Market Overview:
The health caregiving market comprises of services associated with home health care such as personal care, homemaking, companionship, meal preparation, accompanying to errands, medication management, transportation and family caregiving. The demand for these services is increasing owing to growing geriatric population, rising chronic diseases and preference for home health care over nursing homes.
Market key trends:
One of the key trends driving the growth of health caregiving market is increased focus on home health care services. With rapidly ageing population globally, the demand for home health care services is growing significantly. According to World Health Organization (WHO), between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Home health care services offer medical as well as non-medical care to the elderly and eople recovering from illnesses at their home. This reduces health care costs, allows people to recover in the comfort of their home and delays or avoids nursing home placement. Thus, the trend of providing home health care is expected to foster the demand for health caregiving services overthe forecast period.
Porter's Analysis
Threat of new entrants: New players find it difficult to enter the market due to high initial investment requirements and compliance with regulations.
Bargaining power of buyers: The bargaining power of buyers is high as there are many caregiving service providers operating in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as skilled caregivers require proper training.
Threat of new substitutes: Substitutes like assisted living facilities pose low threat as home caregiving services offer more personalized care.
Competitive rivalry: Intense due to many established players competing on quality of services and pricing.
SWOT Analysis
Strengths: Growing ageing population driving demand. Caregivers provide customized home-based services.
Weaknesses: High employee turnover rates increase training costs. Lack of standard industry certifications.
Opportunities: Innovation in remote patient monitoring technology. Rising demand for services in rural areas.
Threats: Stringent regulations around data privacy and security. Shortage of certified caregivers increases operational costs.
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.
Key Takeaways
The global health caregiving market is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period, due to increasing longevity and prevalence of chronic diseases. The market size is projected to reach US$ 185.1 billion by 2023.
North America dominates the global market currently due to supportive regulatory environment and advanced healthcare infrastructure in the region. However, Asia Pacific is expected to grow at the fastest pace owing to rapidly expanding senior population coupled with rising incomes in countries like 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. These players are focusing on diversifying their service offerings and enhancing user experience through technology integration.
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