The senior in-home care services industry is benefiting from a growing number of aging baby boomers. People now-a days have longer life expectancy due to the advancements in medicine and technology, and thus increasing number of seniors are looking to age in their homes and maintain independence for as long as possible. Senior in-home care service providers deliver customized solutions according to patient’s budget and needs. Senior in-home care services are provided by licensed healthcare professionals or caregivers and may provide daily assistance to make sure that activities of daily living are met. Senior in-home care is an alternative to facility care for senior patients who are terminally ill, are recovering from major surgeries or need support for safety at home to prevent unnecessary hospitalization etc. Number of qualified caregivers are increasing over time which is expected to push the adoption of senior in-home care services market over the forecast period of 2017–2027. The Popularity of in-home health services in the U.S. has increased since in 1995 when more people died of chronic diseases than of acute diseases. Ever increasing need for home-care due to prevalence of chronic diseases itself shows the importance of senior in-home care services.
Senior In-Home Care Services Market: Drivers and Restraints
Rapidly aging population and desire for living independent aging are primary factors driving growth of senior in-home care services market. Average age of the population has risen in last decade and elder people are typically willing to stay at home and maintain existing lifestyle. According to The Home Care Assistance–one of the providers of senior in-home care services in the U.S. – there will be over 1 Mn centenarians in North America by 2015. Moreover, in-home care services are also getting reimbursement which is expected to enhance the adoption of senior in-home care services in near-term. Government of many countries are also encouraging people to take in-home care services to minimize healthcare spending. On top of that, rising prevalence of Alzheimer’s disease, Parkinson’s disease and other chronic diseases such as cancer is expected to drive the global market for senior in-home care services over the forecast period of 2017–2027. However, in developing and underdeveloped countries, in-home care is costlier that the facility care and thus people are not ready to adopt senior in-home care services, which is the major challenge to growth of the global market.
Overview: The market for senior in-home care services is highly fragmented with no single dominant player in the world as majority of players are operation in particular region or country only. In-home care services are also known as companion aides, personal care aides, certified home health aides or nursing aides. In-home care services to seniors also enrich their lives with physical, metal, social and emotional activities.
Regional Outlook: Geographically, global senior in-home care services market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. North America clearly dominates the global senior in-home care services market due to high rate of reimbursement for medical as well as non-medical services. Europe is expected to be the second largest market due to rising number aging of baby boomers requiring care at home. Asia Pacific senior in-home care services market is still in initial phase of development and expected to witness fastest growth in the nearest future due to acceptance for personal dignity of the elder loved ones by the families
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Key Players : Some of the players identified in global senior in-home care services market include Sunny Days In-Home Care, Inc., Right at Home, LLC., Comfort Keepers Inc., Home Instead Inc. Home Helpers Home Care Services, SYNERGY HomeCare, Home Care Assistance etc. among others.