The market for home care services mainly faces the challenge of low availability of labor force. The majority of the laborers turn to industrial areas, where the demand for labor continues to grow, along with better payroll.
NEWARK, DE / ACCESSWIRE / November 13, 2022 / The global home care services market was worth $16 billion in the year 2020 and is expected to witness a solid CAGR of 9% between 2022 and 2032.
The Commonwealth Fund released a report saying that ‘Hospital at Home’ programs do facilitate receiving proper care at home, that too with fewer complications and more than 30% reduction in overhead costs. The developing countries, due to technological advances in medicine, are witnessing a paradigm shift to non-communicable diseases from communicable diseases. These advances are adopted by them to enable home care services.
Portable devices are available. These include respiratory aids, heart rate monitors and blood glucose monitors. In the US, there are medical reimbursements that help in providing value-based healthcare, that too at lower costs.
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Individualized disease management programs are being developed to address the physical needs associated with dementia and Alzheimer’s disease. Memory care specialty program is designed to address them.
Healthcare systems are also focusing on implementing telehealth to shift the balance of care to the home (from hospital care or clinic). People aged 65 and over are at greater risk of dementia, diabetes, heart attacks, and so on.
As such, they have a greater need for continuous monitoring. This factor is expected to be the major accelerating factor for the home care services market in the forecast period. This is evident from the fact that the National Council on Aging states that almost 80% of the geriatric population suffers from at least one chronic ailment; while 68% have 2 or even more.
At the same time, the fact that home care services are quite vulnerable to abuse, fraud and waste cannot be ignored. According to an article published by Home Health Care News (2021), according to CMS (Centers for Medicare and Medicaid Services), estimates of improper payments were close to US$ 1.84 billion in the year 2021 alone. Future Market Insights has incorporated these facts with future perspectives in its latest market study titled ‘Home Care Services Market’.
Key Takeaways from Home Care Services Market
- North America holds more than 40% of the overall market share. This can be attributed to growing geriatric population along with improved healthcare infrastructure. In addition, governments are taking initiatives regarding the promotion of home care services. For example – Hospital at Home program has been reported to reduce cost of care by almost 30%.
- Asia Pacific is expected to witness growth at the fastest rate in the home care market in the near future. This can be attributed to the fact that increasing incidence of chronic diseases requiring long-term care involves a fortune in terms of hospitalization. In countries like India, these services are being extended. For example – Apollo Homecare makes way for long term plans for various categories like cardiac rehab, ortho rehab, neuro rehab, mother and baby care, pulmonary rehabilitation and elderly care. The programs include customized health care services and medical supervision.
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Competitive landscape
- Amedisys announced in June 2021 that it has completed the acquisition of a hospital-at-home and skilled nursing facility leader called ‘Contessa Health’ with the aim of expanding capabilities related to home healthcare services apart from higher-acuity hospital under home care . institutions.
- Aveanna Healthcare, LLC did acquire Comfort Care in December 2021, which appears to be one of the leading adult home health and hospice companies for expanding its footprint in the US. Operations in Alabama and Tennessee would be an added advantage.
- Nightingales Home Health Services recently launched the operations in Chennai (Tamil Nadu, India).
- Portea Medical provides Covid-19 testing services at home to expand the service offerings.
“With patients prone to customization, automation and portability, the global home care services market is expected to witness an exponential transition in 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 (served services, nursing services and healthcare services).
- Increasing cost of treatment related to age-related diseases like Alzheimer’s and dementia compels the patients to opt for home care services.
Key segments
By duration:
- Daily
- Weekly
- Monthly
- Quarterly
- Annual
By service:
- Cleaning services
- Nursing services
- Health care services
By region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Key Players:
- Apria Healthcare Group
- Feed, Inc.
- Fresenius Se & Kie KGAa
- GE Healthcare,
- B.Braun Melsungen AG.
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INDEX
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side trends
1.3. Trends on the supply side
1.4. Technology Roadmap Analysis
1.5. Analysis and recommendations
2. Market overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market dynamics
3.1.1. Managers
3.1.2. Restrictions
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Prediction
3.2.1. Question in optimistic scenario
3.2.2. Question in probable scenario
3.2.3. Question in conservative scenario
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