Press release
Global Home Care Service Market Size Set to Reach USD 1,193.1 Bn by 2032
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Global Home Care Service Market Key Takeaways
O By service type, the home health care services segment is set to account for a market share of 35.1% in 2025.
O Based on product type, medical equipment segment will likely account for 45.1% share of the home care services industry by 2025.
O By patient type, the elderly patient segment is expected to hold a market share of 53.1% in 2025.
O North America will retain its market dominance, accounting for a prominent share of 35.3% in 2025, driven by rising demand for in-home care assistance and advancements in home care technology and remote patient monitoring.
O As per Coherent Market Insights, Asia Pacific is set to witness fastest growth during the forecast period. It will likely account for a market share of 25.4% in 2024, owing to rising elderly population and growing demand for senior care services.
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Increasing Geriatric Population Fueling Market Growth The global population is aging rapidly, leading to a rising number of individuals requiring long-term care. This is acting as a catalyst triggering demand for home care services, especially in nations like Japan, China, and the United States.
According to the World Health Organization (WHO), the number of persons aged 80 or older is set to triple, reaching 426 million by 2025. Courtesy of this, the demand for elderly home care services is expected to surge, as more elderly individuals seek personalized and comfortable healthcare solutions within their own homes.
Limited Insurance Coverage for Home Care Services Limiting Market Growth
One of the primary challenges in the global home care service market is the limited insurance coverage for home care. In many nations, including India and China, government and private insurance plans do not cover home care services. This lack of coverage discourages people from opting for services like home nursing care and personal care services.
Opportunities for Growth
Expansion of telehealth services is a big opportunity for the global home care service market. Technologies like wireless patient monitoring devices and video conferencing through smartphones are making home health care services more efficient, patient-centric, and scalable.
Emerging Home Care Service Market Trends
O Advancement in home care technology and remote patient monitoring is a rapidly growing trend with substantial market potential. News technologies, including telemedicine and AI-powered care solutions, are making home care more effective and accessible.
O Another key trend in the home care service market is the rising demand for personalized care. Today, patients and their families prefer customized home care solutions tailored to individual needs. To meet this demand, companies are introducing new personalized home care plans for seniors with dementia and other conditions.
O Leading home care service providers are also offering subscription-based care models. This will make home care services more accessible, leading to industry's growth.
Analyst's View
"There is a growing incidence of chronic diseases like diabetes, dementia, and cardiovascular diseases. These conditions often require long-term care, which encourages adoption of home care services, said a senior analyst at CMI. "Growing awareness about the benefits of home health care for chronic illnesses will further boost sales growth. Home care providers are gradually expanding into mental health support and holistic wellness programs. They are introducing affordable home care services to attract more customers"
Competitor Insights
Key companies in this market include:
- Amedisys Inc.
- LHC Group Inc.
- Brookdale Senior Living Inc.
- Kindred Healthcare LLC
- Visiting Angels
- Comfort Keepers
- BrightStar Care
- Home Instead Senior Care
- Encompass Health Corporation
- Genesis HealthCare
- Interim HealthCare
- VITAS Healthcare
- Maxim Healthcare Services
- Right at Home
- Addus HomeCare Corporation
Key Developments
In June 2024, Addus HomeCare announced a definite agreement to acquire the personal care operations of Gentiva. This acquisition will help the company to expand its personal care offerings across different states in the U.S.
In April 2022, Amedisys Inc. completed acquisition of home health assets from AssistedCare Home Health, Inc. and RH Homecare Services, LLC. This acquisition will help the company to offer both home health and hospice services across North Carolina.
Transform your Strategy with Exclusive Trending Reports:
U.S. Home Healthcare Market [https://www.coherentmarketinsights.com/market-insight/us-home-healthcare-market-5675]
Long Term Care Market [https://www.coherentmarketinsights.com/market-insight/long-term-care-market-5801]
India Geriatric Care Services Market [https://www.coherentmarketinsights.com/market-insight/india-geriatric-care-services-market-4990]
About Us:
Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
Contact Us:
Mr. Raj Shah Senior Client Partner - Business Development Coherent Market Insights
Phone:
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UK: +442039578553
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India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com/
Media Contact
Company Name: Coherent Market Insights
Contact Person: : Mr. Raj Shah
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