May 26, 2024

The Health Caregiving Market Is Primed For Growth By Demographic Shifts

The health caregiving market plays a vital role in supporting the aging population and their families. Health caregiving refers to a range of non-medical services and assistance that helps seniors and people with disabilities to continue living independently in their homes or communities. This includes companionship, medication reminders, personal care, transportation, light housework, meal preparation, and other forms of assistance. The growing geriatric population has increased the demand for home health aides, personal care aides, and home care workers, which support the health caregiving market.

The Global Health Caregiving Market is estimated to be valued at US$ 213.24 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the health caregiving market include Honeywell International Inc., KEMET Corporation, Arcol UK Limited, Panasonic Corporation, Susumu Co. Ltd., TDK Corporation, Ohmite Manufacturing Company, Vishay Intertechnology Inc., TE Connectivity Ltd., Murata Manufacturing Co. Ltd., KOA Speer Electronics Inc., AVX Corporation, TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan, Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con.

Growing demand: The rapidly growing geriatric population and prevalence of chronic diseases have increased the need for home health assistance and personal care. This is a major factor driving the demand for health caregiving services.

Global expansion: Key players in the health caregiving market size are expanding their business operations globally through partnerships, collaboration with local players, and strategic acquisitions. This allows them to cater to the growing demand from international markets.

Market key trends
Technological advancements: Technologies supporting remote patient monitoring such as wearable devices and telehealth solutions are gaining traction. These enable virtual consultations and continuous health monitoring of seniors, reducing hospital visits and supporting independent living. This trend is positively impacting the health caregiving market.

Porter’s Analysis:
Threat of new entrants: The health caregiving market has moderate threat of new entrants due to high initial investment required for setup and certification requirements.
Bargaining power of buyers: The bargaining power of buyers is high as there are many existing players providing similar services in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute components and suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as no direct substitutes provide similar health caregiving services.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players operating in the market.

Geographical regions:
North America accounts for the largest share of around 35% of the global health caregiving market in terms of value owing to increasing aging population, high healthcare spending and presence of major players in the region.

Asia Pacific is expected to grow at the fastest CAGR of around 7% during the forecast period due to increasing disposable income, rising prevalence of chronic diseases and improved healthcare infrastructure in emerging economies like China and India.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it