vivo settings, allow the creation of complex multicellular structures, and give realistic drug testing situations. Scaffold-based technologies employing materials such as hydrogels are employed for 3D cell culturing. Its uses include cancer research, tissue engineering, and medication d...
Read more

Global Tricuspid Valve Repair Market Driven by Innovation: Set to Surge with a US$2.5 Billion Market by 2028

Image
  Increasing geriatric population, growing preference for minimally invasive procedures like annuloplasty and transcatheter tricuspid valve repair (TTVR), increased clinical research and trials activities for developing new tricuspid valve repair technologies, and rising incidence of tricuspid valve disorders are some of the key factors driving the global tricuspid valve repair market. • Medical technology advancements in the field of cardiac interventions. • Improved awareness of heart valve disorders. One of the four valves in our heart that regulates blood flow is the tricuspid valve . It is located between the ventricle and the atrium, the upper and lower chambers of our heart, on the right side. It guarantees that blood travels from the right atrium to the right ventricle in the proper path. As blood passes through the tricuspid valve, its three leaflets, or flaps, open and close. Tricuspid valve illnesses are disorders that some people have that impair the tricuspid valve's a...
Read more