Health Caregiving Market

Global Health Caregiving Market Size (2023 to 2028)

The global health caregiving market was valued at USD 187.3 billion in 2022 and is anticipated to reach nearly USD 287.3 billion by 2028, with a rise in CAGR of 12.4% from 2023 to 2028.

Impact of COVID-19 on the health caregiving market:

The pandemic crisis has significantly impacted the global health caregiving market. For instance, a Blue Cross and Blue Shield Association report from November 2021 indicated that the increased number of COVID-related deaths in long-term care institutions showed faults in the current system and would refocus attention on in-home care. In the upcoming years, 35% of long-term care facilities may go out of business as a result of rising regulatory requirements and demand, placing an even greater burden on unpaid family members and friends to provide care. In addition, as a result of COVID-19's global restrictions decreasing and the restart of numerous services, which led to stabilizing market growth.

MARKET DRIVERS:

The emerging trend of the nuclear family structure and isolated lifestyles is one of the key factors boosting the growth of the health caregiving market. Families appear to be more nuclear. This should create a favorable atmosphere for market expansion. The number of nuclear families decreased from 43.0% of all households in 2021 to 34.0% of all households in 2023, according to an article that was published in Philosophical Transactions of the Royal Society in May 2021. This article stated that the male breadwinner nuclear family is the tradition of the nuclear family and that this is being promoted by the U.S. government. The decline was accompanied by an equal rise in the number of households managed by a single parent and the proportion of people living alone.

The rising adoption of the smartphone furthermore favors the market growth during the projected period. Users of smartphones can access a variety of applications that are helpful in healthcare. With the help of these apps, users may monitor their health indications, get medical advice, set medication reminders, and even communicate with medical experts via telemedicine platforms. The ease of using a smartphone to obtain healthcare services is also accelerating the market growth.

The rising prevalence of surgery is the third factor propelling the market growth during the projected period. The aging global population drives a surge in surgical demand, with older individuals frequently needing procedures like joint replacements, cardiac surgeries, and cancer treatments. This demographic shift results in a substantial increase in surgical procedures, becoming a key factor in the healthcare industry's growth. The other factors fuelling the market growth include rising disposable income, technological advancement, and the growing prevalence of diseases favoring the market growth.

MARKET RESTRAINTS:

The high cost associated with healthcare services is the major factor hampering the market growth during the projected period. The high price of healthcare services stands out as an important factor limiting the expansion of the healthcare sector during the projected period. These rising costs may limit access to care, put strain on financial resources, and have an impact on the overall growth of the healthcare sector. They may also place a heavy burden on individuals, healthcare systems, and governments.

REPORT COVERAGE:

Research Report on the health caregiving market has been segmented and sub-segmented into Care Type, End User, and Region.

Health Caregiving Market - By Care Type:

• Daily Essential Activities
• Health and Safety Awareness
• Social Well-Being
• Others

Based on the care type, the daily essential activities segment is projected to hold the major share of the market during the projected period. There is an increasing need for preventative care and related products as people and healthcare systems recognize the benefits of early intervention and proactive health management. This covers routine checkups, medical exams, immunizations, wellness initiatives, and assistance for managing one's lifestyle. Preventive healthcare is an important driver behind daily crucial actions in the healthcare sector since it decreases long-term healthcare expenses and reduces the burden of chronic diseases.

The health and safety awareness segment is also expected to hold a significant share of the market during the projected period. Governmental organizations and public health organizations regularly support initiatives that encourage people to adopt healthy lives, have regular checkups, and follow safety regulations. People are now given the power to educate themselves about health and safety procedures owing to the ease with which health information can be accessed via the Internet and social media.

Health Caregiving Market – By End-user:

• Geriatric Population
• Disabled Population
• Others

Based on the end-user, the geriatric population segment is projected to hold the dominant position in the market during the projected period. To increase public awareness of preventative measures, healthy lifestyles, and immunization programs, governments, healthcare organizations, and non-profit organizations are funding health education and promotion initiatives. A more health-conscious population is a result of these initiatives. Technology advancements like wearable fitness trackers and health apps make it simpler for people to keep track of their health and take preventive measures. These tools support proactive health management and raise public knowledge of health measures.

The disabled population segment is another segment anticipated to hold a notable share of the market during the forecast period.

Health Caregiving Market – By Region:

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

North America is anticipated to hold the dominant position with a 37.4% share of the worldwide market in 2022 and is projected to continue to dominate the market during the projected period. Factors such as caregiving training programs offered online are escalating the market growth rate. As a result, the market for providing health care is expected to increase more rapidly. For instance, Canada was the first country to begin using iSupport, the online caregiving training program, according to an article published in the World Health Organization in February 2022. The Ministry for Senior Citizens and Active Ageing, medical professionals, academics, civil society organizations, and care of dementia patients worked together for two years to convert the original World Health Organization version into the training that has already begun in Canada.

Europe is also projected to hold a significant share of the market during the projected period. In Europe, the elderly appear to be a sizable segment of the population, which is aging quickly. As people get older, they often need more healthcare services, such as long-term care, medical treatments, and assistance with chronic diseases. Chronic diseases like cancer, diabetes, and cardiovascular disorders are more common due to the aging population. This increases the need for continuing healthcare services, therapies, and problem management. Europe is renowned for its strong research and healthcare infrastructure. It frequently sets the rate for advancements in drugs, medical technology, and treatment modalities. Both domestic and foreign patients seeking innovative healthcare solutions are attracted to these developments.

APAC region is also projected to show lucrative growth in the market during the projected period. The healthcare caregiving market in the Asia-Pacific region is driven by several factors, including an aging population, urbanization, developing healthcare infrastructure, medical tourism, government initiatives, pharmaceutical growth, adoption of health technology, and preventive healthcare services.

Latin America, the Middle East, and Africa are also projected to hold a notable share of the market during the projected period.

KEY MARKET PLAYERS:

The prominent key players in the global health caregiving market are Hometeam Care, Inc., Seniorlink, Inc., Cariloop, Inc., UnaliWear, Inc., CareLinx, Inc., Honor Technology, Inc., HomeHero, Inc., GreatCall, Inc., Room2Care, Ltd., and Care.com, Inc., among others.

RECENT MARKET DEVELOPMENTS:

• In April 2022, Honour Technology, Inc. introduced Honour Expert at the conference for the American Society on Ageing. A mobile and Internet service called Excellence Expert provides assistance with issues to elderly persons and their families.
• In December 2022, The Point32 Health firms Wellthy, Harvard Pilgrim Health Care, and Tufts Health Plan are working together to assist commercial members in managing their caring responsibilities better. 
• In April 2023, Seniorlink is a tech-enabled health services company that partners with Carer Homes to provide families with a skilled care team, financial help, and emotional support. Announced that they are combining all of their various businesses, including the exclusive app brand Vela, under the name Careforth. Careforth empowers and makes it possible for thousands of family carers across America to confidently provide care at home through its clinical staff, knowledgeable trainers, and digital technologies.