Family caregivers often take on a variety of tasks that can be taxing on their own health. While managing medications, wound care, specialized diets, and other medical needs, they also need to coordinate transportation to doctor’s appointments and shopping trips.
These service includes daily essential activity; home repair; meals and personal care; transportation services; home delivery; and health and safety awareness.
The global health caregiving market is estimated to account for US$ 117,813.0 Mn in terms of value in 2021 and is expected to reach US$ 311,850.3 Mn by the end of 2028.
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Market Drivers:
The market of health caregiving is growing on the account of growing trend of nuclear family structure and isolated lifestyles. Nowadays families are more inclined towards nuclear structure. This is projected to offer conducive environment for growth of the market.
Additionally, growing adoption of smartphones is also projected to support growth of the market. According to Pew Research Center, 81 % of U.S. adults owned cellphones in 2019
North America region held leading position in the global health caregiving market in 2018, accounting for 56.4% share in terms of value, followed by Europe.
Market Restraints:
Overall fragmented market weakens service adoption potential, thus hindering growth of the market.
Moreover, surprising out-of-pocket costs for caregivers is again hinderinf growth of the market. According to Genworth, a long-term care insurance provider, the average monthly costs for homemaker services is over US$ 4,000 (Data published in 2018).
Market Opportunities:
Rise in online home delivery services is projected to serve lucrative growth opportunities for players in the market. Moreover, effective management of advertisements and subscriptions is again supporting growth of the market. People staying at home are connected with the outside world through television and internet, which in turn proves to be the most effective medium for communication.
Advent of user-friendly app is projected provide lucrative growth opportunities for players in the market. Elderly people are not that familiar with the latest technology platforms and thus require medical devices and mobile applications that are simple and user-friendly.
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Market Trend:
Growing prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD) is supporting growth of the market. According to a report by Global Initiative for Chronic Obstruction Disease’s 2018 report, COPD is expected to result in 4.5 million global deaths annually by 2030.
Social media is emerging as important tool to break down social and emotional barriers caused because of ageing and has emerged to help caregivers to make social and cultural connections, improve or enhance patient care and education. Healthcare professionals are using this platform to share information, enhance and compare quality of services being offered to patients and to train medical personnel.
Competitive Landscape:
Major players operating in the global health caregiving market include, Honor Technology, Inc., Vesta Healthcare (Hometeam Care, Inc.), HomeHero, Inc., Seniorlink, Inc., GreatCall, Inc., Cariloop, Inc., Room2Care, Ltd., UnaliWear, Inc., Care.com, Inc., and CareLinx, Inc.
Market Key Developments:
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in November 2019, Seniorlink, Inc. collaborated with the RAND Corporation to conduct a research study on effective integration of family caregivers into patient care teams.
Major players in the market are also focused on geographical expansion. For instance, in April 2019, GreatCall started a new caring center in San Antonio, U.S.
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➡Leading company profiles reveal details of key Health Caregiving market players emerging five operations and financial performance
➡Add weight to presentations and pitches by understanding the future growth prospects of the emerging Health Caregiving market with five year historical forecasts
➡Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region .
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Health Caregiving Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Health Caregiving Industry Impact
Chapter 2 Global Health Caregiving Competition by Types, Applications, and Top Regions and Countries
2.1 Global Health Caregiving (Volume and Value) by Type
2.3 Global Health Caregiving (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Health Caregiving Sales, Consumption, Export, Import by Regions
Chapter 5 North America Health Caregiving Market Analysis
Chapter 6 East Asia Health Caregiving Market Analysis
Chapter 7 Europe Health Caregiving Market Analysis
Chapter 8 South Asia Health Caregiving Market Analysis
Chapter 9 Southeast Asia Health Caregiving Market Analysis
Chapter 10 Middle East Health Caregiving Market Analysis
Chapter 11 Africa Health Caregiving Market Analysis
Chapter 12 Oceania Health Caregiving Market Analysis
Chapter 13 South America Health Caregiving Market Analysis
Chapter 14 Company Profiles and Key Figures in Health Caregiving Business
Chapter 15 Global Health Caregiving Market Forecast (2021-2028)
Chapter 16 Conclusions
Research Methodology….
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