Global Health Caregiving Market is expected to grow at a CAGR of 13.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Health Caregiving Market by Product Type (Physical and Psychological), Care Type (Daily Essential Activities, Health and Safety Awareness, Care Coordination, Social Well-Being, Transition Support, Caregiver Quality of Life), End-users, Region and Global Forecast 2020-2027.
The global health caregiving market is expected to grow from USD 19.05 billion in 2019 to USD 50.64 billion by 2027, at a CAGR of 13.6% during the forecast period 2020-2027. North America holds a significant market share. The hectic lifestyle has made it difficult for people to spare much time for the patients or children present in their family, which is why the demand for caregiving is high. The rising of novel technology made it easy to assist the care-seeking population. However, Asia-Pacific is expected to grow at a lucrative rate over the years. The countries like Japan and China have more elderly population, which is why the market is expected to grow in recent years.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the health caregiving market player are Cariloop Inc, Honor Technology Inc., Hometeam Care Inc., Seniorlink Inc, CareLinx, Inc., HomeHero Inc., UnaliWear, GreatCall Inc., Room2Care Ltd., Care.com Inc. and others. Teva Canada provides a home environment to the care seekers in their premises.
The product type segment includes physical and psychological. Physical health caregiving sector is the dominant sub-segment. Physical presence of caregivers is essential to assist the patients as they require continuous monitoring. The care type segment includes necessary daily activities, health and safety awareness, care coordination, social well-being, transition support, caregiver quality of life. Among these, essential daily activities constitute the majority of the market share. The rising prevalence of chronic diseases like cancer has made it difficult for the patients to manage their daily task on their own. Also, parents hire caregivers for their toddlers because of the hectic lifestyle. The end-users segment includes geriatric population, neonatal and pediatric population and disabled population. Disable population are the major end-users. Disabled patients need utmost care and help with almost every activity. So, it is essential for them to have an individual who can assist them.
The primary duties of a health caregiver are managing the daily tasks like assisting in bathing and taking meals, providing medicines and processing documents on behalf of the person. The market for health caregiving has witnessed a growing demand in the recent decade. The increasing expectancy of life, preference for the nuclear family and rising prevalence of chronic diseases are the factors leading to the market growth. Further, the rising trend of apps will help to increase the market demand. It will lead to more people opting for caregiving, for the older family members and the ill person. The quest for better quality of life among people suffering from diseases which require constant care and restrictions from certain habits is fueling new dimensions for the caregiving market. The growing technological advancement and the expansion on online platforms will help the market to foster the demand in upcoming years.
About the report:
The global health caregiving market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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