The home health care sector is the fastest growing service industry in the country. The market is anticipated to be worth more than $13.5 billion by 2024. There are numerous factors driving this market growth, not the least of which is a growing aging population in the United States.
The baby boomer generation -those born between 1946 in 1964- are now retiring. As people get older they often have a tendency to require more assistance and healthcare services. Remaining home as opposed to a nursing home or hospital environment is preferred by a growing majority of these seniors. Also, hospitals are pressured by the federal government to reduce their readmission rates, which has led to growing relationships between these medical establishments and home care providers throughout their communities.
Third, having improved access to home care for these seniors and disabled adults is also helping to drive the market upward. In the past, there may have been limited resources or caregivers in a particular region, meaning not all seniors or disabled adults had access to home care services. With more agencies and providers entering the sector, that is changing, too.
As noted in the Delaware Online blog, It’s getting easier, cheaper and safer to get health care at home, written by Jule Holt:
“Additionally, care providers now have extremely reliable electronic means to transmit medical data from the home to various providers. With these tasks becoming safer and more effective, transitioning the home into a viable treatment center is easier than ever before.
There are also financial advantages to home care. Patients, especially those with chronic conditions, are usually faced with tremendous costs in a hospital setting, forcing them to seek lower-cost treatment options. Home healthcare has developed into one of those options.
According to a University of Pittsburgh study, “home care decreases costs” relative to a traditional hospital stay. By providing the patient with alternative, cost effective payment methods, home care has excelled in attracting new business.”
When compared to the cost of nursing home care or assisted living, home care is a vastly more affordable option for people from all walks of life, all ages, and all socioeconomic groups. This has become more appealing to aging seniors who may be limited in their income, rely on their retirement portfolios, or Social Security. With more affordability compared to other care options, remaining at home not only makes sense economically, it’s also much more comfortable environment in which to be.
As more seniors age and require help, and as more home care agencies and providers act or the market, it means the sector will continue growing and where it leads is still yet to be determined.