HEALTH CAREGIVING MARKET ANALYSIS

The global health caregiving market is estimated to be valued at US$  185.1 billion in 2023 and is expected to exhibit a CAGR of 12.2% during the forecast period (2023-2030).

Analysts’ Views on Global Health Caregiving Market:

Growing online home delivery services are expected to create positive discruption in the global  health caregiving market. The primary Stakeholders, present in the the global  health caregiving market will change their advertisement strategies to expand their customer outreach in the forth coming years. Technology will play a crucial role and the demand user-friendly apps will soar in the globa health caregiving market. The dependency on social media tools is likely to change the fibric of this market in coming years. Every day more and more healthcare professionals are utilizing diverse social patforms to share relevant information and compare improve quality of services being offered, and also train in medical personnel.

Figure 1. Global Health Caregiving Market Share (%), by Service Type, 2023

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Global Health Caregiving Market – Driver

Growing trend of nuclear family structure and isolated lifestyles

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. According article published in philosophical transcations of the royal society in May 2021 reported  the male breadwinner nuclear family is the tradition of nuclear family, and promotion of this by Government by U.S., the number of nuclear families fell from 39.0% of all households in 2020 to 28.0% in 2021. The decrease accompanied an equivalent increase in the number of single-parent households and in the number of adults living alone.

Increasing adoption of smartphones

Increasing adoption of smartphones is also expected to propel growth of the global health caregiving market over the forecast period. For instance, on May 24, 2023, according to the article published in Statista Journal, reported North America has the highest smartphone adoption rate with 84% of total mobile connections. North America is expected to see its smartphone adoption rate increase to 90% by 2030, with regions such as Commonwealth of Independent States and Asia Pacific forecast to larger growth.

Figure 2. Global Health Caregiving Market Value (US$ Billion), by Region, 2023

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Global Health Caregiving Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the Global Health Caregiving Market over the forecast period. North America is estimated to hold 36.4 % of the market share in 2023. The global health caregiving market is expected to witness significant growth in the coming years, driven by factors such as the strategies such as online training for caregivers. Thus, the rise in health caregiving market growth over the forecast period. For instance,According to Artice Published in World Health orgnisation in February 2022, Canada became the first country to introduce iSupport, the online training for caregivers. The training that started in Canada is the result of a two-year effort by the Ministry for Senior Citizens and Active Aging, clinicians, academics, civil society organizations, and caregivers of people with dementia to adapt the original World Health Orgnisation version.

Global Health Caregiving Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the Global Health Caregiving Market. For instance, in November 2021, report published by the Blue Cross and Blue Shield Association stated that the elevated rate of COVID-related deaths in long-term care facilities exposed inadequacies in the current system and would refocus attention on in-home care. Due to increased regulatory standards and demand, 30% of long-term care facilities could face bankruptcy in the coming years, forcing even more caregiving impact at home and onto unpaid family and friends.

Global Health Caregiving Market Segmentation:

The Global Health Caregiving Market report is segmented into by Service Type, By End User and Region.

By Service Type, the market is segmented into daily essential activities (meals, home, and personal care, home repair, home delivery, transportation services), health and safety awareness (health vital alerts, diet and nutrition, medication management, personal safety monitoring, telehealth), care coordination (care planning, care professional engagement, records and benefits management, recovery support), transition support (home retrofit service, long-term care insurance planning, long-term care provider referral, legal assistance, hospice/funeral planning), social well-being (digital inclusion, life enrichment and empowerment, community networking, life companion), caregiver quality of life) out of which, the into daily essential activities (meals, home, and personal care, home repair, home delivery, transportation services) is expected to hold a dominant position in the global health caregiving market during the forecast period and this is attributed to daily needs in the field of caregiving.

By End User, the market is segmented into geriatric population, disabled population, neonatal and pediatric population, others. out of which, the geriatric population is expected to dominate the market over the forecast period and this is attributed to the geriatric population requires better care.

Among all the segmentations, the Service Type segment expected to dominate the market over the forecast period and this is attributed to the increasing need of the caregivers because of the nuclear family tradition is caregiving market over the forecast period.

Global Health Caregiving Market Cross Sectional Analysis:

Key players are making health caregiving apps with advance technology emerging economies is also expected to boost demand health caregiving market in North America region. For instance, in October 2020, BrioCare, develops artificial intelligence (AI)-driven senior care platform in Texas, U.S., launched BrioCare caregiver app uses voice technology to eliminate caregiver anxiety while improving the quality of life for seniors new simple and safe smart voice caregiver application that helps older adults age in place while providing peace of mind to their families.

Global Health Caregiving Market: Key Developments

In August 2021, Honor Technology, Inc., a senior care network and technology platform, acquired Home Instead, Inc. provider of personalized home care services for aging adults, safely in their own homes. The acquisition brings together the home care network and the home care technology and operations platform to transform the professional caregiver and client experience and revolutionize care for older adults.

In January 2020, Hometeam Technologies, Inc., a technology and clinical services organization dedicated to supporting caregivers and connecting their insights to the rest of the care team through the Hometeam Program, announced that the company has officially changed its name to Vesta Healthcare. Vesta Healthcare provides intuitive technology for caregivers in the home and supports them through 24/7 telehealth capabilities.

On April 19, 2023, Seniorlink, a tech-enabled health services company transforming care management in the home partnership with Caregiver Homes an expert care team, emotional support, and financial assistance for families. announced they are bringing their multiple brands, which also includes proprietary app brand Vela, together under one name: Careforth. Through its clinical teams, expert coaches, and digital tools, Careforth empowers and enables thousands of family caregivers across America to confidently care at home.

In June 2020, GreatCall, Inc., a connected health for active aging, recalled MobilePlus devices, a medical alert device that keeps older adults safe and independent by providing the fast agent response time, connecting customers to trained urgent response services with one touch of a button. Some portion of its recently launched Lively MobilePlus devices, and has halted the sale of new units. The exact nature of the defect is not clear, but GreatCall referred to the recall in letters to purchasers as an ‘important safety recall.’

Global Health Caregiving Market: Key Trends

Increasing prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD)

Increasing prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD) is aiding in growth of the global health caregiving market.  For instance, according to the article published by the World Health Organization, in March 2022, reported Chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 billion deaths in 2020.

Global Health Caregiving Market: Restraint

Overall health caregiving market weakness service adoption potential

Overall health caregiving market weakness service adoption potential is expected to hinder growth of the global health caregiving market. According to article published in Hindawi Journal, in December 2021, the technology and smartphone's impact may be valuable for the users in different age groups, but the elders always face difficulties while adopting the technology. The usability of a smartphone application is essential when the target audience is elderly users, as the designer did not satisfy the specific requirements. According to Statista (a provider of market and consumer data), the number of smartphones is about 3.5 billion in 2020. Worldwide data show that one in every five people owns smartphones. Key players are focusing on easy to use application, which is easy to adopt.

Global Health Caregiving Market - Key Players

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., ianacare.com, meetmable.com, Homage, Ouihelp, The Helper Bees, Elder and CareLinx, Inc.

*Definition : A person who gives care to people who need help taking care of themselves. Examples include children, the elderly, or patients who have chronic illnesses or are disabled. Caregivers may be health professionals, family members, friends, social workers, or members of the clergy. They may give care at home or in a hospital or other health care setting. A caregiver gives care to someone who needs help taking care of themselves. The person who needs help may be a child, an adult, or an older adult. They may need help because of an injury, chronic illness, or disability. Some caregivers are informal caregivers. They are usually family members or friends.