North America Home Healthcare Market

North America Home Healthcare Market Size (2023 to 2028)

As per our analysis report, the North American home healthcare market is expected to reach USD 167 billion by 2028 from USD 109.65 billion in 2023, growing at a compound annual growth rate (CAGR) of 8.9 % during the forecast period.

The aging population in North America has significantly raised the growth of the home healthcare market. This shift has resulted in an increased demand for home healthcare services as elderly individuals often meet various healthcare needs. Baby boomers, in their advanced years, commonly have chronic illnesses, reduced mobility, and the challenges of daily living activities. As a result, they are increasingly seeking personalized, in-home care as a more comfortable and convenient alternative to institutional care settings. This preference for home healthcare services has aligned with the wide trend of aging in place, enabling seniors to maintain their independence and quality of life within their familiar surroundings. This surge in demand has not only led to an expansion of the home healthcare sector but has also increased the innovation and the adoption of advanced technologies to better cater to the specific needs of this aging demographic, making it a crucial driver in North America home healthcare market's ongoing growth.

Technological advancements have played a pivotal role in the North American home healthcare market as cutting-edge medical technology has helped in a new era of convenience, accessibility, and effectiveness in healthcare services. Also, the critical technological driver is remote patient monitoring (RPM), which enables healthcare providers to remotely track their patients' vital signs, chronic conditions, and medication adherence. This real-time data transmission ensures early detection of health issues and facilitates timely interventions by reducing the need for frequent in-person visits. Additionally, telehealth solutions have gained widespread acceptance, which allows patients to consult with healthcare professionals via video calls and receive expert guidance without leaving their homes. The integration of portable medical equipment, such as compact diagnostic devices and wearable health trackers, further enhances the capabilities of home healthcare providers, making it easier to offer complex medical treatments and monitoring while maintaining the patient's comfort and convenience. These technological innovations improve patient outcomes and contribute to the market growth and its sustainability.

In the North American home healthcare market, regulatory challenges represent a significant restraint to the industry's growth and stability. This sector has a complex web of federal and state regulations, which create a challenging environment for both providers and patients. Regulations are related to license, certification, and reimbursement, which can vary significantly from one state to another, making it more difficult for many home healthcare agencies to maintain compliance and consistency in their services. This regulatory complexity not only raises operational costs but also hampers the expansion of the home healthcare services market across state lines. 

Impact of COVID-19 on the North American Home Healthcare Market:

The COVID-19 pandemic has brought up both challenges and opportunities to the North American home healthcare market. On the downside, the pandemic led to a temporary reduction in some non-essential home healthcare services as healthcare resources were redirected to deal with the crisis. Fear of viral transmission also prompted some patients to postpone or cancel in-home visits, impacting the revenue of home healthcare agencies. Additionally, staffing shortages, as healthcare workers were redeployed to hospitals and overwhelmed with increased demand, posed a significant challenge to providing consistent and timely care to patients. On the other hand, COVID-19 also accelerated the adoption of telehealth and remote monitoring solutions in home healthcare, ensuring that many patients continued to receive care and consultations without physical contact. The pandemic underscored the importance of home-based care in reducing the strain on hospitals and limiting the risk of infection, leading to increased recognition and support for the industry, particularly for chronically ill or vulnerable populations.

This research report on the North American home healthcare market has been segmented and sub-segmented into the following categories.

By Product Type:

• Testing, Screening, & Monitoring Products 
• Therapeutic Products        
• Mobility Care Products    

By Type:

• Home Telehealth Monitoring Devices       
• Home Telehealth Services
• Home Telehealth Software    

By Services Type:

• Rehabilitation Therapy Services   
• Infusion Therapy Services
• Unskilled Care Services    
• Respiratory Therapy Services        
• Pregnancy Care Services 
• Skilled Nursing Care Services         
• Hospice  
• Palliative Care Services 

By Software:

• Agency Software 
• Clinical Management Systems       
• Hospice Solutions

By Country:

• US
• Canada

North America has traditionally been the dominant force in the global home healthcare market, primarily due to its mature healthcare system, technological advancements, and substantial investment in this sector. This market has also been at the forefront of adopting telehealth and remote monitoring solutions.

The US market holds the highest market share, driven by a growing aging population, technological advancements, and a well-established healthcare infrastructure. The US demonstrates a strong demand for home healthcare services due to its vast geography, making accessibility to healthcare facilities a challenge in certain regions. Moreover, the COVID-19 pandemic accelerated the adoption of telehealth and remote monitoring solutions. 

Canada is projected to hit the highest CAGR by the end of the forecast period. Canada has a more universal healthcare system, which influences the market dynamics. Although it benefits from a similar aging demographic, regulatory differences, and healthcare funding models affect the home healthcare landscape. Despite these distinctions, both countries emphasize the importance of home-based care as a cost-effective and patient-centered approach, with the potential for continued growth in this vital sector of the healthcare industry.

KEY MARKET PARTICIPANTS:

Some of the prominent companies leading the North American home healthcare market profiled in the report are Almost Family Inc., Amedisys Inc., General Electric CompaG.E. (G.E.), Kinnser Software Inc., Linde Group, Omron Corporation, Roche Holding AG, Philips Healthcare, Mckesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.