Home Care Services Market to Register a Stellar Growth Rate of 19.4%

  • Europe is anticipated to lead the market for home care services.
  • North America is estimated to foresee remarkable expansion because of higher preference of the American populace in the direction of home care services.

The worldwide market for home care services is projected to register a Y-O-Y expansion pace of 9.8%, as well as account for a market estimation of $413 billion by 2026. Few aspects fueling the expansion of the worldwide market for home care services comprise a mounting implementation of elder home care services, rise in healthcare cost, government/ public/private backing for home care services as well as well-acquired infrastructure along with comprehensive services. In addition, the increasing number of elderly patients enduring from disabilities in addition to higher dependency ratio of the old aged over the younger populace is expected to drive the market for home care services for the duration of the forecast, 2018–2026.

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Region-wise, Europe is anticipated to lead the market for home care services with the highest value share of the worldwide market through the end of 2018. Towards 2026, the Europe markets are likely to capture around 19.4% of the worldwide market revenue shares for home care services. On the basis of value, North America is considered to remain dominant regional market, recording a 9.5% CAGR all through the period of forecast. North America is estimated to foresee remarkable expansion because of higher preference of the American populace in the direction of home care services. The APAC regional market is likely to record the maximum expansion rate all through the assessment period.

Home care service providers are incessantly increasing, because of the increasing number of aged patients enduring from disabilities along with recovering daycare facilities. Therefore, companies are more determined on advanced devices and wireless connectivity to deliver healthcare services.

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In terms of the service type, the global market is categorized as counseling services (medical social services, psychiatric counseling, dietary counseling and others), companion care services (grooming guidance, community networking, life enrichment & empowerment and others), nursing (personal safety monitoring, medication management, diet and nutrition and health vital alerts) and personal care (toileting and incontinence care, meal, home, & personal care, mobility assistance and others). As contrasted with all the categories in the market, the nursing care category was considered to capture the biggest market share in 2017 also is likely to expand over the assessment period with the maximum 10.4% CAGR of. The community-based care and home-based care category revenue share are projected to be prominently attributable to the rising implementation rate. In terms of the specialty, the global market is categorized into 24 Hour Care, Live-in-care, and Hourly Care. 24 Hour Care.

The prominent companies active in the worldwide market are Home Care Assistance Corporation, Australian Home Care Services, BrightStar Care, Hired Hands Inc, Eldercare Services, Home Caregiving, Inc, Honor Technology, Inc, Seniorlink, Inc, Living Assistance Services, Inc, CareLinx, Inc, Family inHome Caregiving, Inc., CK Franchising, Inc. and Others.

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Hemant Kumar

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