Market Overview
A large and growing industry supported by long-term tailwinds
- The US Home Health market represents an ~$101 billion industry and is projected to reach ~$143 billion by 2029 (7.2% CAGR)
- The Home Health market, a subsector of the broader Home-based Care market, is comprised of skilled nursing, physical therapy, occupational therapy, speech therapy, and other skilled services
- Growth in the Home Health market is expected to be driven by an aging population, increases in chronic diseases, and patient preferences for in-home care
- Most individuals who receive Home Health services are 65+ years of age, a demographic that makes up ~22% (~60 million people) of the US population and is projected to increase as a % of the total population over time
- Increases in various chronic diseases among the elderly should escalate the need for daily assistance by nurses and specialists and nearly 95% of adults aged 60+ have at least one chronic condition while ~80% have two or more conditions
- Recent reporting shows a significant increase in Home Health referrals versus Skilled Nursing Facility (SNF) referrals with ~86% of adults preferring to receive “post-hospital, short-term healthcare” at home rather than a nursing home
Industry Snapshot
72.3%
of the Home Health market share is Nursing Care Services
7.2%
forecasted annual industry growth from 2023-2028
95%
of Americans aged 60+ have at least one chronic condition
