The global senior in-home care service market is expected to approach US$ 2 billion by 2030, with an annual growth rate of more than 6.8%
Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) — Global Senior In-Home Care Service Market value is estimated at US$ 1.28 billion in 2023 and is expected to grow at a significant CAGR of over 6.8% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The global senior in-home care service market is anticipated to grow at a considerable CAGR of around 6.8% during the forecast period of 2023-2030. The global population is aging rapidly, with the proportion of people aged 65 and over expected to reach 16% by 2050. This is driving the demand for senior in-home care services, as more and more seniors need assistance with activities of daily living (ADLs) and instrumental activities of daily living (IADLs).
The prevalence of chronic diseases, such as Alzheimer’s disease, dementia, and Parkinson’s disease, is also increasing among the elderly population. These diseases can make it difficult for seniors to live independently, and they often require additional care and support. Moreover, Many seniors prefer to age in their own homes rather than moving to institutionalized care settings such as nursing homes or assisted living facilities. In-home care services allow seniors to remain in their familiar surroundings and maintain their independence.
- According to a deep-dive market assessment by RationalStat, the global senior in-home care service has been analyzed on the basis of market segments, including type, crop type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global senior in-home care service covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global senior in-home care service. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Senior In-Home Care Service Market: Segmental and Market Share Analysis
- On the basis of type, the Companionship Care and Homemaking Services segment is dominating the global senior in-home care service market. This segment includes a wide range of services, such as meal preparation, light housekeeping, personal care, and companionship. These services are essential for many seniors who are unable to perform these tasks on their own.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 1.28 billion |
| Market Size Forecast | US$ 2.0 billion |
| Growth Rate | 6.8% |
| Key Market Drivers | - Rising prevalence of chronic diseases
- Preference for aging at home
- Government support
- Technological advancements
|
| Dominating Region | |
| Dominating Segment | - Companionship Care and Homemaking Services
|
| Companies Profiled | - 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
|
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. As the population ages, the demand for these services is expected to continue to grow, so we can expect to see even more innovation in this market in the years to come. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global senior in-home care service include,
- In April 2023, Health-tech company HCAH, which provides out-of-hospital healthcare services, acquired Nightingales Home Health Services, a specialty home healthcare service provider, in a share swap deal.
- In January 2023, Help at Home, the leading national provider of home care services, announced the acquisition of Open Systems Healthcare home care operations in Pennsylvania and Delaware. This acquisition advances Help at Home’s growth strategy in Pennsylvania.
Some of the prominent players and suppliers operating and contributing significantly to the global senior in-home care service growth include Sunny Days In-Home Care, Inc., Right at Home, LLC., Comfort Keepers Inc., Home Instead Inc., Home Helpers Home Care Services, BrightStar Care, SYNERGY HomeCare, Senior Helpers, and Home Care Assistance, among others.
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RationalStat has segmented the global senior in-home care service market based on type, and region.
- Global Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Wellness and Medical Services
- Companionship Care and Homemaking Services
- Hospice Care and Rehabilitation Services
- Nursing Care Services
- Alzheimer’s and Dementia Care Services
- Global Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Latin America Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Senior In-Home Care Service Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
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Key Questions Answered in the Senior In-Home Care Service Report:
- What will be the market value of the global senior in-home care service by 2030?
- What is the market size of the global senior in-home care service?
- What are the market drivers of the global senior in-home care service?
- What are the key trends in the global senior in-home care service?
- Which is the leading region in the global senior in-home care service?
- What are the major companies operating in the global senior in-home care service?
- What are the market shares by key segments in the global senior in-home care service?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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