The health caregiving market involves providing care for individuals who require assistance with daily living tasks due to age, injury, disability or illness. Caregivers help with activities such as bathing, dressing, using the bathroom, eating, transferring and taking medication. With the increasing geriatric population globally who require such home-based care services, the need for professionally trained caregivers and home care agencies is growing substantially.
The global health caregiving market is estimated to be valued at US$ 213.24 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031. The market is driven by the rising number of nuclear families where family members are unable to take care of elderly relatives 24X7 and prefer home care services instead of nursing homes. This avoids shifting the family member to an unfamiliar place. The services remove pressure from families and provide quality care and medical supervision to patients.
Key Takeaways
Key players operating in the health caregiving market are Honeywell International Inc., KEMET Corporation (Yageo Company), Arcol UK Limited, Panasonic Corporation, Susumu Co. Ltd., TDK Corporation, Ohmite Manufacturing Company, Vishay Intertechnology Inc., TE Connectivity Ltd., Murata Manufacturing Co. Ltd., KOA Speer Electronics Inc., AVX Corporation (Kyocera Corp.), TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan (Fortive Corporation), Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con (Nippon Chemi- con Corporation).
The key opportunities in the Health Caregiving Market Demand include rising geriatric population globally requiring long term care, increasing prevalence of chronic diseases, growth in home healthcare agencies providing such services. North America and Europe currently dominate the market. However, Asia Pacific is anticipated to witness fastest growth owing to increasing healthcare expenditure and focus on preventive healthcare in countries like China and India.
Market Drivers and Restrain
The major driver for the health caregiving market is rising number of nuclear families where family members are unable to take care of elderly relatives 24X7 and prefer home care services instead of nursing homes. This avoids shifting the family member to an unfamiliar place.
A major restraint for the market is the high cost of hiring professional caregivers. The services of home health aides, nursing aides, homemakers and personal care aides come at a premium and many families in low and middle income countries cannot afford such facilities for their elderly population. This acts as a barrier to the growth of the overall market.
Segment Analysis
The health caregiving market is divided into various sub-segments based on services provided and care recipient profile. The professional caregiving segment dominates the market, accounting for over 60% share. This is because professional caregivers provide planned and periodic care services to clients as per their healthcare needs. They help patients with daily activities, manage medical conditions, assist with transportation and provide other forms of whole-person care. The rise of nuclear families and dual-income households has increased the demand for professional healthcare givers who can look after senior citizens, disabled or chronically ill people on a daily basis.
Global Analysis
North America accounts for the largest share in the global health caregiving market currently. This region holds around 45% of the total market share due to the presence of major players and early adoption of technologically advanced caregiving solutions. The United States dominates the North American regional market owing to the rise in elderly population requiring long-term health assistance. Europe holds the second position in terms of market share led by Germany, United Kingdom and France. Asia Pacific is expected to showcase the fastest growth during the forecast period 2024 to 2031. Rapidly growing geriatric population, rising health awareness and improving healthcare infrastructure in China and India provides a strong boost to the Asia Pacific health caregiving market.
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