Home Care Service Market

Home Care Service Market Size & Growth (2023-2028):

The Home Care Services Market size is foreseen to reach $274.7 billion by 2028, up from $181.9 billion in 2022, with a CAGR of 8.6% during the outlook period.

Home care services include daily chores around the home or office such as laundry, shopping, medication, cleaning, cooking, maintenance, and health care. Home care services fall into two sectors, commercial and residential. Residential cleaning services include (traditionally referred to as cleaning services) carpet cleaners, window cleaners, and a variety of other less frequently required cleanings and home care services such as personal care services and attendants, private nursing services, and home health care services. Commercial cleaning services involve carpet, window cleaners, and so on.

The increasing rate of urbanization and change in lifestyle, due to increased disposable income through improved sanitation standards, will likely have a positive impact on the growth of the market in the years to come. The home care services market is dominated by offline channels as the reach of household cleaning products in supermarkets/hypermarkets and convenience stores is high in developing countries.

Market Growth and Trends:

Adoption of a healthier lifestyle due to increased family spending:

The growing importance of healthier lifestyles and people's growing concern for a healthy and hygienic life, free of germs, bacteria, dust, and dirt, have led to higher per capita spending on home care products. Additionally, increased awareness of the importance of indoor air quality and growing concern about the impact of unclean air quality on people's overall well-being has increased the demand for air purifiers in recent years. Air purifiers reduce allergies in sensitive individuals by removing dust, pet dander, pollen, mold spores, and dust mite droppings. In recent years, perfume has played a vital role in household cleaning products, as consumers increasingly seek products that offer a strong and pleasant scent, which in turn prompts sellers to differentiate their offerings in terms of packaging, quality, price, and perfume.

Drivers and Limitations:

The growth of the aging population will stimulate the demand for health care and significantly increase the burden on governments and health systems, as the aging population is more prone to chronic diseases. This will benefit the home care services market, which can improve the overall reach and access to healthcare while reducing unnecessary visits, hospital admissions and readmissions, and associated time, costs, and travel to meet health professionals.

In-home care services, the doctor-nurse partnership involves less face-to-face contact, and the nurse is responsible for conducting assessments and communicating results. This factor affects the degree of patient safety and the outcome. Another distinctive feature of home care is that physicians provide medical care for each patient in a unique setting. However, there may be situational variables that pose risks to patients that can be difficult to rule out. Hospitals have well-equipped environmental safety services to deal with these cases.

HOME CARE SERVICE MARKET REPORT COVERAGE:

Market Segmentation:

Home Care Service Market - By Service:

• Cleaning Services

• Carpets and Upholstery

• Other home care services

Based on the services, the cleaning services segment generated the highest revenue in 2018 and this trend is foreseen to continue throughout the foreseen period. This can be attributed to the growth in the number of working women, mainly in emerging countries. However, the carpet and upholstery segment is likely to grow at the highest CAGR during the conjecture period, due to increased construction activity and increased adoption of cleaning equipment in carpets and upholstery.

Home Care Service Market – By Duration:

• Daily
• Weekly
• Monthly
• Quarterly
• Annually

According to duration, daily home care services were the largest segment, accounting for the largest share of the home care services business. This can be attributed to the increasing demand for daily maintenance personnel. However, the monthly home care services segment is estimated to experience the highest growth, due to the increase in disposable income of consumers in developed and emerging countries, so they can spend more on daily home care. home and hygiene services.

Home Care Service Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

By region, North America is the most important market for home care services. This can be attributed to the reduction in time allocated to domestic work due to the busy schedule of the corporate sector. Additionally, higher consumer spending on home care services, as it is considered a standard way of life, also adds to the popularity of home care services in this region. However, Asia-Pacific is estimated to experience the highest CAGR during the envisioned period, due to the rapid increase in the number of working women in this area.

Key market players:

The major players described in the report include

1. ABM Industries Inc

2. Anago Cleaning Systems

3. Aramark Corporation

4. Chemdry, Clearnet

5. Jani-king Inc

6. Pritchard Industries Inc

7. Sodexo

8. Stanley Steemer International, Inc

9. The Servicemaster Company, LLC

Recent Developments:

• In 2019, Fresenius Medical Care (Germany) acquired NxStage Medical, Inc. (USA). This acquisition strengthens the company's activity in the United States. It enables Fresenius Medical Care to leverage its manufacturing, supply chain, and marketing skills in dialysis care products, services, and coordination, especially home dialysis and critical care.

• In 2021, Lincare, a subsidiary of Linde, offers home respiratory care in the United States. In response to the COVID-19 pandemic, the company offers home services to patients vulnerable to coronavirus. It also helps alleviate the burden on hospitals by moving respiratory and other patients from inpatient care to home care.

• LHC Group Inc (USA) has entered into a joint venture agreement with University Health Care System (USA). The joint venture agreement aimed to strengthen home health and palliative care services in eight cities in Georgia and South Carolina.

COVID-19 Impact on Home Care Service Market:

The coronavirus pandemic is having a mixed impact on the home care services market. As the market is made up of products and services, the two have different effects. COVID-19 is believed to have a positive impact on a few home health care monitoring products, such as blood glucose meters, blood pressure monitors, pulse oximeters, and temperature monitors.

Due to the coronavirus pandemic, one would assume that the home healthcare service industry would be booming as home care providers could treat the vulnerable and elderly population from the comfort of their own homes. However, many organizations and home health care providers have reported a decline in inactivity. However, this slowdown in the home health care industry is expected to occur for some time as the business will recover at a faster pace in the near future as more people recover from COVID-19.