Global 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) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting growth strategies such as partnerships, which will drive the global health caregiving market. For instance, on January 13, 2023, Walmart Inc., an multinational retail corporation that operates a chain of hypermarkets in the U.S. Partnership with Avanlee Care platform is an affordable alternative for caregivers, health payers, and employers, providing them with the support they need to carry out their responsibilities effectively in the U.S. Avanlee app displayed and promoted in the pharmacy and grocery sections of select Walmart supercenter locations in Arizona, Florida, New York and Texas. uses technology to support millions of unpaid caregivers
Global Health Caregiving Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of thingss from one place to another.
COVID-19 had a positive impact on the Global Health Caregiving Market. For instance, according to the PETERSON-KFF Health System Tracker data published in February 2022, the U.S.'s health care spending increased 9.7% to reach USD 4.1 trillion in 2020, a much faster rate than the 4.3% increase seen compared to the previous year. The acceleration in 2020 was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The private business share of health spending accounted for 16.7% of total health care spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%.
Global Health Caregiving Market: Key Developments
In December 2022, HelpAge India is an Indian organization, where Jibby and the government is focused on the concerns of elders and supports geriatric initiatives, launched a security App for elders. The ‘HelpAge SOS’ App as it’s called SOS stands for ‘Save Our Seniors’, was launched by Lt. Governor Najeeb Jung at the India International Centre.
In August 2022, Vesta Elder Care is health care provider company, introduces its mobile app to improve home care services for senior citizens. According to the company, the services offered include caregivers, nurses, dietician consultation, quality medical equipment, ICU setup, lab tests, doctor consultation, and physiotherapy among others.
In July 2020, IIT Kharagpur is Research institute in India, create AI mobile app for elderly, which can become a digital caregiver. The mobile app connects the caregiver's phone to the elderly's. It can remind the person to take medicines and even detect if the person has fallen down.
In April 2022, Helper Bees, a full-service insurtech company that creates innovative aging-in-place solutions for carriers, aging Americans, and their families today announced a nation-wide call for service providers to respond to the company’s provider network request for information (RFI). The goal of the RFI is to expand The Helper Bees’ innovative care and support services that help older adults age independently, including resources and technology that enable remote patient monitoring, mental health, medication adherence, legal assistance, and more. The end result is America’s very first complete.
In April 2020, Mable an online platform connecting people including older Australians, people with disability or their carerswith independent support workers in their community, has launched a free, instant, wholesale reordering app for food and beverage retailers. As social distancing changes the landscape for traditional B2B sales, Mable's new app allows grocers of all sizes to keep their shelves stocked with essentials - from pasta to toilet paper - and also maintains a route to market for small producers.
Browse 36 Market Data Tables and 30 Figures spread through 175 Pages and in-depth TOC on “Global Health Caregiving Market”- Forecast to 2030, Global 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)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/health-caregiving-market-3680
Key Takeaways of the Global Health Caregiving Market :
- The global health caregiving market is expected to exhibit a CAGR of 12.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global health caregiving market. The spread of caregiving technologies has been driven by high public awareness in developed economies such as the U.S. and Europe.
- Among Service Type, the Daily Essential Activities (Meals, Home, and Personal Care, Home Repair, Home Delivery, Transportation Services) segment is expected to hold a dominant position in the global health caregiving market during the forecast period and this is attributed to the technological advancements in the field of Health Caregiving.
- Among region, North America is expected to be the dominant region in the global health caregiving market, owing to the key players are focusing on organic strategies start new application. For instance, in June 2021, American Association of Retired Persons (AARP) released an app called AARP Caregiving. can be used to help manage medications, keep up a list of contacts (doctors, insurance, friends, and others), store insurance card and photo ID images, and more.
- Major players operating in the Global Health Caregiving Market 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 , Mable, Homage, Ouihelp, The Helper Bees, Elder and CareLinx, Inc.
