Home Care Services Market Scheduled to Grow at a CAGR of 9% During 2022-2032

The home care services market mainly faces the challenge of low labor availability. Most of the workers are going to the industrial areas, where the demand for labor is constantly increasing and the wages are better.

NEWARK, DE / ACCESSWIRE / November 13, 2022 / The global home care services market worth US$ 16 Bn in 2020 and is expected to witness a strong CAGR of 9% between 2022 and 2032.

The Commonwealth Fund has issued a report stating that the ‘Hospital at Home’ program makes it easier to receive proper care at home, that too, with fewer complications and more than 30% reduction in overhead. Developing countries, as a result of technological advances in medicine, are witnessing a paradigm shift to noncommunicable diseases from communicable diseases. These developments are adopted by them to enable home care services.

Portable devices are available. They include breathing aids, heart rate monitors, and blood glucose monitors. In the US, medical reimbursement helps in providing value-based healthcare, that too, at a lower cost.

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Individualized disease management programs are developed to address the physical needs associated with dementia and Alzheimer’s Disease. Special Memory Care Programs have been designed to address this.

The healthcare system is also focusing on the implementation of telehealth to move the balance of care to the home (from hospital or clinic care). People over the age of 65 are at a higher risk of dementia, diabetes, heart disease, and more.

As such, they are more in need of continuous supervision. This factor is expected to be a major accelerating factor for the home care services market over the forecast period. This is evident from the fact that the National Council of Elderly states that close to 80% of the geriatric population is battling 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), as per CMS (Centers for Medicare and Medicaid Services), the estimate of incorrect payments is close to US $ 1.84 Bn in 2021 alone. Future Market Insights has gathered these facts and future perspectives in its latest market study titled ‘Home Care Services Market’.

Key takeaways from the Home Care Services Market

  • North America holds more than 40% of the overall market share. This could be due to the increasing geriatric population and improved healthcare infrastructure. In addition, the government took initiatives regarding the promotion of home care services. For example – the Hospital at Home Program has been reported to reduce the cost of care by almost 30%.
  • Asia-Pacific is expected to witness growth at the fastest rate in the home care services market in the near future. This can be credited to the fact that the rising prevalence of chronic diseases requiring long-term care involves a fortune up to hospitalization. In countries like India, these services are expanding. 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 rehab, and elderly care. The program includes specialized healthcare services and medical supervision.

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Coconut landscape

  • Amedisys, in June 2021, announced that it has completed the leader of the hospital-at-home and the leader of the skilled nursing facility called ‘Contessa Health’ with the aim of expanding its capabilities regarding health services at home apart from higher hospitals in home care. settings.
  • Aveanna Healthcare, LLC, in December 2021, acquired Comfort Care, which is one of the leading adult home health and hospice companies to expand its footprint in the US. Operations in Alabama and Tennessee will 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 its service offering.

“With patients showing a tendency towards customization, automation, and portability, the global home care services market is expected to witness an exponential transition in the forecast period”, said analysts from Future Market Insights.

What is the Central Idea of ​​the Home Care Services Market Report?

  • Research studies are based on duration (daily, weekly, monthly, quarterly, and yearly), and by service (assistant services, nursing services, and health services).
  • Increasing care costs associated with age-related diseases such as Alzheimer’s and dementia are driving patients to opt for home care services.

The key part

Based on Duration:

  • everyday
  • weekly
  • monthly
  • quarter
  • annually

By Service:

  • maid service
  • Nursing services
  • Health care

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key players:

  • Apria Healthcare Group
  • Feed, Inc.
  • Fresenius Se & Co KGAa
  • GE Health,
  • B.Braun Melsungen AG.

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Table of Contents

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market coverage / Taxonomy

2.2. Market definition / scope / Limitation

3. Market Background

3.1. Market dynamics

3.1.1. dRIVER

3.1.2. obstacle

3.1.3. opportunity

3.1.4. trends

3.2. Scenario Predictions

3.2.1. Demand in the Optimistic Scenario

3.2.2. Demand in Possible Scenarios

3.2.3. Demand in a Conservative Scenario

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and headquartered in Delaware, USA. Recipient of the Clutch Leaders Award 2022 due to our high client score (4.9 / 5), we have collaborated with global companies on their business transformation journey and helped them deliver their business ambitions. 80% of the largest Forbes 1000 companies are our clients. We serve global clients in all major market segments & niches in all major industries.

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