by Market Overview:
Caregiving involves assistance with daily activities such as bathing, dressing, eating, medication reminders and administration, transportation, home maintenance, and companionship for elderly and disabled individuals living at home or in assisted living communities. This allows senior citizens and individuals with disabilities to lead independent lives with dignity.
Market Dynamics:
The health caregiving market is predominantly driven by the rising geriatric population globally coupled with the increasing preference for home healthcare among senior citizens.
This growing aging demography requiring long-term care is expected to drive the demand for healthcaregiving services over the forecast period. Additionally, the high costs associated with traditional nursing home care are further fueling the adoption of home healthcaregiving services across both developing and developed nations.
Market Key Trends:
The health caregiving market is experiencing rising adoption of advanced technologies aimed at improving caregiving services. Technologies like IoT sensors, AI, and remote patient monitoring devices are helping care providers offer enhanced care from remote locations. These technologies enable continuous health monitoring of patients and alert caregivers in case of an emergency or change in vitals. Furthermore, increasing focus on independent living is driving demand for technologies that can facilitate daily activities for the elderly and disabled population. Robotic caregiving solutions capable of assisting with daily chores are gaining traction.
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.
SWOT Analysis
Strengths: Provides critical non-medical care and support services to the elderly population. Allow patients to stay independent for longer.
Weaknesses: High costs associated with caregiving services limiting widespread adoption. Shortage of trained caregivers especially in developing regions.
Opportunities: Growing geriatric population globally increases need for such services. Advanced technologies can help address issues like caregiver shortage.
Threats: Strict regulations and compliance requirements add overheads for caregiving organizations. Competition from alternative services like community-based programs.
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 life expectancy and rising prevalence of chronic diseases. The market was valued at US$ 185.1 billion in 2023.
Regional analysis
North America dominates the global market currently due to high healthcare expenditure and developed care infrastructures in the region. However, Asia Pacific is projected to grow at the fastest pace during the forecast period supported by improving healthcare access, availability of lower-cost services, and rising senior population in countries like China and India.
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. The market exhibits presence of both global and regional level players offering a range of technical and human-assisted caregiving services.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
