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Home Care Services Market is Slated to Grow at a CAGR of 9% During 2022-2032 | Future Market Insights, Inc.

ACCESSWIRE · Future Market Insights, Inc.
Future Market Insights, Inc.
7 min read

The home care services market is primarily facing the challenge of low availability of labor force. Majority of laborers are turning to industrial areas, wherein demand for workforce is ever-growing in tandem with better payroll.

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

The Commonwealth Fund has released a report stating that ‘Hospital at Home' programs do facilitate reception of proper care at home, that too, with lesser complications and more than 30% reduction in overheads. The developing countries, as an outcome of technological advancements in medicine, are witnessing a paradigm shift to noncommunicable diseases from communicable diseases. These advancements are being adopted by them to enable home care services.

Portable devices are available. They include respiratory aids, heart rate monitors, and blood glucose monitors. In the US, there are medical reimbursements helping in provision of value-based healthcare, that too, at lower costs.

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Individualized disease management programs are being developed for addressing the bodily needs related to dementia and Alzheimer's disease. Memory Care Specialty Program has been designed for addressing them.

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.

At the same time, the fact that home care services are pretty vulnerable to abuse, fraud, and waste can't be ignored. As per an article published by Home Health Care News (2021), as per CMS (Centers for Medicare and Medicaid Services), estimates of improper payments was close to US$ 1.84 Bn in the year 2021 alone. Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Home Care Services Market'.

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.

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