Home Care Business Growth Statistics
Growth
The Home Care market has been valued at $120B in 2022.
Source: IBIS World
There are 451,269 Home Care Providers in the US as of 2022. There has been an increase of more than 125k in 10 years.
Source: IBIS World
The market size of the Home Care industry in the US has grown 3.1% per year on average between 2017 and 2022.
Source: IBIS World
The global home healthcare market size is expected to grow at a compound annual growth rate (CAGR) of 7.88% from 2021 to 2028.
Source: IBIS World
The Home Care Providers industry in the US is the 8th-ranked Healthcare and Social Assistance industry by market size and the 116th largest in the US.
Source: IBIS World
Home care will be available to over 4.3 million beneficiaries in 2021.
Source: Home Health Care News
More than 800,000 older and disabled people who qualify for Medicaid are on state waiting lists for home care.
Source: The New York Times
Even before the pandemic, the Bureau of Labor Statistics projected the addition of one million home care jobs by 2029.
Source: The New York Times
Trends
95 percent of payors agree treating members at home is often more cost-effective in the long-term than treating in a facility.
Source: carecentrix
About half of payors (48 percent) have already increased the availability of at-home health care options for members where possible, and about 1 in 3 (36 percent) are in the process of increasing at-home care options.
Source: carecentrix
As many as 66% of nursing homes could close by the end of 2021 due to COVID-19 costs.
Source: Modern Healthcare
Whereas nursing home occupancy has declined for years and fell further during the pandemic, and assisted living is at about 75 percent of capacity, the number of people seeking home care keeps increasing.
Source: The New York Times
“Hospital at home” programs enable patients to receive acute care at home with fewer complications and over 30% reduction in the cost of care.
Source: GRAND VIEW RESEARCH
Cost of care
Average annual home care cost: $53.768 per year.
Source: statista
Home care costs an average of $23 to $24 an hour nationally in 2020.
Source: Genworth
Monthly Median Costs: National (2020). In-Home Care. Homemaker Services: $4,481. Home Health Aide: $4,576.
Source: Genworth
In 2019, U.S. home care spending reached an all-time high of $113.5 billion.
Source: The New York Times
Patients can save 10 to 25% from their overall medical treatment costs by opting for home healthcare services.
Source: GRAND VIEW RESEARCH
In 2020, the cost for long-term care in the U.S. was on average 23.5 dollars per hour for homemaker services and 24 dollars per hour for home health aide services.
Source: statista
By 2030, the average prices for in-home care are expected to surpass 30 U.S. dollars an hour. In 2050, an average price of 58.25 U.S. dollars per hour is forecast.
Source: statista
The annual cost for home health services in the US was 54,912 US dollars in 2020, yet varied greatly from one state to another.
Source: statista
Patient preferences
72 percent of those surveyed prefer to recover at home versus a medical facility following a major medical event.
Source: carecentrix
63 percent of those surveyed would prefer getting treatment at home over going to a doctor’s office or medical facility.
Source: carecentrix
Covid-19
65% of those surveyed said COVID-19 completely changed their opinions about the best way to care for aging seniors.
Source: Transcend Strategy Group
67% of those surveyed plan to use in-home care as a substitute for in-facility care even after the pandemic.
Source: Transcend Strategy Group
51 percent of those surveyed say staying away from public places during the COVID-19 pandemic is a top reason for health care at home.
Source: carecentrix
Population demographics
By 2034, there will be more adults over the age of 65 than children under the age of 18.
Source: United States Census Bureau
Between 2018 and 2060, the population of seniors will have nearly doubled.
Source: United States Census Bureau
Life expectancy at 65 years. Both sexes: 19.6 years. Men: 18.2 years. Women: 20.8 years.
Source: Centers for Disease Control and Prevention
Percent of non-institutionalized persons aged 65 and over in fair or poor health: 22.2% (2018).
Source: Centers for Disease Control and Prevention