The health caregiving market in 2022 is expected to be a rapidly growing industry, as the aging population and increasing prevalence of chronic conditions drive demand for medical care and assistance with daily activities. The market is likely to be driven by advancements in technology, such as telemedicine and remote monitoring, as well as an increase in the number of home health care providers and other caregiving services.
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Noble services offered by caregivers from around the world continue to nurture the fragile health of elderlies as well as the blooming lives of infants. Demand for health caregiving services will continue to surge in the years to come as people will keep appointing professional help for nursing the health of their loved ones.
By now, the global market for health caregiving has evolved into a key aspect of the world’s medical services sector. After raking in more than US$ 75 billion revenues in 2015, the global health caregiving market fared well to reach market valuation of an estimated US$ 84.5 billion in 2016. According to a recent study conducted by Persistence Market Research, global health caregiving revenues will continue to increase at an impressive CAGR of 12.6%, reaching US$ 218,469 million by the end of 2024.
Surging Demand for Health Caregiving on Daily Basis
Assistance in daily essential activities can be clubbed up to be identified as a key type of health caregiving service being utilized in the world. According to the report, nearly three-fourth of global health caregiving revenues will continue to be accounted by services availed for seeking assistance in daily essential activities. Meanwhile, health caregiving services that provide health & safety awareness and improve “quality of life” are anticipated to contribute more than US$ 30 billion worth of global revenues by the end of 2024. However, health caregiving services availed for social well-being will continue to lose traction in 2016 and beyond, registering a revenue growth at the lowest CAGR – 11.9%.
Aged People – World’s Largest End-user of Health Caregiving Services
A segmental analysis of global health caregiving market on the basis of end-users has predicted that by the end of 2024, geriatric population will account for nearly one-third of the global market revenues. The world’s disabled population will be attributing to global health caregiving revenues worth over US$ 50 billion over the forecast period. In 2016, more than US$ 16 billion revenues were amassed from health caregiving services availed for neonatal & pediatric population, rendering infants and toddlers as prominent end-users of health caregiving services.
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Regional Overview of Global Health Caregiving Market
- North America is predicted to be the world’s largest market for health caregiving services. In 2016 and beyond, North America will contribute with more than 50% of global revenues, registering a 15.3% CAGR.
- Companies such as Seniorlink, Inc., GreatCall, UnaliWear Inc., Cariloop, Inc., HomeHero Inc., Hometeam, and Honor Technology Inc., are leading providers of health caregiving services in the world, and are all based in the US.
- Asia-Pacific’s health caregiving market is being forecasted to reach market value of an estimated US$ 14,756.3 million by the end of 2024.
- Demand for health caregiving services in Latin America and the Middle East & Africa (MEA) region is projected to grow at a comparatively sluggish pace.
- Europe, on the other hand, is likely to be the fastest-growing regional market for health caregiving services during the forecast period.
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Acquisitions of Small & Medium Players – Imperative Strategy for Market Players
Given the consolidation in the market, bigger players are focusing on the acquisition of small and medium market players. This trend is being observed across North America and Europe. This is dominated by players with a strong regional distribution presence in terms of direct sales force and medical ventilator product manufacturing.
What else is in the report?
Persistence Market Research offers actionable insights and unique perspective on the Health Caregiving market in its latest study, presenting historical demand assessment of 2016 – 2019 and projections for 2021–2031, based on product (Electromagnetic Navigation Bronchoscopy (ENB), IP Diagnostic Devices, IP therapeutic devices), indication (Asthma, Lung Cancer, COPD, Foreign Body Extraction, Tracheal and Bronchial Stenosis), and end user (Hospitals, Pulmonology Clinics, Ambulatory Surgical Centers, Diagnostic Centers), across seven key regions of the world.
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