The health caregiving market consists of services and products that support people who require assistance with their daily living activities. This includes home care services, assisted living facilities, and nursing homes that provide assistance with basic activities of daily living such as eating, bathing, and dressing, in addition to medical caregiving services. The growing elderly population suffers from various chronic diseases and disabilities which limit their ability to live independently and has increased the demand for health caregiving services.
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 Opportunity:
Remote patient monitoring provides a major market opportunity in the health caregiving market. Remote patient monitoring involves using digital technologies to collect medical and other forms of health data from individuals in one location and electronically transmitting that information securely to health care providers situated elsewhere for assessment and recommendations. This allows individuals to remain in their own home for as long as safely possible instead of moving to an assisted living facility or nursing home. It reduces the cost of healthcare delivery by lowering readmission rates and preventing avoidable Emergency room visits and hospitalization. With the increasing use of remote patient monitoring devices and services, the health caregiving market is expected to witness high growth over the forecast period.
Porter's Analysis
Threat of new entrants: The health caregiving market requires substantial capital investments and possesses several regulatory compliance making the entry of new players difficult.
Bargaining power of buyers: The buyers have moderate bargaining power as there are many healthcare service providers in the market providing similar services.
Bargaining power of suppliers: The suppliers of health care equipment and services have low to moderate bargaining power due to the presence of many suppliers.
Threat of new substitutes: There are no close substitutes for health caregiving services.
Competitive rivalry: The market consists of well-established players intensifying the competitive rivalry.
SWOT Analysis
Strength: The health caregiving market is dominated by wellness and remote care services reducing hospital visits. Demand for home-based care is increasing with aging population.
Weakness: Lack of skilled workforce and compliance with stringent regulations increases operational costs. Privacy and data security issues also pose challenges.
Opportunity: Growing geriatric population, rise in chronic diseases, and awareness about wellness provide growth opportunities. Advancements in telehealth and digital solutions further expand opportunities.
Threats: Economic slowdown and shortage of caregivers limit market growth. Reimbursement issues in some regions also act as a threat.
Key Takeaways
The Global Health Caregiving Market Size is expected to witness high growth during the forecast period. 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 is currently the leading region accounting for over 40% of the global market share due to presence of key players, advanced healthcare infrastructure, and rising healthcare spending. Asia Pacific is expected to grow at the fastest pace during the forecast period aided by growing medical tourism, increasing disposable incomes, and expansion of private healthcare providers.
Key players: Key players operating in the health caregiving market are Honeywell International Inc., KEMET Corporation, Arcol UK Limited, Panasonic Corporation, NXP Semiconductors, and TE Connectivity Ltd. Honeywell International Inc. is one of the prominent players focusing on development of IoT-based remote health monitoring solutions to assist caregivers.
Get More Insights Here
https://www.trendingwebwire.com/health-caregiving-market-size-share-growth-outlook-2023/
