Global Home Healthcare Services Market Size, Share, Industry Trends and Growth Opportunities

Home healthcare services are healthcare services provided by both skilled and non-skilled medical professionals in the comfort and convenience of a patient’s home. It includes services such as Post-Acute Care, Palliative Care, Hospice Care, Nursing Care/Wellness Checks, Specialized Care (Alzheimer’s & Dementia Care, Recuperative Care, Stroke Recovery), Companionship Care, Personal Care and Other Services (Meals and Nutrition Planning, Pharmaceutical Services, 24-hour Monitoring/Live-in Care, Laboratory and Imaging Tests).

Growing Investments by Private Equity Companies is Triggering the Home Healthcare Services Market Growth

In developed regions, such as the United States, Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance) covers eligible home health services as long as patients are homebound and require part-time or intermittent skilled services. Generally, a home health care agency coordinates the services as ordered by the doctor or allowed practitioner for the patient. The home health agency caring for the patient must be Medicare-certified.

Some of the covered home health services include: Medically necessary part-time or intermittent skilled nursing care, physical therapy, occupational therapy, speech-language pathology services, medical social services, part-time or intermittent home health aide care, injectable osteoporosis drugs for women, durable medical equipment, medical supplies for use at home.

Also, in the calendar year (CY) 2023, the Centers for Medicare & Medicaid Services (CMS) forecasts that Medicare payments to home health agencies (HHAs) are likely to rise in the aggregate by 0.7%, as compared to CY 2022.

Increasing Application of Artificial Intelligence (AI) in Home Healthcare Services

In the past few years, the application of AI in home healthcare has triggered a paradigm shift related to how patients and healthcare caregivers’ approach and deliver healthcare to patients. AI-based sensors track a patient’s health through the biometrics 24/7. Any irregularities in the readings can instantly trigger alerts to the caregiver or agency. AI-based mobile applications also help in providing preventive care by examining and managing medical conditions such as obesity, diabetes, cardiac problems, thus maintaining diet and nutrition records, sending reports, and issuing alerts to the caregivers/physicians in case of deviations. AI-based AI voice assistants can also help in setting up reminders for taking medicines, checking vital signs parameters, booking appointments, etc.

“The application of AI in the global home healthcare services market is poised to grow rapidly in the coming years……AI has the potential to manage complex care plans, streamline operations of home care agencies by optimizing the scheduling and routing of caregivers, and assist in data-driven decision-making.”-Director, Home Healthcare Service Provider, United States

Competitive Landscape Analysis: Home Healthcare Services Market

Some of the leading players operating in the global home healthcare services market are Amedisys, LHC Group (Acquired by UnitedHealth Group), AccentCare, Elara Caring, Interim HealthCare, VITAS Healthcare, James River Home Health, Home Helpers Home Care, Virginia Kares Home Care Services, Companion Extraordinaire Home Care Services.

Aggressive Growth Strategies Adopted by the Market Players to Establish Their Foothold in the Home Healthcare Services Market

All the leading players operating in the global home healthcare services market are adopting aggressive growth strategies such as taking over related firms, entering into partnerships, and launching new products and services to garner a larger market share.

The global home healthcare services market is poised to experience a healthy growth in the upcoming years due to the key advantages offered by at-home healthcare services such as comfort, less costly, easy appointments, personalized attention offered by the caregiver, reduced risk of infection or virus transmission, government support for home healthcare services in developed regions, and aggressive growth strategies adopted by the global market players.

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