Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "2023 United States Home Care Market Report" report has been added to ResearchAndMarkets.com's offering.
The global home care market, a critical segment of the healthcare industry, has reached a new milestone in 2023, valued at a substantial $264.3 billion. This industry encapsulates various sectors, such as home-based medical care, hospice services, personal care services, and durable medical equipment (DME), signifying an era where the comfort of home and advances in technology merge to redefine patient care.
An in-depth research publication, now available, delves into this flourishing market, projecting an insightful future where significant portions of care typically administered in traditional health care facilities are anticipated to transition to home settings by 2025.
Exploring the Market's Key Segments
- Home Health commands the majority share at 52%.
- Durable Medical Equipment (DME) marks its presence with a 28% market share.
- Following closely, Hospice and Palliative Care constitute 15% of the market.
- Personal Care Services and Therapy fill in the remaining market segments with 3% and 2%, respectively.
Home Health Agencies Respond to Growing Demand
As home health agencies face an unprecedented surge in referrals, especially post the pandemic, data reflects a 21% increase from 2019 to 2022. A consequential challenge has arisen due to a substantial rejection rate of referrals, peaking at 76% in December 2022. This highlights the burgeoning demand for quality post-acute care and specialized services within home environments.
Focusing on Higher Acuity Home-Based Patient Care
Providers in the home care domain reveal that their strategic agenda for 2023 includes delivering higher acuity patient care models like SNF at home or hospital at home, which garnered attention during the Public Health Emergency. This strategy underlines the market's inclination towards intensified patient care at home, streamlined by policy support such as that of CMS' Acute Hospital Care At Home program.
Technology Paving the Way for Enhanced Care
Investments are pouring into technological advancements that are setting new standards in patient engagement and remote monitoring. Understanding the impact of these technologies, 57% of home caregivers encourage the integration of systems that not only heighten patient monitoring but also uphold regulatory compliances, fortifying an enriching patient and caregiver experience.
The Rise of the Durable Medical Equipment (DME) Sector
The U.S. durable medical equipment market itself is a remarkable subset, valued at $75.4 billion in 2023, with its growth trajectory set to ascend by 52% come 2031. An increasing elderly population with chronic conditions coupled with advancements in medical technology showcases a clear consumer preference for home-based care solutions. Medicare, private insurance, and out-of-pocket payments are significant contributors to the DME revenue, with Medicare's share expected to see considerable growth in the coming years.
For more information about this report visit https://www.researchandmarkets.com/r/89pq5y
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