Dublin, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The "2024 United States Home Care Market Report" has been added to ResearchAndMarkets.com's offering.
Identify the latest trends and challenges in the 2024 Home Care Market Report.
- Investigate the rising demand for home health services
- Analyze Medicare's increase in payments to home health agencies
- Learn how home health leaders have adapted operations for value-based care
Market At-A-Glance
Driven largely by site of care shifts and technology advancements, the U.S. home care market continues to grow and is valued at $286 billion in 2024. The home care market includes home health, durable medical equipment (DME), hospice and palliative care, therapy, and personal care services. As more high-acuity care transitions to the home, 31% of home health referrals originate from hospitals in 2024.
Key segments of the home care market include:
- Home health: 54%
- DME 26%
- Hospice and palliative care: 14%
- Therapy: 4%
- Personal care services: 2%
Caregiver Shortages Strain Growing Demand For Home-Based Care
Thirty-one percent of surveyed home care leaders identified home health as the greatest home care growth area for 2024. Reflecting the growing demand for home care services, home health volumes are expected to increase 22% by 2034. Staffing issues remain the biggest challenge for home care providers in 2024.
Alternate Healthcare Delivery Model Impacts Home Health Operations
Value-based care (VBC) emerged as a top trend for both home care providers and payers in 2024. Seventy percent of surveyed home care leaders reported their organization made operational changes resulting from VBC in 2023. By 2027, over 60% of home care executives expect that VBC contracts will account for at least half of their revenue.
Home Care Mergers And Acquisitions Remain Below Pre-Pandemic Levels
A total of 106 home care mergers and acquisitions occurred in 2023, a 40% decline from a pandemic-induced peak of 179 transactions in 2021. Home care mergers and acquisitions in the first and second quarters of 2024 were at the lowest levels since 2019. Of the 20 mergers and acquisitions that occurred in the second quarter of 2024, private equity accounted for six.
Durable Medical Equipment Market To Surpass $100 Billion By 2030
Respiratory devices have been the top durable medical equipment (DME) product since the COVID-19 pandemic. In 2023, 55% of all U.S. DME orders were for respiratory devices and equipment including humidifiers, nebulizers, and portable oxygen concentrators. Fueled by the aging population, advancements in medical technology, and expanded insurance coverage, the U.S. DME market is projected to grow 53% by 2030.
Home Infusion Volumes Projected To Climb 14% By 2033
The home infusion therapy market is expected to experience an 89% increase in revenue by 2034. In 2024, the home infusion therapy market serves 3.2 million patients annually, with 60% of those patients preferring to receive their infusion therapy at home. As healthcare transitions from inpatient to outpatient settings, infusion volumes are projected to rise. By 2033, outpatient chemotherapy infusions are projected to increase by 15%.
Key Topics Covered:
- Home Care Market Overview
- Home Health Volumes Projected To Grow 22% By 2034
- Value-Based Care Impacting Operations And Revenue In Home Care Market
- Home Access Modifications Poised For Continued Growth
- Home Care Leaders Seek Technology Upgrades In 2024
- Home Care Providers Combat Staffing Challenges
- Medicare Payments To Rise For Home Health Agencies In 2024
- Full-Time Care Costs Continue To Climb Across All Settings
- Revenue From Home Care Product Distribution Continues To Rise
- Maxim Healthcare Remains The Largest Home Health Agency
- Home Care Mergers And Acquisition Activity Hits Multi-Year Low
- Durable Medical Equipment Market Projected To Grow 62% By 2032
- Respiratory Products Represent Over 50% of All U.S. DME Orders
- DME Rental Market Poised For Revenue Growth
- Home Infusion Therapy Revenue To Increase 89% By 2033
- Clarivate Lists Top Home Care Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/r/6kcz9k
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