The size of the home healthcare market in North America is estimated to be growing at a CAGR of 8.9% during the forecast period. As a result, the market is predicted to value USD 154.22 billion by 2027 from USD 100.68 billion in 2022. The United States dominated the North American Home Healthcare Market in 2021 and is expected to keep its position in the coming years.
YOY growth in the prevalence of chronic diseases such as cancer and diabetes and the increasing aging population in North American countries promote the need for home healthcare, thus, driving the home healthcare market in North America. Also, favorable government policies towards home healthcare services and rising investments in home healthcare equipment, easy availability, and increasing preference for home healthcare services due to the growing disposable income of the individuals in the region are further boosting the market in this region. Furthermore, the increasing awareness among the people regarding the benefits associated with home healthcare and value-based healthcare is favoring the home healthcare market in this region. In addition, the most recent significant healthcare trend is the transfer of treatment from hospitals to homes to save money and minimize medical costs. Therefore, the move from treatment to proactive monitoring is also opening new opportunities for the home healthcare market.
YOY growth in the senior population in North America and rising patient demand for value-based healthcare are also anticipated to fuel the growth of the home healthcare market in North America. By 2050, the population of the elderly is expected to be doubled. The aging population requires more patient-centered healthcare services, increasing demand for healthcare personnel and agencies. As a result, developed countries like the United States are witnessing significant growth.
Furthermore, the increase in training institutes to enable abilities to provide effective treatment methods is favoring the market’s growth rate. Medicare is the largest single-payer of home healthcare service in the United States. Medicare contributes to more than 40% of all home healthcare costs. The three primary types of Medicaid payments are the standard home health benefit (required), the personal healthcare option, and home and community-based waivers as optional programs. However, these three home healthcare services account for a tiny portion of overall Medicaid expenditures.
However, the lack of skilled persons in managing the techniques, cuts in Medicare payments to home health companies, and concerns about the safety of home healthcare employees are hampering the growth rate of the home healthcare market in the North American region.
This research report on the North American home healthcare market has been segmented and sub-segmented into the following categories.
By Product Type:
By Services Type:
Geographically, North America dominated the home healthcare market globally in 2021. The U.S. home healthcare market is predicted to account for the most significant share of the North American market during the forecast period and is growing at 7% CAGR from 2022 to 2027. The growth of the U.S. market is driven by chronic disease, the aged population, and increasing obesity. In addition, the U.S. market is dominated by Medicaid; it has a 40% share in the U.S. market. In 2019, the U.S. home healthcare market had the highest growth in B.P.e BP monitor and diabetic care units. Also, the rapidly growing surgeries and rising personal care treatment system in U.S.e US is ramping up the North American market. Recently, the U.S.e US food and drug administration initiative to promote independent treatment is driving the market in the coming year. In addition, value-based healthcare contributes to the U.S. market due to its low cost and patient improvement.
The Canadian home healthcare market is one of the most lucrative regional markets globally. The market in this country has represented growth in medical devices and services that provide safety to the patient. Due to the illness of chronic disorder, Canada gains continue growth in the home healthcare market. Also, increasing technological development, changing lifestyles, and using alternatives instead of long-term hospital treatments demand home healthcare services. Canada was the hub of the home medical devices market in 2019. The Government started awareness related to Hypertension, diabetes, and schizophrenia in a nod to the medical and monitoring devices market. Mexico is anticipated to grow in the coming years due to government regulations and advancements in the home healthcare market in the North American region.
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.
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