Home Care Industry Statistics and Trends 2024

Key Home Care Industry Statistics

• Global Value: the home healthcare market was valued at $362.1 billion in 2022
  • Current Market Size:
    • in the US is $142 billion
    • in the UK is $9.429 billion
  • Industry Growth: expected to expand with a compound annual growth rate (CAGR) of:
    • 7.5% from 2023 to 2030 in the US, growing to $236.2 billion by 2030
    • 5.93% from 2022 to 2030 in the UK, growing to $14.49 billion by 2030
• Healthcare companies in operation:
  • In the US, 35,000 home healthcare companies
  • In the UK, 11,544 registered domiciliary care services and 14,970 residential and nursing care services registered with the CQC
  • Revenue generated by the home healthcare market has grown at an average rate of 3 to 4% annually
  • Analysts predicted average profits from this sector to reach 5 to 8% in 2023
• Number of People: receiving medical aid through home care services:
  • 15 million Americans
  • 950,000 Brits
  • As many as 80% of people over the age of 60 prefer to live independently
• Employment and Salaries::
  • The employment of personal care aides is projected to grow 25% from 2021-2031, well above the average of other occupations
  • In the US, home-based health aides make $14.15 on average per hour in 2022
  • In the UK, home-based health aides make £11.60 on average per hour

In-Home Care and Assisted Living Statistics

In-home healthcare care services involve providing elderly people with assistance so that they can live independently, manage chronic conditions, or recover from a serious medical setback.

It ensures that those who require constant supervision can live in their own homes instead of having to move to an institutional care center.

Here are some important in-home care statistics related to home healthcare market segmentation and profits:

• Global healthcare market revenue expected to reach $666.9 billion by 2030
• Total home care services industry revenue in 2020 was $96.9 billion
• North American had the largest share of the home care market in 2022 at 43%
• Asia Pacific market, with a CAGR of 8.96%, is expected to grow the fastest
• Average revenue of a home care agency: $2.02 million in 2021
• Home healthcare profit margin on average is estimated to be 27% 
• The largest home healthcare company in 2021 was Amedisys Inc. in the US, reported to be worth $9 billion

Employee Home Care Industry Statistics

Home healthcare aides can either be self-employed independent contractors or employees of a home care agency.

What is a home health aide? Such personnel include assistive care providers who offer non-medical support such as grooming or housekeeping, or registered nurses who are certified to provide medical care and supervise fellow certified nurses. 

Becoming a home health aide is increasingly a promising career option as the home healthcare median pay is on the rise. In fact, the home care providers industry is the second biggest healthcare and social assistance industry in terms of employment.

Let’s look at the latest statistics related to employees in the home care industry:

• As of 2023, home healthcare employees:
  • In the US, 2.1 million home healthcare employees
  • In the UK, 823,000 home healthcare employees
  • This is an average increase by 3% every year from 2018 to 2023
  • 87% of all home healthcare employees are most likely to work in private companies
• Vacancies for home healthcare positions:
  • In the US, from 2021 to 2023, 711,700 job openings
  • In the UK, 105,000 job openings
• Gender Split: 88% were women; of all home healthcare employees in 2020
  • 29% of women employed in home healthcare were African American while 19% were Latino or Hispanic
• Pay:
  • In the US, median pay = $37,579 per year in 2023; average hourly rate (in 2022) was $14.15
  • In the UK, median pay = £22,403 per year in 2024; average hourly rate (in 2023 was £11.60

Home Healthcare Demographics

The average life expectancy in the US is 79.11 years in 2023. With 10,000 people in the country turning 60 every day, these figures drastically affect the demographics of those seeking healthcare at home.

Though the home caregiving industry suffered a setback during the Covid-19 pandemic, several indicators show that the sector seems to be recovering. 

Let’s look at some assisted living statistics and compare them to in-home health:

