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 2020 and is expected to keep up its position in the coming years.
The increasing prevalence of chronic diseases such as cancer, diabetes, and aging demographics are majorly fuelling the market growth. Also, favorable government policies towards home healthcare services and rising investments in home healthcare equipment boost market growth. The other factors include easy availability and increasing preference for home healthcare services due to the growing disposable income of the individuals in the region.
On the other hand, the increasing awareness among the people about the benefits of healthcare at home is positively influencing the market growth. In addition, value-based healthcare is another major factor contributing to the market. In addition, the most recent significant healthcare trend is the transfer of treatment from hospitals to homes to save money and minimize medical costs. The move from treatment to proactive monitoring is also opening up new opportunities for the home healthcare market.
The home healthcare market is proving lucrative growth opportunities to the market players in the developed countries in the region. The Geriatric population is driving the home healthcare market. Also, market growth is expected to be fueled by the senior population in North America and rising patient demand for value-based healthcare. By 2050, the population of the elderly is expected to to be doubled. The aging population requires more patient-centered healthcare services, resulting in increased demand for healthcare personnel and agencies, which is expected to fuel market growth. As a result, the developed country United States is witnessing a significant share in the home healthcare market.
Furthermore, the increase in training institutes to enable abilities to provide effective treatment methods is escalating the North American market's demand. Medicare is the largest single-payer of home healthcare services in the United States. Medicare contributes to more than 40% of all home health care 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 an optional program. However, these three types of home healthcare services account for a tiny portion of overall Medicaid expenditures.
However, the lack of skilled persons in managing the techniques is quietly restraining the demand of the regional market. In addition, cuts in Medicare payments to home health companies and concerns about the safety of home healthcare employees are expected to restrict the growth of the North American home healthcare market.
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, the United States home healthcare market is predicted to account for the most significant share in the North American market during the forecast period and is growing at 7% CAGR from 2022 to 2027. The United States market is driven by chronic disease, the aged population, and increasing obesity. In addition, the US market is dominated by Medicaid; it has a 40% share in the US market. In 2019, the US home healthcare market had the highest growth in the BP monitor and diabetic care unit. Also, the rapidly growing surgeries and rising personal care treatment system in the US is ramping up the North American market. Recently, the US food and drug administration initiative to promote independent treatment is driving the market in the coming year. Value-based healthcare is the contributing factor in the US market due to its low cost and patient improvement.
The Canadian home healthcare market is one of the most lucrative regional markets in the global market. 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 lifestyle, 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 starts 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 North America's home healthcare market.
KEY MARKET PARTICIPANTS:
Some of the prominent companies leading the North America home healthcare market profiled in the report are Almost Family Inc., Amedisys Inc., General Electric Company (GE), 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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