Rockville , Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global health caregiving market is estimated at US$2,18,469.2 million in 2024 and is projected to expand at a robust 12.7% CAGR through 2034. The market is projected to attain a valuation of US$ 7,22,494.0 million by 2034.
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Mobile connections and rising smartphone adoption facilitate increasing virtual consultations with healthcare experts. Additionally, the growing prevalence of chronic disorders like chronic obstructive pulmonary disease (COPD) is also creating heightened prospects for health caregiving, especially in developed regions where impressive facilities and medical infrastructure support the adoption of health caregiving.
The market is expected to expand further owing to surging nuclear families across the globe. Moreover, a rising demand for preventive care is anticipated to favor the health caregiving market. The market is expected to surge as knowledge and resources for health caregiving services increase in developing countries.
| Report Attribute | Details |
| Value Projection (2034) | US$ 7,22,494.0 Million |
| Growth Rate (2024-2034) | 12.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 24 Tables |
| No. of Figures | 120 Figures |
Key Takeaways from the Health Caregiving Market Study
- In 2019, the health caregiving market generated revenue worth US$ 1,17,839.2 million.
- The North America market share in the global market is expected to be 66.5% in 2024, whereas East Asia is projected to account for a 4% market share in the same year.
- Within North America, the United States health caregiving industry is projected to acquire a greater market share of 83.2% in 2024.
- Within East Asia, China is anticipated to gain 39.7% in 2024. The forecast CAGR of health caregiving market in China is 12.6%.
- The daily essential activities segment acquires a massive market share based on product type. In 2024, the segment is projected to reach a market share of 71.4% and expand at a 12.6% CAGR thereon.
- Based on end users, the geriatric population is expected to gain 32% in 2024. The market share is predicted to expand to 34.5% by 2034 while registering a CAGR of 13.6%.
“Key players are focusing on personalized services to boost the adoption rate. Rapid growth in developed and developing countries is anticipated to expand prospects for health caregiving." says a Fact.MR analyst.
Key Companies Profiled in This Report
- Vesta Healthcare
- Seniorlink, Inc.
- Lively
- Cariloop
- HomeTeam
- Others
Competitive Landscape
Market players focus on technology integration to increase their reach among people with mobility limitations. Surging integration of apps for communication, caregiver scheduling, and task management enhances operational efficiency, lowers administrative burdens, and gains tech-savvy clients. Industry participants are focusing on building brand and reputation by investing in quality certifications and training. Growing focus on word-of-mouth marketing by providing positive experiences also attracts more clients. Surging emphasis on value-based care is another leading factor, which is factored in by key players.
New Developments in Health Caregiving Market
- In April 2023, Seniorlink revealed that they are bringing numerous brands, including the proprietary app, Vela, under one representative named Careforth. The company enables and empowers thousands of caregivers across America to manage care at home through its expert coaches, clinical teams, and digital tools.
- In January 2020, a technology and clinical services organization, Hometeam Technologies, Inc., revealed that the firm is officially changing its name to Vesta Healthcare. The firm offers intuitive technology for caregivers and assists them with 24/7 telehealth capabilities.
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Country-wise Insights
It is anticipated that in 2024, the health caregiving sector in North America would reach a market share of 66.5%. The region's ageing population and well-equipped healthcare system are driving the market's expansion in North America. In terms of value, the area is anticipated to reach US$ 1,45,274 million by 2024. The region is expected to grow at an impressive 15.2% CAGR and be valued at US$ 5,97,016 million by 2034.
It is projected that the East Asia market would grow by 4% by 2024. East Asia's tiny market share suggests that the region's infrastructure is lacking. East Asians with low incomes also show a slower rate of market penetration for health care delivery than does the case in industrialised nations. With the emergence of new prospects, the region is projected to grow from US$ 8,830 million in 2024 to US$ 26,916 million by 2034. Over the course of the forecast period, the area is expected to grow at a respectable CAGR of 11.8%.
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About Fact.MR:
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