Global Home Care Services Market: Overview
Home care services encompass a
wide variety of services offered to individuals who cannot take care of
themselves. These can be offered temporarily till the individual is
independently functional or as end of life care for elderly people. Contrary to
popular opinion, home care can be provided to individuals from any age group
who are recovering from an ailment.
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Any form of health care provided
during such duration is technically known as home health care. These services
are necessary in a world that is experiencing a sociological transition towards
nuclear family systems. Technology is being brought into this sphere in the
form of software that allow home care providers to connect with individuals and
healthcare settings to chart out and coordinate measures. Thus, the home care
services market is expected to grow over the period of 2020 to 2030, as per
Transparency Market Research.
Global Home Care Services Market: Notable Developments
Global home care services market
has witnessed notable developments in the recent past. Some of these are
mentioned below:
In October 2019, ClearCare, Inc.
a software provider was acquired by WellSky Corporation, a health care
technology company. This led to better market position and increase in
competition in the market.
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In April 2017, McKesson
Corporation took over CoverMyMeds LLC, a company developing Electronic Prior
Authorization (ePA) solutions. The ePA makes connections between care providers
and individuals easier through a continuous registration process. This has
helped the company vie for a larger market share.
A large number of service
providers today are involved in provision of home care. There are many globally
recognized players in the market and local providers are also emerging and
gaining better foothold quickly. A few famous providers are listed below:
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These providers are concentrated
in North America and Europe given the wide acceptance for home care services in
these regions. They are expected to penetrate into other regional markets to
tap into an increasing demand for home care services.
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Global Home Care Services Market: Key Trends and Drivers
Home care services are witnessing
an increase in demand mainly from the elderly age group. In the United States,
about 29% of elderly people stay alone. They require assistance with day to day
functioning and thus home care services are called for in the absence of a
family to support them. As nuclear families increase even in traditional
regions like India, home care services market is set to see increased demand in
the future.
As software providers integrate
home care with the healthcare infrastructure, it becomes easier for patients to
demand home care. Moreover, chronic diseases are expected to put 57% of the
global population in a reduced functional state by the end of this year, as
predicted by the World Health Organization. This is set to ensure a steady rise
for home care services globally.
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Global Home Care Services Market: Regional Analysis
North America and Europe
currently dominate the global home care services market as an aware regional
population demands home care for its geriatrics and chronically ill. This trend
is supported by the robust technological base in this region that increases
market outreach.
The Asia Pacific (APAC) region is
expected to witness fastest growth in the future as awareness about home care
rises among a society that is growing increasingly nuclear in its family setup.
Additionally, online presence of service providers is contributing positively.
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