Global Home Care Market: Overview
Presence of a seamless industry for geriatric healthcare has played a crucial role in driving sales across the global home care market. There is growing importance of personalised healthcare services across several population groups, and this is an important consideration from the perspective of market maturity. Provision of home care services has caused a paradigm shift in the way people perceive healthcare. Besides, the need for ensuring full-time care for the elderly has also driven sales across the global home care market. The professionalism of medical nurses and assistants who provide home care services has helped in popularising these services. The next decade is set to enable the inflow of fresh revenues into the global home care market.
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In a syndicate review, Transparency Market Research (TMR) looks into several dynamics of growth within the global home care market. The global home care market can be segmented on the basis of end-user, type of service, and region. Home care services are provided by trained nurses and experts which establishes the credibility of such services. Moreover, the importance of home care services for patients suffering from paralytic disorders has helped in market growth. In severe cases, patients require assistance in motor actions such as twisting, moving, and eating.
Global Home Care Market: Notable Developments
The stupendous growth of the worldwide healthcare industry has played a pivotal role in market growth and maturity.
- Providers of home care services have been striking successful deals in various service verticals over the past few years. A total of 1,200 deals were recorded by the health service arena in 2019, as estimated by PricewaterhouseCoopers. However, CEOs of home care services are looking into the pros and cons of going full swing into the market. The recent success of providers in the home care space has prompted several entities to enter the market. However, these companies are required to answer several critical questions about the nature of their services, deal-making processes, and target acquisitions.
- Elder is an important healthcare alternative for senior citizens in the UK. The entity has lately raised around €10 million of funding to provide improved home care to the elderly. Investors such as MMC Ventures supported Elder towards this initiative. Elder intends to solve the ‘social care crisis’ that has cropped up across the world. High-quality late life care is an important requirement across the UK.
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Global Home Care Market: Growth Drivers
Wide Portfolio of Offerings
Home care services also include aides, devices, and machines that can help patients with their daily functioning. Use of healthcare monitoring systems has helped doctors and medical professionals in keeping a tab on their patients from remote locations. Moreover, e-medication has also emerged as an important component of home care healthcare. The older population requires regular reminders and assistance with regard to their medications. This factor, coupled with increasing demand for home care nurses, has played a vital role in generating fresh revenues in the market.
Rising Incidence of Neurological Disorders
The rising incidence of post traumatic disorders, paralysis, dementia, Alzheimer’s, and several other neurological disorders has played a key role in market growth. Patients suffering from any of the aforementioned diseases require assistance with their daily chores. Moreover, forgetfulness leads older patients to miss out on their daily medication. Therefore, use of home care services has become an important component of modern-day healthcare. The healthcare industry is making ardent efforts to integrate home care services in the ambit of hospitals and private healthcare centers. Change in the structural framework of healthcare centers shall shape the growth graph of the global home care market over the next decade.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.