The Health Caregiving Market Is Anticipated To Witness High Growth Owing To Rapid Urbanization And Growing Geriatric Population

 

health caregiving market

The health caregiving market is concerned with provision of various caregiving services to elderly individuals and people with disabilities. The market caters to needs of the patients by providing home care services such as personal care, emotional support, meal preparation, transportation, light housekeeping, medication reminder, and physical therapy. The demand for elder caregiving services is rising at a significant pace owing to rapid nuclearization of families and increasing number of elderly people with complex care needs. Supportive policy frameworks promoting home-based care and lack of family support further supplements the need for these services.

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 2024 to 2031.

Key Takeaways

Key players operating in the health caregiving market are Honeywell International Inc., KEMET Corporation (Yageo Company), 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 (Kyocera Corp.), TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan (Fortive Corporation), Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con (Nippon Chemi- con Corporation).

The key opportunities in the health caregiving market include increased focus on home-based care giving services owing to preference of patients foraging at home coupled with growing availability of telehealth and remote patient monitoring services. Furthermore, advancement in assistive care technologies with integration of IoT, robotics and AI is expected to open new avenues of growth in the coming years.

Major market players are focusing on global expansion plans by targeting markets in Asia Pacific and Latin American countries where growth opportunities are immense. Favorable government initiatives promoting home caregiving coupled with rising geriatric population and inadequate family support is anticipated to drive high demand from emerging economies going forward.

Market drivers and restrain

Rapid urbanization is one of the key drivers of health caregiving market. Urban families havebecome increasingly nuclear and dual income leading to inadequate family support for elderly care. This has augmented the demand for professional caregiving services.

Lack of trained and qualified professionals is a major challenge for growth of caregiving industry. High attrition rates have made it difficult to retain skilled workforce for elder care activities. Stringent regulations and licensing requirements have also emerged as a roadblock especially in developed markets. Addressing issues of staff shortages and offering competitive pay structures can help alleviate this restrain over the forecast period.

Segment Analysis

The healthcare giving market analysis is dominated by the professional services segment. This segment accounts for nearly 70% of the market share as it involves trained professionals like nurses, doctors, and therapists who provide regular health supervision and care to patients. With aging populations worldwide requiring more medical supervision and care at homes, the demand for professional healthcare giving services is increasing rapidly. The services of doctors, nurses, physiotherapists etc are critical for the fast recovery and well being of patients. This makes the professional services segment the biggest sub-segment in the overall healthcare giving industry.

Global Analysis

The North American region dominates the global healthcare giving market and accounts for over 35% share. USA, being one of the most developed economies with high healthcare spending, has a large aging population requiring home healthcare services. This has further accelerated the growth of the healthcare giving market in North America. The Asia Pacific region is projected to be the fastest growing market during the forecast period. Countries like China and India have rising geriatric populations and improving healthcare infrastructure which is attracting more investments in home healthcare sectors. This is driving the growth of the healthcare giving market in Asia Pacific which is expected to expand at a CAGR of around 7% till 2030.

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