HEALTH CAREGIVING MARKET ANALYSIS

Health Caregiving Market, by Service Type (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), By End User (Geriatric Population, Disabled Population, Neonatal and Pediatric Population, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -

Published In : Jun 2023
Code : CMI3680
Pages :175
Formats :
Excel and PDF
Industry : Pharmaceutical

Market Challenges And Opportunities

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.

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 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.