Home sweet home: Continued growth in the state's elderly population will boost industry demand

Home Care Providers in Michigan provide individuals who are unable to live completely independently a home-based and cost-effective alternative to institutional care, such as extensive nursing home or hospital stays. In 2017, the annualized cost for one year of home health aide services in Michigan was $49,192, according to Genworth's Cost of Care Survey. Comparatively, Michiganders that instead opted for a private room at a nursing home facility spent an average of $103,295 for one year of care. As Michigan's per capita disposable income is lower than the national average, residents are more likely to opt for less costly home-based care over institutional care...purchase to read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 13-18
1.8%
Forecast Growth 18-23
Profit
Employment
57,663
Businesses
16,950

Industry Threats & Opportunities

  • Operators are expected to benefit as federal funding for Medicare and Medicaid continues to increase strongly
  • Industry Report - Industry Locations Chapter

    Home care providers in Michigan serve patients in their own homes. To cut travel costs and tend to as many patients as possible, operators in the Home Care Providers industry in Michigan tend to operate out of the most densely populated regions of the state. For example, the Metro region is home to 38.9% of the state's population and comprises a dominant 59.9% of all industry establishments. Additionally, the Detroit-Warren-Dearborn metropolitan statistical area (MSA), which comprises comprising Lapeer, Livingston, Macomb, Oakland, St. Clair and Wayne counties and spans portions of the Bay, University and Metro regions, makes up nearly 63.0% of industry operators.Due to the substantial population density of the Metro region, no other region comprises more than 20.0% o...purchase to read more.

    Additional Insights for the Home Care Providers in Michigan Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Home Care Providers in Michigan Industry are

  • Recommendation/accreditation from authoritative sources
  • Effective quality control
  • Ability to take advantage of government subsidies and other grants
  • IBISWorld analysts also discuss how external factors such as Federal funding for Medicare and Medicaid and Number of adults aged 65 and older in Michigan in the Home Care Providers in Michigan industry impact industry performance..

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    What's in this report

    What is the Home Care Providers in Michigan Industry?

    Companies in this industry primarily provide services in the home. These services may be medical or nonmedical and include skilled-nursing care, personal care, homemaker and companion services, physical therapy and medical social services. This industry also includes in-home hospice care providers.

    Industry Products
  • Traditional home healthcare and home nursing care
  • Home hospice
  • Home therapy services
  • Homemaker and personal services
  • Industry Activities
  • Providing homemaker and companion services
  • Administering in-home physical therapy
  • Providing in-home hospice care
  • Providing 24-hour home care
  • Administering in-home occupational and vocational therapy
  • Providing in-home dietary and nutritional services
  • Administering speech therapy
  • Providing in-home medical care
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 65 and older in Michigan
  • Number of people with private health insurance in Massachusetts
  • Per capita disposable income in Michigan

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Home Care Providers in Michigan Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Health & Medical Insurance
  • Primary Care Doctors
  • Specialist Doctors
  • Hospitals
  • Retirement Communities
  • Consumers

  • Key Selling Industries
  • Administration of Government Programs
  • Brand Name Pharmaceutical Manufacturing
  • Employment & Recruiting Agencies
  • Generic Pharmaceutical Manufacturing
  • Glasses & Contact Lens Manufacturing
  • Medical Instrument & Supply Manufacturing
  • Medical Supplies Wholesaling

  • Products & Services
  • Traditional home healthcare and home nursing care
  • Home hospice
  • Home therapy services
  • Other
  • Homemaker and personal services
  • Chart: Home Care Providers in Michigan Industry Products and Services Segmentation

  • Major Markets
  • Medicare
  • Medicaid
  • Private insurance
  • Other
  • Out-of-pocket payments
  • Chart: Major Market Segmentation for the Home Care Providers in Michigan Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Home Care Providers in Michigan

  • Basis of Competition
    Barriers to Entry
    ComForCare Health Care Holdings LLC, Comfort Keepers, Guardian Angel Home Health Care, Home Instead Senior Care,
  • Table: ComForCare Health Care Holdings LLC - financial performance
  • Table: Comfort Keepers - financial performance
  • Table: Guardian Angel Home Health Care - financial performance
  • Table: Home Instead Senior Care - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Home Care Providers in Michigan Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Home Care Providers in Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Adults 65 years and over (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Chronic Disease Management
  • A system of coordinated healthcare interventions and communications for populations with long-term conditions in which patient self-care is significant.
  • Durable Medical Equipment (Dme)
  • Medical equipment used in the course of treatment or home care.
  • Electronic Data Interchange (Edi)
  • The transmission of electronic documents between businesses from one computer system to another.
  • Home Infusion Therapy
  • The administration of medication through a needle or catheter.
  • Homemaker And Companion Services
  • Helping patients with shopping, preparing and serving meals, housekeeping, taking clients to appointments and other daily chores.
  • Hospice
  • A program or facility that provides special care for people who are near the end of life and for their families
  • Personal Care Services
  • Nonskilled assistance provided to individuals in their homes, such as bathing, dressing and light housework.
  • Telehealth
  • The delivery of health-related services and information between patients and providers via telecommunications technologies.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Home Care Providers in Michigan provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Home Care Providers in Michigan:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Home Care Providers in Michigan market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Home Care Providers in Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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