July 19, 2024
Health Caregiving Market

The Global Health Caregiving Market Is Driven By Rising Demand For Home-Based Healthcare

The health caregiving market involves services ranging from non-medical personal assistance such as meal preparations and grocery shopping to medical services like physical therapy, occupational therapy, medication management, and companion care. As rising healthcare costs encourage more individuals to receive long-term and post-acute care at home, the demand for healthcaregiving services is growing substantially. The global health caregiving market provides caregivers who help the elderly and disabled population with daily activities to improve their quality of life and allows them to reside independently for longer. These services minimize or delay institutionalization, offering cost savings for individuals, their families and the healthcare system overall.

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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Technological advancements are playing a key role in supporting independent living and driving demand for caregiving services. Devices like personal emergency response systems, medtech wearables and telehealth solutions enable remote patient monitoring that reduce dependence on in-home visits. IoT sensors integrated in homes allow for automated medication reminders, fall detection and emergency alerts. Software platforms match caregivers with patients based on needs, schedules, location and languages spoken to efficiently deliver services. The outbreak of COVID-19 has further accelerated adoption of digital health and virtual care models for personalized support while minimizing exposure risks. These trends are fueling market growth by allowing older adults to age safely at home with the necessary assistance and oversight.

Porter’s Analysis

Threat of new entrants: The Health Caregiving market requires high capital investment and regulatory compliance which reduces the threat of new entrants.

Bargaining power of buyers: Individual buyers have medium bargaining power due to the availability of various service providers. However, organizations have high bargaining power due to their scale of operations.

Bargaining power of suppliers: The suppliers of caregiving services have low bargaining power due to the presence of numerous individual and institutional suppliers.

Threat of new substitutes: Technological advancements related to senior care present a moderate threat of substitution.

Competitive rivalry: The presence of numerous small and large players leads to high competitive rivalry in the market.

Key Takeaways

The global Health Caregiving Market Demand is expected to witness high growth over the forecast period. 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 12% over the forecast period 2023 to 2030.

Regional analysis: North America accounted for the largest share of the global health caregiving market in 2023. This is attributed to factors such as increased technological adoption, growing geriatric population, government initiatives to promote home healthcare, and presence of major market players. Asia Pacific is anticipated to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure and increasing medical tourism in countries like India and China.

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. These players are focusing on new product launches and partnerships with service providers to strengthen their positions in the market.