The home care services market is mainly facing the challenge of low labor availability. The majority of workers are turning to the industrial zones, where the demand for labor continues to grow alongside a better wage bill.
NEWARK, DE /ACCESSWIRE/November 13, 2022/ The global home care services market was worth US$16 billion in 2020 and is expected to grow at a robust CAGR of 9% between 2022 and 2032.
The Commonwealth Fund released a report stating that “Hospital at Home” programs make it easier to receive proper care at home, that too, with fewer complications and a reduction of more than 30% in overhead costs. Developing countries, as a result of technological advancements in medicine, are witnessing a paradigm shift from non-communicable diseases to communicable diseases. These advances are embraced by them to enable home care services.
Portable devices are available. They include breathing aids, heart rate monitors, and blood sugar monitors. In the United States, there are medical reimbursements that help provide value-based health care, that too, at a lower cost.
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Individualized disease management programs are being developed to address bodily needs related to dementia and Alzheimer’s disease. Memory Care Specialty Program was designed to meet this.
Healthcare systems are also focusing on implementing telehealth to shift the balance of care to the home (from hospital or clinic care). People aged 65 and over are at higher risk of dementia, diabetes, heart disease, etc.
As such, they need more continuous monitoring. This factor is expected to be the major driver for the home care services market acceleration over the forecast period. This is evident from the fact that the National Council on Aging states that nearly 80% of the geriatric population struggles with at least one chronic disease; while 68% have 2 or even more.
At the same time, the fact that home care services are quite vulnerable to abuse, fraud and waste cannot be ignored. According to an article published by Home Health Care News (2021), according to the Centers for Medicare and Medicaid Services (CMS), estimates of abusive payments were close to US$1.84 billion in 2021 alone. Future Market Insights has presented these facts with future prospects in its latest market study titled “Home Care Services Market”.
Key Takeaways of Home Care Services Market
- North America holds over 40% of the overall market share. This could be attributed to the growing geriatric population as well as improved healthcare infrastructure. In addition, governments are taking initiatives to promote home care services. For example, the Hospital at Home program has been reported to reduce the cost of care by almost 30%.
- The Asia-Pacific region is expected to witness the fastest growing home care services market in the near future. This could be attributed to the fact that the increasing prevalence of chronic diseases requiring long-term care implies a fortune in terms of hospitalization. In countries like India, these services are expanding. For example, Apollo Homecare makes room for long-term plans for several categories such as Cardiac Rehab, Ortho Rehab, Neuro Rehab, Maternal and Baby Care, Pulmonary Rehab, and Senior Care. Programs include personalized health care services and medical supervision.
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Competitive landscape
- Amedisys, in June 2021, announced that it had completed the acquisition of a qualified nursing home and facility manager called ‘Contessa Health’ with the aim of expanding out-of-hospital home health care service highest acuity under home care settings.
- Aveanna Healthcare, LLC in December 2021 acquired Comfort Care, emerging as one of the leading home care and adult palliative care companies to expand its footprint in the United States. Operations in Alabama and Tennessee would be an added advantage.
- Nightingales Home Health Services recently launched operations in Chennai (Tamil Nadu, India).
- Portea Medical provides in-home Covid-19 testing services to expand service offerings.
“With patients showing a trend towards personalization, automation and portability, the global home care services market is expected to witness an exponential transition over the forecast period,” says an analyst from Future Market Insights.
What is the central idea of the Home Care Services market report?
- The research study is based on duration (daily, weekly, monthly, quarterly and yearly) and by service (maid services, nursing services and health services).
- Rising treatment costs for age-related illnesses like Alzheimer’s disease and dementia are forcing patients to opt for home care services.
Key segments
By duration:
- Daily
- Weekly
- Monthly
- Quarterly
- Annually
By Service:
- Maid services
- Nursing services
- Health services
By region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Key players:
- Apria Healthcare Group
- Nourish, Inc.
- Fresenius Se & Co KGAa
- GE Health,
- B. Braun Melsungen AG.
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Contents
1. Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.1.1. Drivers
3.1.2. Constraints
3.1.3. Opportunity
3.1.4. Tendencies
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
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