Global Home Care Services Market: Overview
Home care services encompass a wide variety of services offered to individuals who cannot take care of themselves. These can be offered temporarily till the individual is independently functional or as end of life care for elderly people. Contrary to popular opinion, home care can be provided to individuals from any age group who are recovering from an ailment. Any form of health care provided during such duration is technically known as home health care. These services are necessary in a world that is experiencing a sociological transition towards nuclear family systems. Technology is being brought into this sphere in the form of software that allow home care providers to connect with individuals and healthcare settings to chart out and coordinate measures. Thus, the home care services market is expected to grow over the period of 2020 to 2030, as per Transparency Market Research.
Global Home Care Services Market: Notable Developments
Global home care services market has witnessed notable developments in the recent past. Some of these are mentioned below:
- In October 2019, ClearCare, Inc. a software provider was acquired by WellSky Corporation, a health care technology company. This led to better market position and increase in competition in the market.
- In April 2017, McKesson Corporation took over CoverMyMeds LLC, a company developing Electronic Prior Authorization (ePA) solutions. The ePA makes connections between care providers and individuals easier through a continuous registration process. This has helped the company vie for a larger market share.
A large number of service providers today are involved in provision of home care. There are many globally recognized players in the market and local providers are also emerging and gaining better foothold quickly. A few famous providers are listed below:
- Brookdale Senior Living, Inc.
- Home Health Services Ltd.
- Sunrise Carlisle, LP
- Extendicare, Inc
- Care UK Limited
- Senior Care Centers of America
- Genesis Healthcare Corp.
- Sompo Holdings, Inc.
- Kindred Healthcare, Inc.
- Home Instead Senior Care, Inc.
These providers are concentrated in North America and Europe given the wide acceptance for home care services in these regions. They are expected to penetrate into other regional markets to tap into an increasing demand for home care services.
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Global Home Care Services Market: Key Trends and Drivers
- Home care services are witnessing an increase in demand mainly from the elderly age group. In the United States, about 29% of elderly people stay alone. They require assistance with day to day functioning and thus home care services are called for in the absence of a family to support them. As nuclear families increase even in traditional regions like India, home care services market is set to see increased demand in the future.
- As software providers integrate home care with the healthcare infrastructure, it becomes easier for patients to demand home care. Moreover, chronic diseases are expected to put 57% of the global population in a reduced functional state by the end of this year, as predicted by the World Health Organization. This is set to ensure a steady rise for home care services globally.
Global Home Care Services Market: Regional Analysis
North America and Europe currently dominate the global home care services market as an aware regional population demands home care for its geriatrics and chronically ill. This trend is supported by the robust technological base in this region that increases market outreach.
The Asia Pacific (APAC) region is expected to witness fastest growth in the future as awareness about home care rises among a society that is growing increasingly nuclear in its family setup. Additionally, online presence of service providers is contributing positively.
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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
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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
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Below is a snapshot of these quadrants.
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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?
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