Market Overview:
This market comprises caregivers delivering healthcare needs to individuals with chronic conditions, disabilities, and the elderly population. Caregiving services help individuals continue living independently in the comfort of their own home for longer. These services provide assistance with activities of daily living like bathing, dressing, feeding, and transportation to medical appointments. This avoids or delays the need for costly institutional care such as nursing homes or assisted living facilities. The health caregiving services market is expected to grow owing to the rising aging population globally, associated health issues, growing acceptance of home healthcare, and benefits like convenience, and cost-effectiveness for patients and their families.
Market Key Trends:
One of the key trends witnessed in the market is the increased adoption of smart remote care technologies by providers. This includes wearable activity trackers and monitors for vital signs, medication reminders, fall detection devices and emergency response systems. These connected technologies help monitor patients remotely and alert caregivers in case of an emergency. They allow for remote patient caregiving, help avoid hospital re-admissions, and improve health outcomes. Several startups are now offering smart remote health monitoring solutions for providers. For instance, Amazon’s smart home and Alexa platform is being integrated by senior living operators to provide control of home amenities for residents.
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.
Porter’s Analysis
Threat of new entrants: The healthcare market poses moderate threat of new entrants given the high costs involved in setting up the infrastructure.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of various caregiving options. However, institutional buyers like hospitals and nursing homes have higher bargaining power.
Bargaining power of suppliers: The caregiving market sees moderate bargaining power of suppliers given the availability of trained professionals.
Threat of new substitutes: Low threat of substitutes exists due to specialized services offered in healthcaregiving.
Competitive rivalry: The healthcaregiving market witnesses high competitive rivalry among existing players.
Key Takeaways
The global health caregiving market is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period of 2023-2030, due to increasing nuclearization of families and growing elderly population demanding assistance.
Regionally, North America dominated the market in 2023 with a share of over 35%, due to high acceptance of caregiving technologies and presence of major players in the US and Canada. Asia Pacific is expected to witness fastest growth due to rising medical tourism and large pool of older adults 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 new product launches and partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
