Health Caregiving Market – Insights
Health caregiving is a paid or unpaid service provided by certain group of people, also known as “caregivers” to elderly population, mostly those who needs help during every day activity and medication management. Health caregiving service includes daily essential activity; home repair; meals and personal care; transportation services; home delivery; and health and safety awareness.
The global health caregiving market is estimated to account for US$ 117,813.0 Mn in terms of value in 2019 and is expected to reach US$ 311,850.3 Mn by the end of 2027.
Global Health Caregiving Market: Drivers
Growing trend of nuclear family structure and isolated lifestyles is expected to propel growth of the global health caregiving market over the forecast period. Families are more inclined towards nuclear structure. This is expected to offer conducive environment for growth of the market.
Moreover, increasing adoption of smartphones is also expected to aid in growth of the market. For instance, according to Pew Research Center, 81 % of U.S. adults owned cellphones in 2019
North America region held dominant position in the global health caregiving market in 2018, accounting for 56.4% share in terms of value, followed by Europe.
Global Health Caregiving Market: Restraints
Overall fragmented market weakens service adoption potential, thereby hindering growth of the market.
Moreover, surprising out-of-pocket costs for caregivers is also limiting growth of the market. According to Genworth, a long-term care insurance provider, the average monthly costs for homemaker services is over US$ 4,000 (Data published in 2018).
Global Health Caregiving Market: Opportunities
Growing online home delivery services is expected to offer lucrative growth opportunities for players in the market. Moreover, effective management of advertisements and subscriptions is also aiding in growth of the market. People staying at home are connected with the outside world through television and internet, which in turn proves to be the most effective medium for communication.
Designing user-friendly app is expected offer lucrative growth opportunities for players in the market. Elderly people are not that familiar with the latest technology platforms and therefore require medical devices and mobile applications that are simple and user-friendly.
Daily essential activities segment in the global health caregiving market was valued at US$ 76,279.9 in 2018 and is expected to reach US$ 220,983.4 by 2027 at a CAGR of 12.3% during the forecast period.
Market Trends/Key Takeaways
Increasing prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD) is aiding in growth of the market. For instance, according to a report by Global Initiative for Chronic Obstruction Disease’s 2018 report, COPD is expected to result in 4.5 million global deaths annually by 2030.
Social media is proving to be a vital tool to break down social and emotional barriers caused due to ageing and has emerged to help caregivers to make social and cultural connections, improve or enhance patient care and education. Healthcare professionals are utilizing this platform to share information, improve and compare quality of services being offered to patients and to train medical personnel.
Global Health Caregiving Market: Competitive Landscape
Major players operating in the global health caregiving market include, Honor Technology, Inc., Vesta Healthcare (Hometeam Care, Inc.), HomeHero, Inc., Seniorlink, Inc., GreatCall, Inc., Cariloop, Inc., Room2Care, Ltd., UnaliWear, Inc., Care.com, Inc., and CareLinx, Inc.
Global Health Caregiving Market: Key Developments
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in November 2019, Seniorlink, Inc. collaborated with the RAND Corporation to conduct a research study on effective integration of family caregivers into patient care teams.
Major players in the market are also focused on geographical expansion. For instance, in April 2019, GreatCall started a new caring center in San Antonio, U.S.