Health Caregiving Market

Health Caregiving Market Outlook (2024 to 2034)

The global health caregiving market size is estimated to be valued at US$ 2,18,469.2 million in 2024. The market is estimated to expand at a thrilling pace of 12.7% CAGR to accumulate a total of US$ 7,22,494.0 million by 2034. The market in focus is projected to undergo significant progress due to expanding online home delivery services, which is causing a positive disruption.

The health caregiving industry is expected to propel as primary stakeholders modify their promotional campaigns to boost their customer outreach. Further, technology is emerging as the torchbearer for change and expansion in the health caregiving market. As demand for user-friendly apps and reliance on social media tools increases, the scope of the caregiving industry is widening because healthcare professionals are using multiple social media platforms to circulate relevant information and compare the quality of services on offer.

Top Drivers Catapulting Market Growth

• Surging disposable income, technological advancements, and the frequency of surgeries are increasing the demand for health caregiving. For instance, the United States’ healthcare expenditure rose 9.7% in 2020 to reach US$ 4.1 trillion, per the PETERSON-KFF Health System Tracker data announced in February 2022.
• The emerging trend of nuclear families, as well as isolated lifestyles, is proving to be conducive to the demand for health caregiving. Significantly increasing number of adults and single-parent households is widening the market’s scope.
• Growing demand for healthcare services, especially for chronic conditions pervasive in the geriatric population, enhances business prospects for leading players.
• Surging importance of preventive care and early intervention for health issues is increasing screenings and daily checkups, thus propelling market growth.
• Increasing investments in the healthcare infrastructure are projected to catalyze growth in the health caregiving industry.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 2,18,469.2 million
Forecasted Market Value (2034F)	US$ 7,22,494.0 million
Global Market Growth Rate (2024 to 2034)	12.7%CAGR
Daily Essential Activities Segment Growth Rate (2024 to 2034)	12.6% CAGR
Geriatric Population Segment Growth Rate (2024 to 2034)	13.6% CAGR
North America Market Share (2024)	66.5%
East Asia Market Share (2024)	4%
Key Companies Profiled in the Health Caregiving Market Report	Vesta Healthcare Seniorlink, Inc. Lively Cariloop HomeTeam Others

Top Trends that are Augmenting the Market for Health Caregiving

“Surging Focus on Training Taking into Account the Overall Well-being”

Agencies are recognizing the significance of skilled labor and consequently investing in training programs to assist caregivers with the latest skills and knowledge to improve the quality of care they provide. For the long-term well-being of caregivers, programs are being devised to promote stress management, mental health support, and burnout prevention among caregivers.

What are the Main Challenges that are Hindering the Health Caregiving Market?

“Low Adoption of Smartphones Among Geriatric Population and Dearth of Caregiving Facilities in Developing Countries Restrict Market Growth”

Dearth of knowledge and facilities in developing countries is dampening the growth prospects for health caregiving in the future. Further, weak service adoption among the elderly population, who find it hard to operate smartphones and their applications. To overcome this barrier, key players focus on developing easy-to-use applications to boost their adoption rate.

Country-wise Insights

The North America health caregiving industry is projected to acquire a market share of 66.5% in 2024. Well-equipped healthcare infrastructure and a growing elderly population in the region are supporting the market growth in North America. Value-wise, the region is expected to attain US$ 1,45,274 million in 2024. By 2034, the region is projected to be valued at US$ 5,97,016 million, expanding at a remarkable CAGR of 15.2%.

The East Asia market is anticipated to acquire 4% in 2024. The meager market share of East Asia is suggestive of poor infrastructure facilities in the region. Low-income individuals in East Asia also indicate slower market penetration of health caregiving, as opposed to in developed countries. The region is expected to amount to US$ 8,830 million in 2024 and reach US$ 26,916 million by 2034 as new opportunities within the region open up. The region is projected to expand through the forecast period at a promising CAGR of 11.8%.

Which Factors Propel Growth in the United States Health Caregiving Market?

“Increasing Aging Population and Rising Online Training are Propelling Market Growth”

The United States market is projected to record a CAGR of 15.1% through 2034. The market’s value is anticipated to extrapolate from US$ 1,20,797 million in 2024 to US$ 4,92,797 million by 2034. The country’s overall share in the regional market is expected to be 83.2% in 2024.

Growing prevalence of chronic diseases and increasing opportunities for online training for caregivers are increasing the scope of the health caregiving market. Heightened demand for caregiving due to the rising aging population is creating an opportunity for private and public sectors to develop solutions for family caregivers and patients under their care.

Which Factors Augment Growth of Health Caregiving Market in China?

