Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Home Care Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region" report has been added to ResearchAndMarkets.com's offering.
The global home care services market is experiencing significant growth, driven by the increasing number of elderly patients with disabilities and the expansion of day care facilities. Home care service providers are focusing on wireless connectivity and advanced devices to deliver healthcare services more efficiently.
To meet the diverse needs of customers, these providers are establishing partnerships with private care centers, as many elderly individuals prefer residing in care facilities that offer specialized services. The rise in chronic conditions among the elderly and the adoption of preventive care technology are creating niche markets within the industry.
Several factors are contributing to the growth of the global home care services market. These include an increase in healthcare expenditure, a growing adoption of elder home care services, government and private sector funding for home care services, and well-developed infrastructure with a wide range of services.
The rising number of elderly patients with disabilities and a higher dependency ratio of the elderly population over the younger generation are expected to further fuel the growth of home care services from 2024 to 2031. Additionally, the cost-effectiveness of home care services compared to hospitalization is driving the demand for services such as nursing care, companion care, and personal care provided for 10-12 hours or 24/7. Developed economies are witnessing an increasing demand for customized solutions through online applications.
Market Segmentation by Service Type
The home care services market is segmented into various service types, including personal care, nursing care, companion care services, and counseling services. Among these segments, nursing care holds the largest market share and is projected to experience the highest Compound Annual Growth Rate (CAGR) over the forecast period. The adoption rate of home-based care and community-based care services is also expected to contribute significantly to market revenue.
Key Regions
The European market is anticipated to witness the highest CAGR in terms of revenue growth over the forecast period. Factors such as the increasing number of home care service providers and privately run institutions are driving the market's growth in the region. In the United States, the home care services market is expected to register a CAGR of 9.2% during the forecast period. This growth is attributed to increased government investments, a rising demand for personal care living and nursing care, and the high cost of the hospital-centric healthcare system.
Europe boasts a higher number of home care companies compared to other regions. Many of these companies are strategically expanding into developing economies to establish more home care facilities, further boosting the overall revenue of the home care services market in the region. The Asia Pacific home care services market is also projected to experience high year-on-year growth over the forecast period.
Market Segmentation
By Service Type
- Personal Care
- Mobility Assistance
- Meal, Home, & Personal Care
- Toileting and Incontinence Care
- Others
- Nursing
- Health Vital Alerts
- Diet and Nutrition
- Medication Management
- Personal Safety Monitoring
- Companion Care Services
- Life Enrichment & Empowerment
- Community Networking
- Grooming Guidance
- Others
- Counseling Services
- Dietary Counseling
- Psychiatric Counseling
- Medical Social Services
- Others
By Specialty
- Hourly Care
- Live-in-care
- 24 Hour Care
Companies Profiled
- Australian Home Care Services
- Home Care Assistance Corporation
- Hired Hands Inc.
- BrightStar Care
- Home Caregiving, Inc.
- Eldercare Services
- Seniorlink, Inc.
- Honor Technology, Inc.
- CareLinx, Inc.
- Living Assistance Services, Inc.
- CK Franchising, Inc.
- Family inHome Caregiving, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/uio5a0
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