Health Caregiving Market is Estimated to Witness High Growth Owing to Opportunity for Remote Patient Monitoring
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| Health Caregiving Market |
Health caregiving involves
providing long term physical and/or emotional assistance and support to
individuals who are experiencing difficulty independently performing everyday
tasks due to old age, illness or disabilities. Some common examples include
supporting elderly patients or those suffering from cardiovascular diseases,
diabetes, cancer and other chronic and terminal illnesses. Caregivers help
patients with day to day activities such as dressing, cooking, household
chores, transportation, medication reminders, wound care and more.
The global health caregiving
market is estimated to be valued at US$ 185.1 Bn in 2023 and is expected to
exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in
a new report published by Coherent Market Insights.
Market Dynamics:
Rising Prevalence of Chronic
Diseases (One driver from heading): The growing incidence of chronic and
debilitating diseases such as cancer, diabetes, chronic obstructive pulmonary
disease, asthma, cardiovascular diseases and others is one of the major factors
propelling the demand for professional caregivers. As per the World Health
Organization, chronic diseases accounted for approximately 60% of the total
reported deaths globally in 2001. Chronic conditions often negatively impact a
patient's mobility and require ongoing medical care and assistance with daily
living activities over a prolonged period. This has spurred the need for both
in-home and community-based health caregiving services.
SWOT Analysis
Strength: The health caregiving
market has grown significantly over the past years. The rising aging population
and growing chronic diseases worldwide has increased the demand for home
healthcare services. Various assisted living facilities and home healthcare
providers are offering quality caregiving services to consumers.
Weakness: There is a shortage of
trained professional caregivers in many countries. High employee attrition and
turnover rates affect the continuity and quality of care provided by caregiving
agencies. High costs associated with caregiving services restrict their
adoption among middle-income groups.
Opportunity: Rapid medical
technological advancements enable remote healthcare monitoring and treatment of
patients. This reduces hospital visits and allows patients to receive
treatments while at home. Rising consumer preference for in-home senior care
presents an opportunity to provide advanced caregiving solutions.
Threats: Strict regulations and
licensing requirements for caregivers and care facilities increase operational
complexities. Changes in reimbursement policies by healthcare payers and
insurers can impact the financial viability of caregiving agencies. Growing
rates of chronic diseases and disabilities among caregivers affect their
ability to provide timely services.
Key Takeaways
The Global
Health Caregiving Market Size is expected to witness high growth over
the forecast period of 2023 to 2030 supported by an expanding aging population
globally. The global health caregiving market is estimated to be valued at US$
185.1 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast
period 2023 to 2030.
Regional analysis: North America accounts for the largest share of
the global health caregiving market and is projected to maintain its leading
position during the forecast period. This can be attributed to the availability
of advanced healthcare facilities, favorable regulatory policies, and rising
geriatric population suffering from chronic diseases in the US and Canada.
Key players analysis: Key players operating in the health caregiving
market are Honeywell International Inc., KEMET Corporation, Arcol UK Limited,
Parker Hannifin Corp., and Littelfuse Inc. These companies provide a wide range
of personal emergency response systems, medical alert systems, mobility
sensors, and fall prevention solutions to hospitals, clinics, and homes across
the world.
Get More Insights Here
https://www.newswirestats.com/health-caregiving-market-size-share-growth-outlook-2023/
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