Health and wellness of individuals have become of utmost importance in our daily lives due to various lifestyle changes and stressful working conditions. Caregiving provides a variety of in-home care services for the elderly population, patients recovering from illness/injuries, and those with disabilities or chronic conditions who are unable to fully care for themselves. This includes assistance with daily activities such as bathing, dressing, using the toilet, transferring, medication reminders, and light housekeeping. With an aging global population and rising prevalence of chronic diseases, the demand for caregiving services is growing steadily.
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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Geriatric Population and Growing Acceptance of Home Care Services are Expected to Drive the Global Health Caregiving Market over the Forecast Period
One of the major drivers propelling the global health caregiving market growth is the rapidly growing geriatric population worldwide, especially in developed nations. As per the United Nations, the population aged 60 years and above is projected to grow from 962 million globally in 2017 to 2.1 billion by 2050. Older adults frequently require regular assistance and monitoring of health conditions that cannot be self-managed. This is increasing the demand for in-home caregiving services.
In addition, there is a rising preference for home care services over institutional care facilities amongst patients, family members, and physicians due to better patient outcomes and experiences offered. Home healthcare provides comfort of familiar home surroundings, family support, lesser costs, and preserves dignity especially for older adults. This increasing acceptance of caregiving at home rather than hospitals or nursing homes is driving the global market.
Segment Analysis
The global health caregiving market is divided into four major segments: home-based care, community-based care, institutional care and adult day care. Home-based care accounts for over 50% of the total market share and is the dominating sub-segment. Factors such as convenience, affordability and personalized care are driving the adoption of home-based care services by families. Community-based care is the fastest growing segment due to increasing preference of elderly to age within their local communities and availability of senior day care and assisted living facilities.
PEST Analysis
Political: Government policies towards increasing healthcare spending and focus on community-based and home-based care services are positively impacting the market growth. Economic: Rising healthcare costs and aging population are increasing the need for affordable caregiving services. Reforms in long-term care insurance industry are fueling investments.
Social: Changing family structures and mobility of youth population are reducing availability of informal care. Growth in aging population and loneliness among elderly is propelling the demand for formal care. Technological: Adoption of technologies like telehealth, remote patient monitoring and assistive devices are supporting independent living and empowering caregivers.
Key Takeaways
The Global Health Caregiving Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 5.0% over the forecast period 2023 to 2030.
North America dominates over 45% of the global market due to presence of large number of senior housing communities and nursing homes in the region. Asia Pacific exhibits fastest growth led by Japan, China and Korea owing to increasing healthcare spending, shortage of caregivers and cultural changes.
Key players operating in the health caregiving market are Honeywell International Inc., KEMET Corporation (Yageo Company), Arcol UK Limited, Parker Hannifin Corp, Nichicon Corporation. Key players are focused on developing advanced monitoring solutions, telehealth services and caregiver training programs to strengthen market presence and tap demand from emerging regions.