Analysis of COVID-19 Crisis-driven Growth Opportunities in Home Care Market

Global Home Care Market: Overview

Presence of a seamless industry for geriatric healthcare has played a crucial role in driving sales across the global home care market. There is growing importance of personalised healthcare services across several population groups, and this is an important consideration from the perspective of market maturity. Provision of home care services has caused a paradigm shift in the way people perceive healthcare.

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Besides, the need for ensuring full-time care for the elderly has also driven sales across the global home care market. The professionalism of medical nurses and assistants who provide home care services has helped in popularising these services. The next decade is set to enable the inflow of fresh revenues into the global home care market.

In a syndicate review, Transparency Market Research (TMR) looks into several dynamics of growth within the global home care market. The global home care market can be segmented on the basis of end-user, type of service, and region. Home care services are provided by trained nurses and experts which establishes the credibility of such services. Moreover, the importance of home care services for patients suffering from paralytic disorders has helped in market growth. In severe cases, patients require assistance in motor actions such as twisting, moving, and eating.

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Global Home Care Market: Notable Developments

The stupendous growth of the worldwide healthcare industry has played a pivotal role in market growth and maturity.

  • Providers of home care services have been striking successful deals in various service verticals over the past few years. A total of 1,200 deals were recorded by the health service arena in 2019, as estimated by PricewaterhouseCoopers. However, CEOs of home care services are looking into the pros and cons of going full swing into the market. The recent success of providers in the home care space has prompted several entities to enter the market. However, these companies are required to answer several critical questions about the nature of their services, deal-making processes, and target acquisitions.
  • Elder is an important healthcare alternative for senior citizens in the UK. The entity has lately raised around €10 million of funding to provide improved home care to the elderly. Investors such as MMC Ventures supported Elder towards this initiative. Elder intends to solve the ‘social care crisis’ that has cropped up across the world. High-quality late life care is an important requirement across the UK.

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Global Home Care Market: Growth Drivers

Wide Portfolio of Offerings

Home care services also include aides, devices, and machines that can help patients with their daily functioning. Use of healthcare monitoring systems has helped doctors and medical professionals in keeping a tab on their patients from remote locations. Moreover, e-medication has also emerged as an important component of home care healthcare. The older population requires regular reminders and assistance with regard to their medications. This factor, coupled with increasing demand for home care nurses, has played a vital role in generating fresh revenues in the market.

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Rising Incidence of Neurological Disorders

The rising incidence of post traumatic disorders, paralysis, dementia, Alzheimer’s, and several other neurological disorders has played a key role in market growth. Patients suffering from any of the aforementioned diseases require assistance with their daily chores. Moreover, forgetfulness leads older patients to miss out on their daily medication. Therefore, use of home care services has become an important component of modern-day healthcare. The healthcare industry is making ardent efforts to integrate home care services in the ambit of hospitals and private healthcare centers. Change in the structural framework of healthcare centers shall shape the growth graph of the global home care market over the next decade.

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