by The health caregiving market involves providing care, comfort and support to elderly and disabled patients who require assistance with daily activities at home or in assisted living facilities. This includes help with bathing, dressing, grooming, eating, using the bathroom, housekeeping, cooking, medication reminders and transportation. The growing geriatric population suffering from chronic illnesses is driving the demand for home healthcare services. Personal care aides, home health aides and nursing assistants help improve quality of life for those unable to live independently.
The global health caregiving market is estimated to be valued at US$ 213.24 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the health caregiving market include Honeywell International Inc., KEMET Corporation, 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, TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan, Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, and Bourns Inc.
Key opportunities: The rising dependence of expanding aging population on home healthcare services and a shortage of caretakers presents lucrative business opportunities in this market.
Global expansion: Key players are expanding their product portfolio and presence globally especially in developing countries through partnerships, mergers and acquisitions to tap the growing demand.
Market drivers: The growing geriatric population suffering from chronic illness is a key market driver. Population aging coupled with decreasing family size have increased the demand for healthcaregiving services. This has propelled the Health Caregiving Market Growth over the forecast period.
PEST Analysis
Political: Governments across various regions are implementing regulations to improve healthcare infrastructure and support independent living of patients. This is promoting the growth of the healthcaregiving market.
Economic: Rising income levels and growing healthcare expenditure are increasing the affordability of assisted living and remote patient monitoring solutions among customers. This is having a positive impact on market demand.
Social: Growth in nuclear families and number of working women has increased the requirement of assisted living services for elderly parents. This is driving more people to opt for healthcaregiving solutions to ease their living.
Technological: Advancements in artificial intelligence, IoT, and communications technologies are enabling the development of smart home-based solutions and remote healthcare equipment. This is expanding the capabilities of products and services in the market.
The healthcaregiving market in terms of value is highly concentrated in regions with large elderly populations and higher healthcare spending levels such as North America and Western Europe. According to market estimates, the United States and Germany collectively account for over 40% of the global market share.
The Asia Pacific region excluding Japan is projected to be the fastest growing market during the forecast period. This can be attributed to rising medical costs, growing consumer awareness about assisted living, and improving economic conditions in developing countries such as China and India which are expanding healthcare infrastructure and bolstering the adoption of healthcaregiving solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
