IoMT (Internet of Medical Things) to drive the Home Care Services Market
The Home Care Services Market is bound to witness a robust CAGR going forward. The present scenario is that of prediction of the course of treatment based on data analytics. Technology has been dominating in the form of IoMT (Internet-of-Medical-Things), AI (Artificial Intelligence), cloud computing, predictive analytics, and what not? With the proven advantage of the reduction in casualties and real-time access to the history of patients, and not to forget – remote monitoring, the healthcare industry is there to upturn.
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The home care services market is anticipated to record a growth rate of 9.9% and reach a market value of US$ 194,649.1 Mn by the end of 2018. Nursing care will continue to account for the leading market revenue share by service type, accounting for 36.8% share in 2018. Key insights on the home care services market have been presented in a new study by Persistence Market Research.
Australian Home Care Services
Home Care Assistance Corporation
Hired Hands Inc.
Home Caregiving, Inc.
Honor Technology, Inc.
Living Assistance Services, Inc.
CK Franchising, Inc.
Family inHome Caregiving, Inc.
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Factors Impacting the Adoption of Home Care Services
Staggering increase in personal and nursing care will continue to influence the adoption of home care services positively. Popularity of institutional care and long-term care services including 24 hour care services for medical and non-medical conditions is further expected to boost revenue growth of the global home care services market. However limited number of qualified professionals to provide home care services will continue to pose challenges to widespread adoption of such service in the global market.
By service type, growth of the personalized care and nursing care segment will be positively impacted by specialized geriatric services provided by home care services and community centers, which are involved in the diagnosis, treatment and rehabilitation of patients with complex medical, functional and psychosocial problems. The primary objective of home care services is to treat the chronic conditions and optimize management of such conditions.
These are achieved by either hospital based care, long-term care centers, or rehabilitation services. In addition, seniors who prefer living at their own homes and require caregiving services for varying needs opt for home care services. Home care services are classified as the caregiving services provided to the homely in the comfort of their own home.
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Home Care Services Market: Regional Insights
This report segments the global home care services market on the basis of region into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. This report assesses trends driving each regional market and offers analysis and insights on the home care services market across key countries in each of the assessed regions. Europe is projected to dominate the home care services market with maximum value share of the overall market by the end of 2018.
By 2026, the markets in Europe are expected to account for about 19.4% of the global home care services market revenue. In terms of value, North America is expected to be the dominant regional market, registering a CAGR of 9.4% over the forecast period. North America is expected to witness significant growth due to high inclination of the American population towards home care services. The Asia Pacific regional market is expected to register the highest growth rate over the forecast period.
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