Market research

Understanding the Health Caregiving Market: Trends and Challenges | PMR Study

Published

2 years ago

23 March 2023

The healthcare caregiving market refers to the wide range of services and products that are provided to individuals who require assistance with their daily living activities due to illness, disability, or aging. This market encompasses a broad spectrum of services, including home healthcare, hospice care, nursing care, and personal care services. With the increasing aging population and rising incidence of chronic diseases, the healthcare caregiving market is expected to grow significantly in the coming years.

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The market is driven by several factors, including the increasing aging population, the growing prevalence of chronic diseases, and the rising demand for home healthcare services.

The healthcare caregiving market is segmented by service type, which includes home healthcare, hospice care, nursing care, and personal care services. Home healthcare services are the most commonly used service type and are expected to continue dominating the market during the forecast period. However, hospice care services are expected to witness the highest growth due to the increasing demand for end-of-life care services.

Companies

Honor Technology, Inc.
Hometeam Care, Inc.
HomeHero, Inc.
Seniorlink, Inc.
GreatCall, Inc.
Cariloop, Inc.
Room2Care, Ltd.
UnaliWear, Inc.
com, Inc.
CareLinx, Inc.

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Geographically, North America is the largest market for healthcare caregiving, followed by Europe and Asia-Pacific. The high prevalence of chronic diseases, along with the availability of advanced healthcare facilities and reimbursement policies, is driving the growth of the market in North America. Europe is also a significant market for healthcare caregiving due to the increasing aging population and the growing demand for home healthcare services.

In conclusion, the healthcare caregiving market is expected to continue growing in the coming years, driven by the increasing aging population, rising prevalence of chronic diseases, and the growing demand for home healthcare services. Home healthcare services are the most commonly used service type, but hospice care services are expected to witness the highest growth. North America is the largest market for healthcare caregiving, followed by Europe and Asia-Pacific. The market is expected to benefit from the increasing adoption of technology-enabled caregiving services and the growing focus on patient-centric care.

North America and APAC regions to play a crucial role in the overall development of the global health caregiving market

The U.S is likely to play a significant role in the North America health caregiving market and is estimated to cross more than US$ 115 Bn by expanding at a CAGR of 16.2% by the end of the assessment period. Canada is the second fastest growing health caregiving market in the North America region.

The Canada health caregiving market will mint more than US$ 20 Bn by the end 2024. The U.S is expected to be a lucrative market for health caregiving owing to the development of novel technologies to assist the care receiving population.

The APAC health caregiving market is also projected to showcase significant growth during the forecast period. Japan is anticipated to emerge as the biggest health caregiving market in the Asia Pacific region by reaching a market value of more than US$ 2.5 Bn by the end of the foreseen period. Japan’s health caregiving market will record a CAGR of 6.5% through the assessment period. China will compete hard with other growing markets spread across the APAC region.

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Key segments covered

Market Segmentation

By Care Type

Daily Essential Activities
- Meals, Home, and Personal Care
- Home Repair
- Home Delivery Transportation Services
Health and Safety Awareness
- Health Vital Alerts
- Diet and Nutrition
- Medication Management
- Personal Safety Monitoring
- Telehealth
Care Coordination
- Care Planning
- Care Professional Engagement
- Records and Benefits Management
- Recovery Support
Transition Support
- Home Retrofit Service
- Long-Term Care Insurance Planning
- Long-Term Care Provider Referral
- Legal Assistance Hospice / Funeral Planning
Social Well-Being
- Digital Inclusion
- Life Enrichment and Empowerment
- Community Networking
- Life Companion
Caregiver Quality of Life
- Respite and Backup Care
- Social Support
- Health and Wellness
- Financial / Job Security

By End User

Geriatric Population
Disabled Population
Neonatal and Pediatric Population
Others

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