Key Trends and Insights into the Care Services Market: Growth Rate and Opportunities to 2034
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What Future CAGR is Anticipated for the Care Services Market Over the 2025–2034 Period?
The value of the care services sector has seen a notable increase in recent times. The rise is projected to continue from $472.88 billion in 2024 to an estimated $502 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.2%. The driving factors behind this historic growth include an aging population, expanding population, increased income levels, government subsidies, and urbanization trends.
The market for care services is projected to witness robust expansion in the upcoming years, reaching $628.84 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 5.8%. This expected surge during the forecast period can be ascribed to factors such as heightened occurrence of chronic ailments, a growing emphasis on preventive care, the availability of insurance cover, health crises including the pandemic, and an increased inclination towards home-based and bespoke care services. The forecast period will also likely see significant trends such as the heightened adoption of technology, data analysis, and health informatics, along with the use of digital therapeutics applications, initiatives for health equity, and efforts towards patient education and engagement.
What Are the Primary Drivers Supporting the Growth of the Care Services Market?
The rise in chronic health conditions is anticipated to spur the expansion of the care services market. The ageing population and lifestyle habits such as inadequate diet, insufficient physical exercise, and elevated stress levels are resulting in a rise in chronic health conditions. These factors are leading to an increased incidence of diseases like diabetes, heart disease, and obesity. Providing care services for individuals with chronic health conditions involves continuous medical care, treatment supervision, and lifestyle guidance aimed at enhancing their quality of life and controlling symptoms. For example, the Australian Institute of Health and Welfare, a government agency based in Australia, reported in June 2024 that death rates involving chronic conditions had increased slightly, rising from 459 per 100,000 population in 2021 to 490 per 100,000 population in 2022. Additionally, the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, reported in September 2022 that chronic diseases comprise 74% of all global deaths, amounting to 41 million deaths annually. Of these, cardiovascular diseases account for 17.9 million deaths, cancer for 9.3 million, chronic respiratory diseases for 4.1 million, and diabetes for 2.0 million deaths. Hence, the escalating chronic health conditions are fueling the growth of the care services market.
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Who Are the Influential Players Fueling Innovation and 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.
What Impact Are Industry Trends Having on the Care Services Market’s Future Prospects?
Key players in the care services industry are now concentrating on creating innovative solutions such as real-time monitoring to gain a competitive advantage. This approach involves consistently observing and scrutinizing data as it’s produced, allowing for immediate understanding and reaction to evolving circumstances or happenings. For example, in September 2023, Apollo Hospitals Enterprise Ltd., a healthcare firm from India, introduced inclusive connected care services that provide clinical and nursing teams a holistic, real-time perspective of the patient. This program provides a comprehensive view of patients at various care contact points, from emergencies to home care. The enhanced connected care plan significantly improves patient safety and experience, saving one hour of nursing time each shift and decreasing ICU readmissions by 30%. It identifies 8-10 early critical alerts every 100 beds and has almost eradicated code blue calls, thus ensuring that no critical incident is overlooked. This program aims to increase patient safety throughout the care process.
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What Are the Core Segments of the Care Services Market, and How Do They Contribute to Growth?
The care services market 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
Subsegments
1) By Software: Electronic Health Records (Ehr) Systems, Care Management Software, Patient Scheduling Software, Telemedicine Software
2) By Services: Home Care Services, Hospice Care Services, Nursing Services, Telehealth Services, Rehabilitation Services
What Regions Are Leading the Growth Trajectory of the Care Services Market?
North America was the largest region in the care services market in 2024. The regions covered in the care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Defining Aspects of the Care Services Market Landscape?
Care services refer to a range of services provided to individuals who need assistance due to age, illness, disability, or other personal circumstances. Care services are often provided by trained professionals, caregivers, or family members in various settings, such as homes, hospitals, and care facilities. The goal is to enhance the quality of life and well-being of those receiving care. Services can be tailored to meet individual needs and may vary from temporary to long-term care.
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