Welcome to the world of home care! As the population ages, the home care industry is growing rapidly.
Published On:
January 3, 2024
Top 10 Key Home Care Industry Statistics & Facts
The global home care market size was valued at $260.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2020 to 2027. (source: Grand View Research)
The home care industry is expected to reach $225.5 billion in the U.S. by 2024. (source: Business Wire)
By 2030, it is estimated that 71.5 million Americans will be over the age of 65, which is more than twice the number in 2000. (source: U.S. Census Bureau)
The largest group of individuals receiving home care services are those aged 85 and over. (source: National Council on Aging)
Over 90% of seniors want to age in place, or stay in their own homes as they age. (source: AARP)
The average hourly rate for home care services is $22 per hour. (source: Genworth Cost of Care Survey)
Home care services can range from assistance with daily activities such as bathing, dressing, and meal preparation to medical care provided by licensed professionals.
Home care can be provided in a variety of settings, including private homes, assisted living facilities, and nursing homes.
Technology is rapidly changing the home care industry, with innovations such as remote monitoring and telehealth making it easier for seniors to receive care at home.
The COVID-19 pandemic has highlighted the importance of home care as a safe and effective alternative to institutionalized care settings.
The home care industry employs over 2.4 million workers in the United States. (source: Home Care Association of America)
Over 90% of home care workers are women. (source: PHI)
The median hourly wage for home health aides is $11.52. (source: Bureau of Labor Statistics)
41% of home care workers rely on public assistance programs such as Medicaid or food stamps. (source: PHI)
The turnover rate for home care workers is 64.8%. (source: Home Care Pulse)
Home care workers provide a wide range of services, including personal care, companionship, and medical assistance.
The demand for home care services is expected to grow in the coming years due to an aging population and a greater emphasis on aging in place.
Home Care Quality of Care Statistics
Home care can reduce hospital readmissions by 25%. (source: Home Care Association of America)
80% of seniors who receive home care report that it has improved their quality of life. (source: Home Care Association of America)
Home care can lead to a 50% reduction in falls and a 75% reduction in bed sores. (source: Home Care Association of America)
Seniors who receive home care have a 25% lower mortality rate than those in nursing homes or hospitals. (source: Amedisys)
84% of family caregivers report that home care providers enable their loved ones to live at home longer. (source: Genworth Cost of Care Survey)
In addition to medical care, home care providers offer companionship, transportation, and assistance with daily activities such as bathing and dressing.
Many home care providers offer specialized services for individuals with Alzheimer's disease and other forms of dementia.
Home Care Technology Statistics
The use of remote patient monitoring in home care is expected to grow at a CAGR of 13.2% from 2020 to 2027. (source: Grand View Research)
67% of family caregivers would like to use technology to monitor their loved ones' health. (source: Home Instead Senior Care)
74% of seniors say they would use telehealth to communicate with their healthcare provider. (source: National Council on Aging)
Home health care is expected to be the fastest-growing industry in the United States, with a projected growth rate of 33% from 2019 to 2029. (source: Bureau of Labor Statistics)
In 2018, there were over 5 million Medicare beneficiaries who received home health services. (source: Centers for Medicare & Medicaid Services)
The average length of a home health episode is approximately 45 days. (source: National Association for Home Care & Hospice)
Over 75% of home health patients are age 65 or older. (source: Centers for Disease Control and Prevention)
The cost per visit for home health care ranges from $132 to $230 depending on the state and region. (source: AARP)
Approximately one-third of all home health agencies provide telehealth services as part of their care delivery model. (source: National Association for Home Care & Hospice)
Cost of Care
The average hourly rate for home care services is $22 per hour. (source: Genworth Cost of Care Survey)
The national median daily rate for a private room in a nursing home is $305, which translates to over $111,000 annually. (source: Genworth Cost of Care Survey)
The national median monthly base rate for assisted living is $4,051, with rates ranging from $2,500 to over $7,500 depending on location and level of care provided. (source: Genworth Cost of Care Survey)
In 2020, the average cost for adult day health care was $75 per day or just under $20,000 annually. (source: AARP)
The average cost of in-home medical care provided by licensed professionals ranges from $150 to $350 per visit depending on the type of service provided and location. (source: Home Health Care News)
Hospice care can be provided in a variety of settings including hospitals, nursing homes and private residences; the average cost per day ranges from approximately $145 to over $800 depending on where the service is provided and what type of care is needed. (source: National Hospice and Palliative Care Organization)
In 2019, long-term care insurance policies had an average annual premium of around $2,050 for a 55-year-old individual purchasing a comprehensive policy with inflation protection; premiums can vary widely based on age at purchase, health status and other factors. (source: American Association for Long-Term Care Insurance)
Geographic
The state with the highest hourly rate for home care services is Alaska, at an average of $32 per hour. (source: Genworth Cost of Care Survey)
California has the highest number of home health agencies in the United States, with over 2,000 registered agencies. (source: Kaiser Family Foundation)
The Midwest region of the United States has the highest concentration of home health and personal care aides. (source: Bureau of Labor Statistics)
Vermont has the highest percentage of adults aged 65 and over in the United States, at 20%. (source: U.S. Census Bureau)
The state with the highest projected growth rate for home health aide jobs from 2019 to 2029 is Utah, at 51%. (source: Bureau of Labor Statistics)
In Canada, Ontario has the largest home care market share, accounting for approximately one-third of all home care spending in the country. (source: Canadian Institute for Health Information)
The European Union home care market was valued at €85 billion in 2018, with Germany accounting for the largest share at €22 billion. (source: European Association for Home Care)
Patient Preferences
Over 90% of seniors want to age in place, or stay in their own homes as they age. (source: AARP)
52% of seniors who receive home care prefer to have a consistent caregiver for each visit. (source: Home Care Pulse)
The most common reason for choosing home care is the desire to remain independent and maintain control over daily activities. (source: National Council on Aging)
85% of seniors who receive home care services report feeling more secure and comfortable living at home. (source: Home Instead Senior Care)
The majority of patients prefer receiving medical treatment at home rather than in a hospital or nursing facility whenever possible. (source: Journal of General Internal Medicine)
Patients who receive care at home have higher levels of satisfaction with their overall quality of life compared to those in institutionalized settings such as nursing homes or hospitals. (source: American Academy of Home Care Medicine)
Over 80% of family caregivers say that their loved ones' preferences for daily routines and schedules are taken into account by home care providers when developing individualized care plans. (source: Family Caregiver Alliance)
Conclusion
In conclusion, the home care industry is growing rapidly and is expected to continue to do so in the coming years. With an aging population and a desire to age in place, home care services are becoming increasingly important.
Home care workers are an essential part of this industry, and while turnover rates are high and wages are often low, the quality of care provided can have a significant positive impact on seniors' quality of life. As technology advancements continue, we can expect to see more innovation in the home care industry as well.
