Rise Of Virtual Care Options Is Expected To Fuel Health Caregiving Services Market Growth


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


The health caregiving market provides vital support services for the elderly and those requiring assistance. Services range from personal care to nursing and therapy. With aging populations worldwide, the demand is strong for convenient care options outside of medical facilities.

The global Health Caregiving Market is estimated to be valued at US$ 185.1 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends driving growth in the healthcaregiving market is the rise of virtual care options. As lifestyle demands make traditional in-home services more difficult for many consumers to rely on solely, technology-enabled solutions are growing in popularity. Platforms that offer telehealth capabilities, remote patient monitoring, and even robotic assistants allow seniors and those with disabilities to maintain a degree of independence while still getting necessary medical and non-medical support. They also give caregivers a valuable tool to supplement their in-person visits. This trend is set to continue gaining momentum as virtual care technologies become more advanced and accessible across different income groups over the forecast period.

Segment Analysis

The global health caregiving market is dominated by the home care segment. With increasing aging population and rising preference for aging-in-place, the demand for home health caregiving services is growing rapidly. Home caregiving provides convenience, comfort and affordable services. The in-home segment witnesses high demand as it provides 24/7 care services along with companionship, medication management, light housekeeping, meal preparation and transportation.

Key Takeaways

The global Health Caregiving Market Demand is expected to witness high growth over the forecast period. Advances in technology coupled with increasing demand for personalized caregiving services will accelerate the market expansion. The global Health Caregiving Market is estimated to be valued at US$ 185.1 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Regional analysis
North America dominates the global market and is expected to maintain its leading position during the forecast period. Early adoption of advanced technologies, availability of well-developed home care infrastructure along with increasing healthcare expenditure fuels the regional market growth.

Key players
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. Honor focuses on providing dependable personal emergency response systems and remote patient monitoring solutions. Vesta Healthcare offers non-medical senior care services across the US. HomeHero provides personalized caregiver matching, care coordination and care management to support aging-in-place.

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