Noble services offered by caregivers from around the world continue to nurture the fragile health of elderlies as well as the blooming lives of infants. Demand for health caregiving services will continue to surge in the years to come as people will keep appointing professional help for nursing the health of their loved ones. By now, the global market for health caregiving has evolved into a key aspect of the world’s medical services sector. After raking in more than US$ 75 billion revenues in 2015, the global health caregiving market fared well to reach market valuation of an estimated US$ 84.5 billion in 2016. According to a recent study conducted by Persistence Market Research, global health caregiving revenues will continue to increase at an impressive CAGR of 12.6%, reaching US$ 218,469 million by the end of 2024.
Persistence Market Research’s report, titled “Health Caregiving Market: Global Industry Analysis & Forecast, 2016-2024,” estimates that increasing presence of nuclear families, that were instrumented by the popularity of “DINK” trend (Double Income, No Kids), has turned out to be a key factor driving the demand for health caregiving services. These services are being used for taking care of toddlers in families with both parents working, while consanguineal or extended families are also opting for health caregivers to take care of their aged family members at home.
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Surging Demand for Health Caregiving on Daily Basis
Assistance in daily essential activities can be clubbed up to be identified as a key type of health caregiving service being utilized in the world. According to the report, nearly three-fourth of global health caregiving revenues will continue to be accounted by services availed for seeking assistance in daily essential activities. Meanwhile, health caregiving services that provide health & safety awareness and improve “quality of life” are anticipated to contribute more than US$ 30 billion worth of global revenues by the end of 2024. However, health caregiving services availed for social well-being will continue to lose traction in 2016 and beyond, registering a revenue growth at the lowest CAGR – 11.9%.
Aged People – World’s Largest End-user of Health Caregiving Services
A segmental analysis of global health caregiving market on the basis of end-users has predicted that by the end of 2024, geriatric population will account for nearly one-third of the global market revenues. The world’s disabled population will be attributing to global health caregiving revenues worth over US$ 50 billion over the forecast period. In 2016, more than US$ 16 billion revenues were amassed from health caregiving services availed for neonatal & pediatric population, rendering infants and toddlers as prominent end-users of health caregiving services.
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Regional Overview of Global Health Caregiving Market
- North America is predicted to be the world’s largest market for health caregiving services. In 2016 and beyond, North America will contribute with more than 50% of global revenues, registering a 15.3% CAGR.
- Companies such as Seniorlink, Inc., GreatCall, UnaliWear Inc., Cariloop, Inc., HomeHero Inc., Hometeam, and Honor Technology Inc., are leading providers of health caregiving services in the world, and are all based in the US.
- Asia-Pacific’s health caregiving market is being forecasted to reach market value of an estimated US$ 14,756.3 million by the end of 2024.
- Demand for health caregiving services in Latin America and the Middle East & Africa (MEA) region is projected to grow at a comparatively sluggish pace.
- Europe, on the other hand, is likely to be the fastest-growing regional market for health caregiving services during the forecast period.