The health caregiving market encompasses assisted living facilities, nursing homes, and home healthcare services that provide medical and non-medical care to elderly and disabled individuals. With rising life expectancy rates and aging population globally, the demand for assisted care services is growing significantly. Caregivers provide crucial support and assistance to the elderly for their daily activities and health needs.
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 key trends:
Rising demand for elderly care is one of the key trends driving the growth of the global health caregiving market. With medical advancements prolonging life expectancy, the number of senior citizens needing assisted care is rapidly increasing around the world. According to the United Nations, by 2050, one in six people in the world will be over age 65—up from one in 11 in 2019. Many elderly prefer living independently at home instead of moving to nursing homes, thereby fueling the demand for home-based caregivers. Technology integration into senior care through remote patient monitoring devices and senior-friendly assisted living facilities is another emerging trend in the market. Wearable health trackers, medication dispensers, and emergency response systems allow elderly to live self-sufficiently with necessary health monitoring support.
Segment Analysis
The global healthcaregiving market is dominated by home healthcare segment. Home healthcare segment includes medical care services such as nursing care, physical therapy, occupational therapy, speech therapy and medical social services offered at home. Home healthcare services are majorly preferred for its convenience and to avoid hospitalization costs whenever possible. It is the fastest growing segment owing to rising geriatric population and preference for home care over institutional care.
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.
Regional analysis related content comprises North America currently holds the dominant share of over 35% of the global health caregiving market and is expected to continue its dominance owing to well-established healthcare infrastructure and early adoption of advanced medical technologies. However, Asia Pacific region is anticipated to witness the highest CAGR during the forecast period owing to rapidly growing geriatric population, rising incidences of chronic diseases, improving healthcare infrastructure and increasing healthcare expenditure of developing countries in this region.
Key players related content comprises Honeywell International Inc, KEMET Corporation (Yageo Company) and Arcol UK Limited are some of the leading players operating in the health caregiving market. Honeywell International Inc is a global leader in safety equipments and offers wide range of medical alert devices for patient safety and emergencies. KEMET Corporation (Yageo Company) is a prominent brand specialized in capacitors and resistors and provides advanced components for medical devices. Arcol UK Limited is a leading manufacturer of medical gas equipment and offers wide range of products such as medical gas equipment, medical gas cylinders etc. for hospitals and healthcare units.
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https://www.newsstatix.com/health-caregiving-market-size-share-growth-outlook-2023/
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