It’s no secret that the in-home care support services industry is growing. It is driven, in large part, due to demand as well as increased recognition that home care is a valuable asset in long-term health and recovery for elderly and disabled adults. One of the key metrics, though, remains the increasing aging population in the United States.
Currently, home health care spending is growing at a 7 percent annual rate. By 2027, it is anticipated that Americans will spend $186 billion on in-home care services. The rate of growth that this would entail significantly outpaces hospital care, physician services, nursing facilities, and even prescription drugs and retail sales of medical products.
This growth is due, in large part, to the aging population, but that’s not the only factor. Aging Baby Boomers are expected to increase the population over 65 to 20 percent of the U.S. population by 2030.
As noted by HIT Consultant in the blog, 4 Major In-Home Healthcare Market Drivers to Watch, written by Matt Dumas:
“By 2035, and for the first time in U.S. history, people over the age of 65 will outnumber those under 18, according to projections from the U.S. Census Bureau. By 2030, all Baby Boomers will be older than 65, and 20 percent of the population will be retirement age.
Needless to say, America is graying rapidly. But that aging population provides healthcare organizations (HCOs) with new opportunities to serve them as an expanding market – particularly through home care solutions. About 70 percent of people who seek home care are over the age of 65, meaning that the already fast-growing home care industry will see even greater demand as the population ages.”
Some of the other factors that are playing a significant role in the growth and expansion of in-home care support involves technology. Home health technology is making it not just more affordable, but more possible for people to remain home, even if they are dealing with significant health issues and even mobility and safety related challenges.
Another interesting factor that’s helping to contribute to the growth of the in-home health care industry is that the patient is the primary consumer. In the past, health insurance companies have dictated what services they would cover, but as patients are shouldering a greater burden of their health care costs, they feel more empowered to make decisions that can allow them to remain at home.
The home care sector is growing. It’s growth is pushed on by several factors, not the least of which is an aging population and greater access to quality support at home.