U.S. Home Healthcare is Estimated to Witness High Growth Owing to Rising Demand for Remote Patient Monitoring

The U.S. home healthcare market offers a wide range of medical equipment and services meant for patient care at home. Home healthcare services include nursing care, physical therapy, respiratory therapy, occupational therapy, and speech therapy. These help patients who are recovering from an illness or surgery, or have chronic conditions such as asthma, diabetes, or heart disease, get treatment without requiring hospitalization. Rapid technological advancements have enabled remote monitoring of patients through smart devices and sensors. This allows continuous monitoring of vital signs such as blood pressure, heart rate, blood oxygen levels, etc. without frequent visits to the hospital. The growing geriatric population, advancements in remote patient monitoring, and need to reduce healthcare costs are driving the demand for home-based healthcare services in the U.S.

The global U.S. home healthcare market is estimated to be valued at US$ 23.53 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:
Rising demand for remote patient monitoring is expected to drive the growth of the U.S. home healthcare market over the forecast period. Technological advancements such as integration of IoT and AI in health monitoring devices have enabled round-the-clock patient supervision without frequent hospital visits. This reduces healthcare costs significantly while improving patient outcomes. For instance, devices such as glucose meters, blood pressure monitors, cardiac monitors and pulse oximeters can continuously transmit vital health data to doctors and caregivers. Any abnormality is immediately notified so that timely intervention can take place. This addresses a major concern around managing chronic conditions.

The growing geriatric population further increases the need for home healthcare services in the U.S. As per United Nations estimates, by 2050 one in six people in the U.S. will be aged 65 years and above. Older adults are more prone to disabilities and chronic health issues which makes constant hospitalization challenging. Home healthcare allows the elderly to receive required medical attention while living independently. This factor is expected to significantly drive market growth over the forecast period.

SWOT Analysis
Strength: The U.S. home healthcare market has witnessed significant growth over the past few years owing to factors such as increasing geriatric population, rising prevalence of chronic diseases, and preference towards home healthcare services. Home healthcare offers economic and convenient care to patients while allowing them to maintain their daily routines at home. The market also benefits from availability of various types of home healthcare devices and equipment.
Weakness: Low acceptance of home healthcare devices among general population may pose challenge for widespread adoption. Lack of skilled workforce and high costs associated with technology-advanced home healthcare solutions also restricts market growth to some extent.
Opportunity: Advancements in telehealth technologies provide opportunities for remote monitoring of patients. This enables care providers to closely monitor patients' health symptoms from a distance. Rising demand for connected home healthcare devices also presents cross-selling opportunities for manufacturers.
Threats: Stringent regulatory framework governing product approvals delays market launch of new products. Additionally, lack of data privacy and security associated with connected healthcare devices raises concerns regarding confidentiality of patient information.

Key Takeaways
The Global U.S. Home Healthcare Market Size is expected to witness high growth over the forecast period of 2023 to 2030 owing to increasing geriatric population suffering from chronic diseases.

Regional analysis: North America dominates the U.S. home healthcare market currently with highest market share primarily due to high adoption of remote patient monitoring solutions. States like California and New York contribute significant revenue to the regional market. Asia Pacific is expected to grow at fastest pace during the forecast period with increasing medical infrastructure and changing healthcare landscape in countries such as India and China.

Key players: Key players operating in the U.S. home healthcare market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. The 3M Company and Honeywell International Inc. currently hold major market shares due to their diverse product portfolios in wound care, therapeutics, and telehealth solutions.
The U.S. home healthcare market is fragmented with presence of various global and regional players. Players are focusing on R&D to develop advanced and integrated products in order to gain competitive advantage. Partnerships and acquisitions are also among key strategies adopted by companies to expand their sales network and market presence.

 

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https://www.marketwebjournal.com/u-s-home-healthcare-market-demand/

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