Primary caregivers, secondary caregivers, working caregivers, long distance caregivers, occasional caregivers, community caregivers, and future caregivers are some of the types of caregivers
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
Increasing geriatric population is expected to boost growth of the global health caregiving market over the forecast period. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Global Health Caregiving Market: Opportunities
Integration of electronic healthcare record (EHR) with health caregiving is expected offer lucrative growth opportunities for players in the market. EHR can aid in effective care coordination and easy accessibility of data.
Global Health Caregiving Market: Restraints
Lack of consumer awareness regarding health caregiving and related technologies is expected to aid in growth of the market.
Moreover, lack of co-ordination between care giving and support services for chronic conditions is also expected to limit growth of the market.
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. Patients suffering from chronic diseases, and who are bedridden often require assistance with performing daily essential activities which supports growth of the segment.
The Geriatric Population segment held dominant position in the global health caregiving market in 2018, accounting for 29.4% share in terms of value, followed by others and disabled population, respectively. Europe is expected to witness significant growth in the global health caregiving market during the forecast period, owing to increasing geriatric population. According to World Health Organization (WHO), the projected growth of geriatric population aged 85 and above in the Europe is 40 million by 2050 from 14 to 19 million by 2020.
Several studies have demonstrated that caregiving adversely impacts mental and physical health. For instance, in November 2019, researchers from University of Alicante, Spain, reported that anxiety and depression is most evident in caregivers of patients under palliative care.
In Asia Pacific, geriatric population is expected to increase significantly in the near future, which is expected to create conducive environment for market growth. For instance, according to The United Nations Economic and Social Commission for Asia and the Pacific, over a third of the population in Asia Pacific is expected to be 60 years or older by 2050.
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 R&D to expand their product portfolio. For instance, in October 2019, Seniorlink, Inc. shared results of its dementia care program pilot that demonstrated improved outcomes and satisfaction for family caregivers for persons diagnosed with dementia at the Leading Age conference in the U.S.
Major players in the market are also focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in November 2018, GreatCall partnered with Lyft, a ridesharing company, to offer GreatCall Rides, a service that offers easy access to Lyft rides