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Home Care Service Market Analysis 2033: Size, Share, Trends, and Comprehensive Growth Forecast
Home Care Services Global Market Report 2024
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According to The Business Research Company's, The home care services market size has grown strongly in recent years. It will grow from $18.92 billion in 2023 to $20.60 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to the increasing number of elderly individuals, growing preference for receiving care in comfort, increasing prevalence of chronic conditions, increasing awareness and acceptance, and increasing urbanization.
The home care services market size is expected to see strong growth in the next few years. It will grow to $29.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the rising aging population, growing demand for telehealth services, rising disposable incomes, rising demand for hygiene and cleanliness, and rising construction activities. Major trends in the forecast period include the integration of technology, smart home healthcare solutions, product innovations, investing in digital solutions, and innovations in cleaning services.
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Market Drivers and Trends:
The rising aging population is expected to propel the growth of the home care services market going forward. The aging population refers to the increasing proportion of older individuals within a population due to longer life expectancy and declining birth rates. The aging population is rising primarily due to increased life expectancy and declining birth rates. Home care services help the aging population maintain a higher quality of life, stay connected to their communities, and reduce the need for institutional care, supporting aging in place. These services are tailored to meet each senior's individual needs and preferences, ensuring that care is personalized and focused on their specific health conditions and lifestyle. For instance, in 2023, according to the United Nations (UN), a US-based intergovernmental organization, the number of people aged 65 and older is projected to more than double, expanding from 761 million in 2021 to 1.6 billion by 2050. Therefore, the rising aging population will drive the home care services market.
Major companies operating in the home care services market are focused on offering innovative services such as In-home hygiene services to enhance their clients' overall well-being and quality of life. In-home hygiene services refer to personal care and cleaning support provided within an individual's home to maintain cleanliness and promote overall well-being. These services are particularly beneficial for those who need assistance due to age, disability, illness, or recovery from surgery. For instance, in April 2024, Major Maids House Cleaning Company, a US-based company that offers home care services, launched innovative hygiene solutions in Tampa. This initiative reflects the company's commitment to providing high-quality, safe, and effective cleaning solutions, particularly in the context of increased awareness around hygiene and sanitation. This offers various services, including general house cleaning, deep cleaning, move-in/move-out cleaning, and home organization.
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Major Key Players of the Market:
Hospital Corporation of America (HCA) Healthcare Inc., Right at Home Inc., Brookdale Senior Living Inc., Brightstar Group Holdings Inc., Interim HealthCare Inc., LHC Group Inc., AccentCare Inc., Bayada Home Health Care, Comfort Keepers, ComForCare, Senior Helpers, Amada Senior Care, FirstLight Home Care, Always Best Care Senior Services, Amedisys Inc., Synergy HomeCare Franchising LLC., Griswold Home Care, Family Resource Home Care (FRHC), Maxim Healthcare Services Inc., TheKey, Honor Technology Inc, Visiting Angels Living Assistance Limited
Home Care Services Market 2024 Key Insights:
• The home care services market size is expected to see strong growth in the next few years. It will grow to $29.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Growing Aging Population To Propel Expansion In Home Care Services Market
• Home Care Services Companies Innovate With Advanced Hygiene Solutions To Meet Evolving Client Needs
• Asia-Pacific was the largest region in the home care services market in 2023
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