Health Caregiving Market Estimated To Witness High Growth Owing To Rising Geriatric Population & Demand For Home Care Services
Market Overview:
The health caregiving market consists of products and services that help seniors and patients requiring healthcare assistance to live independently at home. This includes assisting with daily activities like bathing, dressing, eating, taking medications and booking medical appointments. With a growing elderly population and preference for home care, the demand for caregivers and remote health monitoring technologies is increasing.
Market Dynamics:
Rising geriatric population: Growing life expectancy around the world coupled with decreasing birth rates is leading to a rise in the geriatric population globally. As per United Nations data, the population aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019.
Demand for home care services: Younger generations have shown a strong preference for receiving care at home instead of nursing facilities due to better quality of life and familiar home environment. Home care services allow seniors to age in place and receive required assistance privately. Growing preference for home care over institutional care is fueling revenue in the health caregiving market.
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
Strength:
The healthcaregiving market help address caregiver shortages by automating routine task. Remote monitoring allow cost-effective long distance care. Growing aging population increases demand.
Weakness:
High equipment and software costs pose challenges for small businesses. Technology adoption may be difficult for some elderly users. Privacy and security concerns exist regarding sensitive health data.
Opportunity:
Emerging technologies like voice assistants and robotic devices expand the scope of remote care. Rising prevalence of chronic diseases boosts the need for long-term care solutions. Government initiatives support independence for seniors.
Threats:
Underdeveloped infrastructure in rural areas limits connectivity and access. Competing priorities may lead to underfunding of social programs. Shortage of trained technicians impacts maintenance and support services.
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 prevalence of chronic diseases and growing aging population globally. North America currently dominates the market owing to favorable government policies and high healthcare spending.
Regional analysis
The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to growing geriatric population, rising incomes, and improving healthcare infrastructure in emerging countries of China and India. North America holds the largest share of the global health caregiving market supported by widespread technology adoption and availability of advanced care solutions.
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.
Read More: https://blogger-veritas.blogspot.com/2023/10/healthcaregiving-market-share-to-be.html
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