The global home care services is slated to grow at a CAGR of 9%, during the forecast period, 2020-2030. With time being in short supply and onset of smartphones along with 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-quarter of the workforce will consist of millennial who prefer using smartphones instead of pliers.
Fueled by such trends, the global home care services is poised to make leaps and bounds over the following decade. 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.
Home Care Services Market – Growth Drivers and Trends
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 providers 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, presence of cost-effective solutions to set up on-demand delivery apps is lowering the bars for new market entrants.
Home Care Services Market – Growth Restraints
The home care services market is primarily facing the challenge of low availability of labor force. Majority of labors 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 huge challenge for market players. Leading players are conducting stringent hiring processes and are focusing on imparting proper training to their existing staff. 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.
Impact of COVID-19 on Home Care Services Market
The COVID-19 pandemic is having an unprecedented impact on the home care service market. As consumers are strictly following social distancing norms, they are showing hesitance in leveraging home care services in order to avoid further spread of coronavirus. Consequently, demand for non-health home care services such as cooking and housekeeping, and companionship services is 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, government has allowed home treatment for patients who can undergo self-isolation without affecting other members at home.
Regional Analysis of Home Care Services Market
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, the prime consumers of home care services are the geriatrics, with about 97% requiring aid with bathing, and 91% requiring aid transferring in and out of bed. While majority of home care services in the US are Medicare certified, about 80% are Medicaid certified.
Global Home Care Services Market - Competitive Landscape
Players in home care services market are majorly focusing on collaboration and expansion activities at regular time interval in order to boost their revenue during the time of crisis. For instance,
Aparia Healthcare has announced its collaboration with hospitals, private clinics and insurance providers with the aim to support local communities and provide proper healthcare services at home to patients in need. Moving on, Fresenius Se & Co KGAa is expanding its business by opening more than 100 new transitional home care service units.
- Apria Healthcare Group
- Alere, Inc.
- Fresenius Se & Co KGAa
- GE Healthcare,
- B. Braun Melsungen AG.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Home Care Services Market Segmentation
Home care services can be segmented on the basis of following,
- Maid services
- Nursing services
- Healthcare services
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.