“Surging Geriatric Population and Increasing Life Expectancy Creating Demand for Health Caregiving in China”

The China health caregiving market is anticipated to acquire a leading share of 39.7% in 2024. Value-wise, the country is set to expand from US$ 3,505 million in 2024 to US$ 11,500 million by 2034. The market is set to register a CAGR of 12.6% through 2034.

China is projected to be led by increasing geriatric population, rising life expectancy, and related diseases. Moreover, strategic moves like partnerships, investments, and funding by top players are contributing to market growth in upcoming years. Additionally, policies related to “healthy aging” are expected to consider spousal caregivers, along with the disabled elderly.

Segment-wise Insights

Based on product type, the daily essential activities segment is projected to acquire a 71.4% of global health caregiving market share in 2024. By 2034, the segment is anticipated to settle at 70.5% as other services gain more acceptance. In the meantime, the segment is expected to expand at a CAGR of 12.6%.

The geriatric population segment is projected to be 32% by end user in 2024. By 2034, the market is expected to obtain a value share of 34.5% in 2034. The segment is expected to register a CAGR of 13.6% throughout this time. The disabled section of the society acquired another chunk of market share by gaining 23% in 2024. Increasing demand for health caregiving for the disabled population is fueling the market growth. This segment is expected to register a CAGR of 12.6% through 2034. The neonatal and pediatric population is expected to gain a market share of 20.5% in 2024. Value-wise, the segment is expected to amass a total of US$ 44,833.3 million in 2024. By 2034, the segment is projected to be worth US$ 1,41,988.2 million.

Why are Daily Essential Activities Gaining Significant Demand throughout the Forecast Period?

“Increasing Chronic Diseases and Burden on Family Caregivers is Propelling Demand for Health Caregiving that Includes Daily Essential Activities”

The daily essential activities section is projected to acquire a market value of US$ 1,56,079.3 million in 2024. Over the forecast period, the segment is anticipated to expand at a CAGR of 12.6% to reach US$ 5,09,136.6 million by 2034.

The segment is expected to be driven by increasing chronic conditions among the masses, compact or nuclear family structure. Heightened demand for better quality of life and reduced stress on family caregivers propel market growth.

Why is the Geriatric Population Generating High Demand for Health Caregiving?

“Surging Disease Burden Among Elderly Population is Propelling the Market Growth”

The geriatric population segment is projected to amass a market size of US$ 69,835.8 million in 2024. By 2034, this valuation is expected to surpass US$ 2,48,930.7 million, expanding at a CAGR of 13.6%. Growing demand for caregivers due to the nuclear family concept is favoring this segment’s growth.

An increase in non-communicable diseases, mainly impacting adults and the elderly, is emerging as a significant threat to global health. Thus increasing the demand for health caregiving for the elderly population.

Competitive Landscape

The health caregiving market is characterized as partially fragmented. The market arena contains numerous leading players, including a few international and local firms with significant market shares. Key players focus on niche markets like geriatric care, pediatric care, or care for individuals with chronic issues, which allows them to tailor their services to attract clients searching for specialized attention. Players also provide additional services like transportation assistance, mental health support, medication management, and remote patient monitoring. Thus, creating a one-stop-shop appeal among families looking for comprehensive care.

Recent Market Developments

• In December 2022, Wellthy, a market leader in providing caregiving support, and Harvard Pilgrim Health and CareTufts Health Plan, both Point32Health companies, collaborate to assist commercial members in effectively managing their caregiving responsibilities.
• In April 2022, Honor Technology, Inc. introduced Honor Expert at the American Society of Aging Conference. Honor Expert is a mobile and online service that offers solutions to increasing demand from aging adults and their immediate families. The platform is predicted to navigate services and products to achieve personalized aging goals. family. The platform is predicted to navigate services and products to achieve personalized aging goals.
• Honor Technology, Inc., in August 2021, obtained Home Instead, Inc., which is a provider of personalized homecare services for the elderly population at their homes. This development brought together home care technology, home care network, and operations platform to revolutionize the client experience, professional caregiver, and support for older adults. Honor Technology, Inc, in August 2021, obtained Home Instead, Inc., which is a provider of personalized homecare services for elderly population at their homes. This development brought together home care technology, home care network and operations platform to revolutionize the client experience, professional caregiver, and support for older adults.

Segmentation of Health Caregiving Market Research

• By Product Type:

  • Daily Essential Activities
  • Health and Safety Awareness
  • Care Coordination
  • Transition Support
  • Social Well-Being
  • Caregiver Quality of Life

• By End User:

  • Geriatric Population
  • Disabled Population
  • Neonatal and Pediatric Population
  • Others

• By Region:

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia and Oceania
  • Middle East and Africa