According to a recent report by Reports and Data, the global Home Healthcare Market size was estimated to be worth USD 1.2 trillion in 2022 and is expected to grow at a revenue CAGR of 7% during the forecast period. The increasing population of elderly individuals is driving the demand for long-term care services as they require more comprehensive assistance and care to maintain their well-being and independence.
Chronic diseases such as cancer, diabetes, and heart conditions among the aging population are also driving the need for long-term care services. Governments worldwide are taking measures to ensure access to long-term care services and encourage innovative care models, leading to an expansion of public support and supportive laws.
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The long-term care services market is experiencing growth due to the advancement of medical technology, particularly in telemedicine and remote monitoring. Additionally, there is an increasing demand for personalized Home Healthcare services. These trends have resulted in the development of new care models and technologies, including telehealth and remote patient monitoring, which are expected to contribute to the market's growth in the future.
During the forecast period, the Home Healthcare segment is expected to generate the most revenue, primarily due to the rising demand for long-term care services. These services provide medical assistance and aid with daily activities to individuals who require continuous care. The public segment is expected to contribute the largest share of revenue in the healthcare industry, including health insurance plans that are funded by federal or state governments, which primarily cater to the needs of elderly people, those with certain chronic ailments or disabilities.
The growth in market revenue for long-term care services is being driven by private investment and mergers and acquisitions (MA) activity. Private equity firms and other investors are investing more in this market due to the rising demand and potential for profitable returns. Moreover, companies are seeking to expand their services and reach through MA opportunities, leading to increased activity.
North America is expected to have the largest revenue share in the long-term care services market over the coming years, with the United States being the dominant player due to its significant aging population and rising healthcare costs.
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Some of the prominent players profiled in the global Home Healthcare market include Kindred Healthcare, LLC, Brookdale Senior Living Solutions, Encompass Health Corporation, Extendicare Inc., Gentiva Health Services, Inc., Atria Senior Living Group, Home Instead Senior Care, Inc., Sunrise Senior Living, LLC, ResCare, Inc., Senior Care Centers of America, and LHC Group, Inc.
In 2021, Brookdale Senior Living Solutions and HCA Healthcare, one of the largest hospital systems in the United States, announced a strategic partnership with the aim of improving patient outcomes and the quality of care provided to elderly individuals with serious medical conditions. Extendicare Inc. and Telemedicine Clinic (TMC) also joined forces in 2020 to provide telemedicine services to patients residing in long-term care facilities. Kindred Healthcare, LLC, and Yuma Regional Medical Center entered into a strategic agreement in 2020 to provide long-term acute care hospital services to patients in the Yuma, Arizona area.
The global Home Healthcare market has been segmented on the basis of Service Outlook, Payer Outlook, and Regional Outlook. The Service Outlook includes Home Healthcare, Hospice Palliative Care, Home Healthcare, Assisted Living Facilities, and Others. The Payer Outlook includes Public, Private, and Out-of-Pocket. The Regional Outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
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