The surge in geriatric population worldwide and their vulnerability to various acute and chronic disease is expected to aid in expansion of the global senior in-home care services market during the forecast period, 2020-2030. Home care may be of two types, home care aides and home health aides. The former helps senior citizens to complete daily tasks such as housekeeping, hygiene, grooming, preparing meals while the latter includes medical aid and ailments and helps the patient to rest comfortably and recover in the vicinity of their own homes.
The report offers a subjective and quantitative investigation of the market, its prime directions, for example, drivers, restrictions, challenges, and forthcoming chances. It additionally reflects upon the ongoing advancements, latest things, and new development openings. The report further records the names of players working on the lookout for alginate dressings and the critical techniques received by them to hold a high ground I the market rivalry.
The global market for senior in-home care services market is classified on the basis of service type, and regions. In terms of service type, the market is classified into physical and occupational therapy services, hospice care and rehabilitation services, Alzheimer’s and Dementia care services, nursing care services, companionship care and homemaking services, and wellness and medical services.
At present, the global market for senior in-home care services is highly fragmented on account of the increasing number of new entrants into the competition. In addition to this, no company is currently dominating the market. The key emphasis of players is to launch innovative products for home healthcare services so as to attract more revenue to the market in the forecast period. Some of the players functioning in the global senior in-home care services market include SYNERGY HomeCare, Comfort Keepers Inc., Sunny Days In-Home Care, Inc., Home Care Assistance, Home Helpers Home Care Services, LLC., Right at Home, Home Instead Inc., and others.
As indicated by the World Health Organization (WHO), there were 703 million people matured 65 years or over on the planet in 2019. The quantity of more seasoned people is extended to twofold to 1.5 billion by 2050. The maturing populace requests more patient-driven medical care administrations, which consequently builds the interest for medical care laborers and offices and is foreseen to drive market development.
The advent of digitalization into the healthcare sector such as the Internet of Things, smartphones, and wearable healthcare devices are further expected to aid in expansion of the global senior in-home care services market. Furthermore, the rising prevalence of chronic diseases among the aged population will further help the market gain significant revenue in the coming years.
In-home care services are known by different names in different regions. These include companion aides, personal care aides, certified home health aides or nursing aides. Regionwise, the market is widespread into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America emerged dominant on account of the presence of a well-established healthcare infrastructure. This coupled with the support provided from the US and Canadian governments in the form of reimbursement facilities and health insurance are likely to help this region continue dominating the market in the coming years.
On the other side, the market in Asia Pacific is expected to witness significant revenues on account of the increasing prevalence of chronic diseases, rise in patient pool especially among the geriatrics, and the increasing adoption of better healthcare and in-home services, further attributed to the rising in disposable incomes and willingness to spend more on healthcare.