Global Home Care Services Market to Achieve 9% CAGR, Reaching New Heights by 2032

 Home Care Services Market
Home Care Services Market

The global home care services market, valued at USD 16 billion in 2020, is expected to grow at a strong CAGR of 9% from 2022 to 2032. This expansion is driven by advancements in healthcare technology, particularly the rise of ‘Hospital at Home’ programs, which deliver efficient care with lower costs, as highlighted by The Commonwealth Fund. These initiatives allow patients to receive high-quality medical care at home, reducing complications and expenses.

The market’s growth is further supported by the increasing use of portable medical devices, such as respiratory equipment, heart rate monitors, and blood glucose meters. In the United States, medical reimbursements are promoting value-based healthcare, making home care more accessible. Additionally, tailored disease management programs for conditions like dementia and Alzheimer’s, including specialized services like the Memory Care Specialty Program, are addressing patients’ unique needs.

Healthcare systems are also focusing on implementation of telehealth for shifting balance of care to home (from hospital care or clinic). People aged 65 and above are at a higher risk of dementia, diabetes, cardiac orders, and likewise.

As such, they are in greater need of continuous monitoring. This factor is expected to be the major accelerating factor toward home care services market in the forecast period. This is evident from the fact that the National Council of Aging states that close to 80% of the geriatric population are battling atleast one chronic ailment; whereas 68% have 2 or even more.

Key Takeaways from Home Care Services Market

  • North America holds more than 40% of the overall market share. This could be attributed to growing geriatric population along with enhanced healthcare infrastructure. Besides, governments are taking initiatives regarding promotion of home care services. For instance – Hospital at Home program has been reported to lessen cost of the care by almost 30%.
  • The Asia-Pacific is expected to witness growth at the fastest pace in the home care services market in the near future. This could be credited to the fact that rising prevalence of chronic diseases that need long-term care involve a fortune as far as hospitalization is concerned. In countries like India, these services are undergoing expansion. For example – Apollo Homecare makes way for long-term plans for several categories like heart rehab, ortho rehab, neuro rehab, mother and baby care, lung rehab, and elderly care. The programs are inclusive of customized healthcare services and medical supervision.

Competitive Landscape

Amedisys, in June 2021, announced that it had completed acquiring a hospital-at-home and skilled nursing facility leader called ‘Contessa Health’ with the objective of expanding the capabilities regarding in-home healthcare services apart from higher-acuity hospital under home care settings.

Aveanna Healthcare, LLC, in December 2021, did acquire Comfort Care, which comes across as one of the leading adult home health and hospice companies for expanding the footprint in the US. Operations in Alabama and Tennessee would be an added advantage.

Nightingales Home Health Services, of late, did launch the operations in Chennai (Tamil Nadu, India).

Portea Medical is providing at-home Covid-19 testing services for expanding the service offerings.

Key Players:

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

Key Segments

By Duration:

  • Daily
  • Weekly
  • Monthly
  • Quarterly
  • Annually

By Service:

  • Maid services
  • Nursing services
  • Healthcare services

By Region:

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

Report Preview: https://www.futuremarketinsights.com/reports/home-care-services-market

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