CLEVELAND (December 5, 2017)—Through 2021, revenues for home health care are projected to increase 5.7 percent annually to $104 billion. Growth will be driven by a number of factors, including:
- a shift in preferences toward aging in place
- improving technology that allows more types of care to be provided in the home
- expanding coverage and participation by a variety of payment sources
- lack of access to institutional care in rural areas
- cost advantages over institutional skilled nursing care
- rising interest in PERS monitoring
- the advantage of providing care in a patient's home, which can lead to improved patient outcomes
Faster gains will be limited by competition from nurses that are hired directly by the individual or their family, which are not covered within the scope of the study. Revenues are also restrained by the fact that some individuals refuse to receive health care services in their home. These and other trends are presented in Elder Care Services Market in the US, 4th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
For more information on the study, click here.
Revenues for all elder care services are projected to increase 4.8 percent annually through 2021 to $388 billion. Gains will be supported by a variety of factors, including:
- an aging population, particularly as the large baby boomer demographic advances into age cohorts that require a greater level of care
- increasing cost of care
- continued desire among older adults to age in place and contract for the professional services that enable them to do so
- reduced stigma attached to receiving care, especially among males
Visit the freesoniagroup.com for more information.
