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Home Care Services Market

Home Care Services Market Analysis by Duration (Daily, Weekly, Monthly, Quarterly, Annually), Services (Maid services, Nursing services, Healthcare services), & Region - Forecast to 2022-2032

Home Care Services Market Analysis by Duration (Daily, Weekly, Monthly, Quarterly, Annually), Services (Maid services, Nursing services, Healthcare services), & Region - Forecast to 2022-2032

Home Care Services Market - Analysis, Growth, Trends, Dynamics and Forecast

Home Care Services Market Overview

The home care services market is slated to grow at a CAGR of 9% during 2022-2032.

“Demand for private home care services for maid will remain high as individuals working in dual working households find it difficult to manage work and home together.”

With time being in short supply and the onset of smartphones along with the internet, home care services are a perfect fit to serve the present generation. While every tin item is available online, consumers are seeking home care services too.

As per Forbes, three-quarters of the workforce will consist of millennial who prefer using smartphones instead of pliers. Established home care service providers are shifting from conventional models of customer services – real estate and property management – to on-demand home care services to remain competitive in the marketplace.

Attributes

Details

Home Care Services Market Size (2020)

US$ 16 Bn

Home Care Services Market (2022-2032)

9%

What are the Drivers of the Home Care Services Market?

“In-home care services for seniors will rise as number of elderly populace are living independently.”

With lives becoming considerably faster and convenience gaining top priority among consumers, home care services are witnessing ever-increasing demand. 

Majority of home care service users – about 55% - browse through various websites before scheduling appointments. Several home care service agencies are investing in digital solutions, such as smartphone apps, to fetch a larger consumer base.

Recent studies reveal that about 78% of local searches on smartphones result in purchases within 24 hours. Players entering into the digital ecosystem will increase their odds for better returns. Furthermore, the presence of cost-effective solutions to set up on-demand delivery apps is lowering the bars for new market entrants.

What are the Growth Restraints in the Home Care Services Market?

“As financial assistance is difficult to come by, numerous home care providers are experimenting with various advantages to make it more reasonable.”

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.

Moreover, lack of skilled workers is setting forth a huge challenge for market players. Leading home care providers are conducting stringent hiring processes and are focusing on imparting proper training to their existing staff, as well as trying to give affordable assistance to the users.

That being said, emerging players in the market are lax regarding the professional history of their workers and lack ample resources or budget to up-skill them.

What is the Impact of COVID-19 on the Home Care Services Market?

Due to the COVID-19 pandemic, demand for private home care services, such as cooking and housekeeping, and companionship services are witnessing notable decline.

On the flip side, adoption of home care services is increasing in the commercial sector. As the corporate and manufacturing sectors are coming back to normal, cleaning and sanitization regimens are becoming a necessity in every nook and corner of workplaces.

Moving forward, several private healthcare centers are providing home care services to COVID-19 patients in home quarantine. Especially in India, the government has allowed home treatment for patients who can undergo self-isolation without affecting other members at home.

“North America continues to offer opportunities of growth and profitability in the global health care service market over the following decade.”

Easy availability of labor in tandem with rising chronic disease cases are majorly responsible for home care services in the region. In the US alone, cardiovascular diseases (CVD) and cancer account for nearly half of mortalities.

In addition, in-home elderly care services are high, with about 97% requiring aid with bathing, and 91% requiring aid transferring in and out of bed. While the majority of home care services in the US are Medicare certified, about 80% are Medicaid certified.

Key Segments

Attributes

Details

Forecast Period

2022-2032

Historical Data available for

2015-2020

Market Analysis

USD Bn for Value

By Duration

  • Daily
  • Weekly
  • Monthly
  • Quarterly
  • Annually

By Service

  • Maid services
  • Nursing services
  • Healthcare services

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Players

  • Apria Healthcare Group
  • Alere, Inc.
  • Fresenius Se & Co KGAa
  • GE Healthcare,
  • B. Braun Melsungen AG.

Key Questions Answered in the Report

What is the Growth Outlook for the Global Home Care Services Market?

The global home care services market is expected to register a CAGR of 9% from 2022 to 2032.

What is the Size of the Global Home Care Services Market?

The home care services market is projected to be valued at around US$ 27.9 Bn by 2026.

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