Healthcaregiving Market Share To Be Worth Us$ 185.1 Billion By 2023

https://www.coherentmarketinsights.com/market-insight/health-caregiving-market-3680
Health Caregiving Market



Market Overview

The healthcaregiving market comprises home care services that help the elderly and sick individuals. This includes assistance with daily activities such as bathing, dressing, eating, using the toilet, transferring, medication reminders, and light housekeeping. The need for such services is growing due to an aging population and rising prevalence of chronic diseases.

Market key trends

One of the key trends in the healthcaregiving market is the growing popularity of remote patient monitoring. Remote patient monitoring technology allows home care providers to monitor patients remotely using devices such as activity trackers, glucose monitors, and blood pressure cuffs. This helps in early detection of health issues and prevents hospital readmissions. The adoption of remote patient monitoring is expected to reduce healthcare costs significantly over the forecast period.

The global Health Caregiving Market Size is estimated to be valued at US$ 185.1 Bn in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The health caregiving market is segmented into homecare and institutional care. Homecare services dominate the market and account for over 70% share. Homecare services allow individuals to receive medical assistance and personal care at home rather than moving to nursing homes or assisted living facilities. As more individuals are choosing to age at home, the demand for homecare services has increased significantly over the past decade. Informal caregivers like family and friends have traditionally provided most homecare services. However, the increasing number of nuclear families and dual-income households has boosted the demand for professional homecare services.

Key Takeaways

The global health caregiving market is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period, due to increasing preference for home-based care and shortage of informal caregivers.

The North America region dominates the health caregiving market currently, accounting for over 45% share owing to the large elderly population, high healthcare spending, and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period. Economies like China and India are aging rapidly and experiencing shortage of caregivers, driving the demand for professional caregiving services in the region.

Key players operating in the health caregiving market are Honor Technology, Inc., Vesta Healthcare (Hometeam Care, Inc.), HomeHero, Inc., Seniorlink, Inc., GreatCall, Inc., Cariloop, Inc., Room2Care, Ltd., UnaliWear, Inc., Care.com, Inc., ianacare.com, Mable, Homage, Ouihelp, The Helper Bees, Elder and CareLinx, Inc. Major players are focusing on partnerships, acquisitions, and new product launches to strengthen their market position and expand service offerings across different regions.

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