What Are The 5 Takeaways From The Care Services Market Overview 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The care services market size has experienced robust growth in recent years, expanding from $447.09 billion in 2023 to $472.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The historic growth can be attributed to factors such as an aging population, population growth, rising income levels, government funding, and increased urbanization. In the coming years, the care services market size is projected to grow to $594.59 billion by 2028 at a CAGR of 5.9%. This growth will be driven by the rising incidence of chronic diseases, a growing emphasis on preventive care, insurance coverage, health crises such as pandemics, and an increasing preference for home-based and personalized care services. Key trends shaping the market in the forecast period will include the use of technology, data analytics and health informatics, digital therapeutics and applications, health equity initiatives, and enhanced patient engagement and education.
The increasing chronic health conditions are expected to propel the growth of the care services market going forward. Chronic health conditions are rising due to aging populations and lifestyle factors such as poor diet, lack of physical activity, and increased stress levels. These elements contribute to the rising prevalence of diseases such as diabetes, heart disease, and obesity. Care services for chronic health conditions involve ongoing medical support, treatment management, and lifestyle assistance to improve patient quality of life and manage symptoms. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Furthermore, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually. Cardiovascular diseases cause 17.9 million deaths, cancer causes 9.3 million, chronic respiratory diseases cause 4.1 million, and diabetes causes 2.0 million deaths. Therefore, the increasing chronic health conditions are driving the growth of the care services market.
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What Are The Key Trends That Influence Care Services Market Share Analysis?
Major companies in the care services market are dedicated to creating innovative solutions, such as real-time monitoring, to secure a competitive edge. Real-time monitoring entails the continuous tracking and analysis of data as it is generated, enabling immediate insights and responses to evolving conditions or events. For instance, in September 2023, Apollo Hospitals Enterprise Ltd., an India-based healthcare provider, unveiled comprehensive connected care services that furnish clinical teams and nursing staff with a holistic, real-time overview of patients. This connected care program significantly enhances patient safety and experience, saving 1 hour of nursing time per shift and reducing intensive care unit readmissions by 30%. It detects 8-10 early critical alerts per 100 beds and has nearly eradicated code blue calls, ensuring that no critical event goes unnoticed. This initiative improves patient safety at every stage of the care journey.
Which Market Players Are Driving Growth In The Care Services Market?
Major companies operating in the care services market are Korian Group, Nichiigakkan Co. Ltd, BrightStar Care, ComForCare Home Care, RIEI Co. Ltd., Benesse Style Care Co. Ltd, NTUC Health Co-Operative Ltd, NMC ProVita International Medical Centre, Home Instead Inc, Econ Healthcare Group, Caring Senior Service, Living Assistance Services Inc., Orange Valley Healthcare, Cascade Living Group, Rosewood Care Group Inc., St Luke’s Elder Care Ltd, FirstLight Home Care, ApnaCare India Pvt, Epoch Elder Care, United Medicare Centre, SASCO Integrated Eldercare Centre, Samvedna Senior Care, Carewell-Service Co. Ltd., Always Best Care
How Is The Global Care Services Market Segmented?
The care servicesmarket covered in this report is segmented –
1) By Components: Software, Services
2) By Delivery Mode: On Premise, Cloud Based
3) By Application: Disease Management, Case Management, Utilization Management, Other Applications
4) By End-User: Nursing Care Facilities, Home Healthcare Services, Other End Users
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The Care Services Global Market Report 2024 provides an overview of the care servicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The care services market forecast analyzes care services market size, care services market share, leading competitor and their market positions.
The Table Of Content For The Care Services Market Include
1. Care Services Market Executive Summary
2. Care Services Market Segments
3. Care Services Market Size And Template Market Growth Rate
4. Key Care Services Market Trends
5. Major Care Services Market Drivers
……
25. Key Mergers And Acquisitions In The Care Services Market
26. Top Care Services Companies
27. Care Services Market Opportunities And Strategies
28. Care Services Market, Conclusions And Recommendations
29. Appendix
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