• Residents:
  • over 800,000 people reside in assisted living facilities in the US
  • over 400,000 people reside in assisted living facilities in the UK
• Cost:
  • Living in an assisted care facility cost:
    • In the US, from $3,000-$8,000 per month depending on where you live
    • In the UK, from £3,290 to £4,160 per month, depending on residential care or nursing care
  • In-home healthcare cost:
    • In the US, an average of $26 an hour in 2021 or $5,148 per month full time
    • In the UK, an average of £28 per hour, or £4,480 a month (40 hour week)
    • In-home healthcare isn’t much higher in contrast to assisted living facilities, a home health aide can offer seniors a certain level of independence. However, full-time live-in home care will be significantly more expensive.
• Insurance or Government Backed Support:
  • In the US, Medicare doesn’t cover room and board or personal caregiver costs of assisted living, but it does cover most medical costs incurred while a person lives in an assisted living facility. Veterans and Medicaid offer assistance, but there are eligibilty requirements
  • In the UK, if your capital is over £23,250 you will need to self-fund your care. There is a means test you can take to understand what assistance the Government will provide.
• In-Home Healthcare Statistics:
  • As much as 80% of people over the age of 60 prefer to live independently
  • Seventy percent of home healthcare patients are 65 years and older
  • 65% of patients are women
  • 20% of home healthcare users have diabetes
  • According to data from 2015 to 2016, 97.2% of home health clients need assistance with bathing
  • 92% need help getting dressed

In-Home Healthcare Cost

• In the US, it ranges from $38,896 a year to $75,504 a year depending on the state.
  • Minnesota was the most expensive state for home health aides in 2020,
    • the median home healthcare hourly cost was $33, and annually, $75,504.
  • Louisiana had the lowest median hourly cost. 
    • the median home healthcare hourly cost was $17, and annually, $38,896.
  • All figures are based on the average need of 44 hours of healthcare for 52 weeks and are derived from the Genworth study conducted in 2020.
• In the UK, it ranges from £28 per hour. If you’re receiving 10 hours of care per week, this comes to £280 a week, £1,213.33 a month and £14,560 a year.
  • Permanent live in costs are significantly more expensive: £1,596 a week, £6,916 a month and £82,992 a year.

The global home care industry can further be categorized based on individual needs.

• Some seniors may simply need the assistance of a homemaker
• Some may need medically trained home care aides
• Those dealing with more serious conditions, such as cancer, may need palliative assistance which is usually offered in nursing homes. 

Value-based care market size and a few palliative care statistics: 

• Long-Term Care Costs: in the US, the annual average cost for long-term ongoing care in the US ranged from $20,280 to $108,405
• US Nursing Home & Assisted Living Costs:
  • In the US, a private room in a nursing home cost $108,405 annually in 2021
  • Accommodations in an assisted living facility cost $54,000 annually in 2021
  • The annual cost of a semi-private room in a nursing home in 2021 was $94,900
  • The annual cost of homemaker services was $59,488 in 2021
  • The annual cost of professional home aides in 2021 was $61,776 
• UK Nursing Home & Assisted Living Costs: are in fact fairly complex and need some in-depth planning, learn more here to plan ahead

All figures are from the 2020 Genworth study. Projections on home care health statistics, 2023 can be seen on this calculator.

In-Home Care Industry Trends

In the coming years, the in-home healthcare industry will continue to grow as our senior population gets bigger, and diseases like dementia and Alzheimer’s rise.

Here are some statistics related to home care industry growth:

• Senior Population: expected to reach 88.5 million (20% of the US population) by 2050
• Home health aide services: 12.5% more expensive in 2021
• Homemaker-related expenses: rose by 10.64%
• Revenue: the home healthcare market growth is projected to be 8.5% between 2022 and 2027
• Healthcare & Social Assistance: are 5 of the 20 fastest-growing industries to 2029
• In-home care service costs: had a 10.6% increase between 2020 and 2021 due to a surge in demand

While it pays to keep these numbers and trends in mind, note that the future of the home healthcare industry also depends on other factors. New technologies like the blockchain, artificial intelligence and emerging medical devices are poised to impact the market.

Here are some statistics related to the impact of home health technology:

• Lack of Tech Use: 33% of home healthcare providers don’t use technology in their services
• Covid-19: 75% of home healthcare providers said the pandemic is prompting them to re-evaluate their technology
• Remote Patient Monitoring: 51% of home healthcare providers use emerging technologies for remote patient monitoring
• New Skills: 93% of home healthcare CEOs who have introduced programs to teach new skills are seeing increased productivity among their workers
• The Internet of Medical Things: estimated value of $158.1 billion in 2022

Conclusion

These home healthcare industry statistics highlight that home healthcare is a growing and prevalent need worldwide, especially since we’re anticipating a significant rise in our aging population within the next 10 years.

The rising incidence of debilitating diseases like diabetes, Alzheimer’s, and dementia will only further our reliance on the industry. 

While emerging technologies like IoT and new medical devices can make the delivery of in-home assistance more convenient, there is a significant cost that comes with in-home care. Regardless of your situation and age, it helps to plan ahead in light of these industry statistics and trends.