HEALTH CAREGIVING MARKET ANALYSIS

Health Caregiving MarketSize and Trends

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).

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

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

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 – 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 – 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.