July 13, 2024
Health Caregiving Market

Smart Caregiving Enables Accessible and Affordable Care Owing to Rising Demand and Technological Advancements

Market Overview:

Caregiving involves assisting individuals who need help with daily activities or have physical, social, or cognitive impairments with tasks like bathing, dressing, meal preparation, medicine reminders, transportation, light housekeeping, and companionship. The health caregiving market includes both formal (professional) and informal (unpaid family) caregivers providing care inside and outside of the home. Caregiver support products like medical alert systems, activity monitors and smart home sensors provide safety, convenience and peace of mind.

Market Dynamics:

Rising Prevalence of Chronic Diseases- The increasing incidence of chronic and terminal illnesses such as cancer, diabetes, Alzheimer’s disease are driving demand for long-term care and assistance at home or residential care facilities. It is estimated that by 2030, over 80 million Americans will require long-term care. Technological Advancements- Artificial intelligence, sensors and remote patient monitoring devices are transforming caregiving by improving access, coordination and quality of care. Wearable fall detectors, medication dispensers, activity trackers and smart home solutions enable independent living and quality of life. Shortage of Professional Caregivers- With the aging population outpacing the number of professional caregivers, technology plays a key role in bridging gaps and addressing caregiver shortages through remote patient monitoring and AI-based assistance. Higher Healthcare Costs- The high costs associated with facility-based and nursing home care are driving demand for in-home and community-based services made more viable through smart home care products and telehealth solutions

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.

Segment Analysis

The health caregiving market is dominated by the home care segment. Home caregiving is projected to account for nearly 60% share of the overall market by 2023. The growing need for home-based care among the aging population along with their preference to stay independent in familiar home surroundings is driving the growth of the home care segment. Assisted living facilities segment is expected to witness growth as well due to its convenience and assisted support. However, high costs associated with assisted living is limiting its adoption compared to home caregiving.

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.

PEST Analysis

Political: The rising government spending on health care along with regulations supporting in-home care is fueling the market growth. Various policies aim to shift care from hospitals to homes to reduce costs.
Economic: Growing elderly population coupled with increasing per capita healthcare costs are compelling families to opt for cost-effective caregiving services at home. High healthcare inflation is also prompting shift from institutional to home-based care.
Social: Longer life expectancy and societal trend of nuclear families where children may not be able to provide constant care is driving demand for professional care at home or assisted living facilities.
Technological: Adaptation of new technologies like remote health monitoring devices, AI, and smart home solutions are helping provide better quality care at lower costs thereby supporting market growth.

Key Takeaways

Regional analysis indicates that North America dominated the global market in 2023 owing to rapid aging of population in the US and Canada. Asia Pacific is expected to witness fastest growth due to rising healthcare expenditure and growing eldery population needing long term care in China and India.

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. Major players are focusing on mergers, partnerships and product innovations to consolidate their market presence.

*Note:

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