Ottawa, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The global child care market size was valued at USD 231.90 billion in 2024 and is predicted to hit around USD 382.57 billion by 2033, a study published by Towards Healthcare a sister firm of Precedence Statistics.
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Market Overview
The global child care market is experiencing rapid growth due to the increasing awareness among parents about the growth and development of children. This market comprises childcare services and education services offered by childcare or day care centers. UNICEF stated that early childhood development helps promote better cognitive as well as emotional well-being in children. The childcare market is expected to grow at a rapid pace in the coming years due to factors such as urbanization and the rise in dual-income households in many regions. Moreover, technological advancements in monitoring systems and biometric identification have enhanced child safety in day care. The rising number of single parents, increasing adoption of new learning technologies, and rising onsite care facilities are projected to contribute to market expansion.
Major Trends in the Child Care Market
- Increasing Single-parent Families: With the rising number of single-parent families worldwide, the demand for daycare or other childcare services is increasing. The rising labor force participation rate of mothers can have a positive impact on the market. In addition, working parents are becoming more aware of the importance of early education and well-being due to the difficulty in providing the required attention to their kids. This encourages parents to enroll their children in day care.
- Increasing Awareness About Child Development: Parents these days have become much more aware of the need for early childhood development, thereby boosting the demand for professional childcare services. According to a study, children who participate in early childhood education programs achieve 25% higher educational and employment outcomes in later life. Additionally, over a span of nine years, these children demonstrate significant overall improvement across various developmental indicators compared to their peers. The National Association for the Education of Young Children (NAEYC) stated that a high-quality childcare environment enhances the child’s language and problem-solving skills as well as emotional well-being when the child is below the age of five years. Moreover, according to UNESCO, students who underwent early education have a 15% less chance of repeating classes in primary school. These studies indicate that children in structured caregiving settings exhibit better cognitive and social skills, which aligns with the expectations of modern parents.
- Technological Advancements: Advancements in technology have changed the way day care operates, communicates, and delivers services. Childcare management software solutions are becoming increasingly popular, allowing parents to track their child’s activities, including feeding and nap times. Such digital platforms allow childcare service providers to streamline administrative tasks, enable attendance tracking, and manage schedules. Moreover, they also improve communications between parents and childcare service providers, thus enhancing the child’s safety.
- Government Support: Government initiatives, such as grants, funding, and tax credits, play a crucial role in enhancing child care accessibility. In 2021, President Joe Biden announced the American Families Plan, a US$ 1.8 trillion plan to expand access to education, implement universal preschool, reduce the cost of child care, and support women in the workforce. The Child Care and Development Block Grant (CCDBG) Program in the U.S. was funded at USD 8 billion in fiscal year 2022 to help low-income families get quality child care.
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Regional Insights
North America’s Sustain Dominance in the Market
In 2023, North America led the child care market. This is mainly due to the rise in the demand for childcare services among parents. The wide acceptance of monitoring technologies and government funding to day care facilities bolstered the market in the region. U.S. Senator Susan Collins (R-ME), the Vice Chairman of the Appropriations Committee, announced that the 2023 government funding law included US$ 8.02 billion to support the Child Care and Development Block Grant (CCDBG). This allocation marked a 30% increase from previous funding levels, significantly enhancing support for child care programs. Moreover, rising women's participation in the labor workforce contributes to regional market growth.
Asia Pacific: The Fastest-growing Market
Asia Pacific is expected to witness the fastest growth in the child care market during the projection period due to the high infant population, rising disposable income, and the rising awareness of the need and importance of early childhood education. China and India are leading the market due to the rising government initiatives to advance childcare facilities. China’s ‘Two-Child Policy’ along with subsequent programs related to family support have led to increased investments in child care centers. Moreover, India’s Integrated Child Development Services (ICDS) play a major role in providing care and education to deprived children.
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Market Segmentation
- Based on type, the early education and early daycare segment dominated the child care market in 2023. This is primarily due to the increasing maternal employment rates and the growing awareness about the benefits of early education in enhancing school readiness and cognitive development. Moreover, early daycare and education play a pivotal role in fostering a strong educational foundation during the formative years of a child’s life.
- On the basis of delivery, the organized care facilities segment led the market in 2023. These facilities are preferred for their government accreditation and availability of trained professionals. They offer a structured environment conducive to children's overall growth and development, encompassing various activities aimed at promoting learning, creativity, and social skills. Their reliability and adherence to standardized guidelines make them a popular choice among working parents.
- Based on age group, the school-aged children segment accounted for the largest market share in 2023. Services in this segment focus on holistic development, providing educational support and care during hours when parents are unavailable. Programs tailored for school-aged children emphasize skill-building, academic assistance, and extracurricular engagement, ensuring comprehensive growth in a safe and nurturing environment.
Competitive Landscape
The child care market continues to evolve rapidly, as various market players are leveraging their vast resources and expertise to drive innovation. Key players operating in the market include Bright Horizons Family Solutions, KinderCare Education, and Learning Care Group. Bright Horizons Family Solutions, SitterTree., LLC, KinderCare Learning Centers LLC., New Horizon Academy, Childcare Network, Goodstart Early Learning, Learning Care Group, Inc., Cadence Education, Spring Education Group, The Learning Experience, Kids 'R' Kids, Primrose Schools, Care.com, BrightPath Kids, Winnie, Inc., Fortune Kindergarten, Goddard Systems, and NeighborSchools, Inc.
Recent Developments in the Market
- In September 2024, Aster DM Healthcare is set to launch Hyderabad’s largest Women & Children Hospital, a 300-bed facility spread over 3 lakh sq. ft. This project represents a ₹220 crore investment and aims to provide specialized services in obstetrics, gynecology, and neonatal & pediatric care. Phase 1 of this state-of-the-art hospital is expected to be operational by mid-FY26, marking a significant milestone in India’s healthcare sector.
- In April 2024, Footprints Childcare, a prominent preschool and daycare brand in India, unveiled an AI assistant boasting a 98% accuracy rate. This innovative tool is set to revolutionize early childhood education, enhancing transparency and care delivery for parents. The AI assistant leverages cutting-edge technology to optimize child monitoring and improve communication with caregivers.
- In February 2024, Fortis Hospital, Shalimar Bagh, launched a dedicated mother and childcare wing to address the growing needs in maternal and pediatric health. The facility offers comprehensive services, including radiology, diagnostics, obstetric surgeries, and an exclusive gynecology emergency section, ensuring holistic care for women and children.
- In August 2023, the Iowa Department of Health and Human Services, in collaboration with Iowa State University and Resultant, introduced Child Care Connect (C3). This platform provides real-time data on childcare supply and demand, highlighting geographic areas where resources are misaligned with economic needs. This initiative is a critical step toward improving childcare accessibility and efficiency in Iowa.
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Segments Covered in the Report
By Type
- Early Education & Early Daycare
- Early Care
- Backup Care
- Others
By Delivery
- Organized Care Facilities
- Home-based Settings
By Age Group
- School-aged Children
- Infants
- Toddlers
- Pre-schoolers
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa (MEA)
Discover our detailed Table of Contents (TOC) for the Child Care Market @ https://www.towardshealthcare.com/table-of-content/child-care-market-sizing
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About Us
Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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